1912. CREDIT, Interest and—[continued].
If the first money operations
of the government under the new Constitution
are injudiciously begun, correction,
whenever they shall be corrected, will come
too late. Our borrowings will always be
difficult and disadvantageous. If they begin
well, our credit will immediately take the
first station. Equal provision for the interest,
adding to it a certain prospect for the
principal, will give us [in Holland] a preferance
to all nations, the English not excepted.—
To James Madison. Washington ed. ii, 376.
(P.
1788)
