A National Debt, If It Is Not

It Is One Thing To Be Subordinate To The Laws, And Another [for The Executive] To Be Dependent On The Legislative Body. The First Comports With, The Last Violates, The Fundamental Principles Of Good Government; And, Whatever May Be The Forms Of The Constitution, Unites All Power In The Same Hands.

It Will Be Well To Advert To The Proportion Between The Objects That Will Require A Federal Provision In Respect To Revenue; And Those Which Will Require A State Provision. We Shall Discover That The Former Are Altogether Unlimited; And That The Latter Are Circumscribed Within Very Moderate Bounds.

The Fabric Of American Empire Ought To Rest On The Solid Basis Of The Consent Of The People. The Streams Of National Power Ought To Flow From That Pure, Original Fountain Of All Legitimate Authority.

The Spirit Of Enterprise, Which Characterizes The Commercial Part Of America, Has Left No Occasion Of Displaying Itself Unimproved. It Is Not At All Probable That This Unbridled Spirit Would Pay Much Respect To Those Regulations Of Trade By Which Particular States Might Endeavor To Secure Exclusive Benefits To Their Own Citizens.

The Passions Of A Revolution Are Apt To Hurry Even Good Men Into Excesses.