2066. DEBT (United States), Payment of.—[further continued].
There are two measures
which if not taken we are undone. * * *
[The second [123]
is] to cease borrowing money,
and to pay off the national debt. If this cannot
be done without dismissing the army,
and putting the ships out of commission, haul
them up high and dry, and reduce the army to
the lowest point at which it was ever established.
There does not exist an engine so
corruptive of the government and so demoralizing
of the nation as a public debt. It will
bring on us more ruin at home than all the
enemies from abroad against whom this army
and navy are to protect us. What interest
have we in keeping ships in service in the
Pacific Ocean? To protect a few speculative
adventurers in a commerce dealing in nothing
in which we have an interest. As if the Atlantic
and Mediterranean were not large
enough for American capital! As if commerce
and not agriculture was the principle
of our association.—
To Nathaniel Macon.
Ford ed., x, 193.
(M.
Aug. 1821)
