1913. CREDIT, Low.—
American reputation
in Europe is not such as to be flattering
to its citizens. Two circumstances are particularly
objected to us; the non-payment of
our debts, and the want of energy in our government.
These discourage a connection with
us. I own it to be my opinion, that good will
arise from the destruction of our credit. I
see nothing else which can restrain our disposition
to luxury, and to the loss [111]
of those
manners which alone can preserve republican
government. As it is impossible to prevent
credit, the best way would be to cure its ill effects,
by giving an instantaneous recovery
to the creditor. This would be reducing purchases
on credit to purchases for ready
money. A man would then see a prison
painted on everything he wished, but had not
ready money to pay for.—
To Archibald Stuart. Washington ed. i, 518.
Ford ed., iv, 188.
(P.
1786)
