Just and Holy Principles

Thomas Jefferson: But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years. (Jefferson, Thomas letter to James Madison, September 6, 1789)

James Madison: There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable. Sir, in my opinion, it would be hazarding the public faith in a manner contrary to every idea of prudence. (Madison, James Speech in Congress, April 22, 1790)

Thomas Jefferson: It is a wise rule and should be fundamental in a government disposed to cherish its credit, and at the same time to restrain the use of it within the limits of its faculties, "never to borrow a dollar without laying a tax in the same instant for paying the interest annually, and the principal within a given term; and to consider that tax as pledged to the creditors on the public faith." (Jefferson, Thomas letter to John Wayles Eppes, June 24, 1813)

Thomas Jefferson: I place economy among the first and most important virtues and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt. If we run into such debts, we must be taxed in our meat and drink, in our necessitites and in our comforts, in our labor and in our amusements. If we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy.

Marion G. Romney: We are carrying a message of self-reliance throughout the Church. Self-reliance cannot obtain when there is serious debt hanging over a household. One has neither independence nor freedom from bondage when he is obligated to others... I am grateful to be able to say that the Church in all its operations, in all its undertakings, in all of its departments, is able to function without borrowed money. If we cannot get along, we will curtail our programs. We will shrink expenditures to fit the income. We will not borrow. (Gordon B. Hinckley, “To the Boys and to the Men,” Ensign, Nov. 1998, 51 )

Neal A. Maxwell: By this persistent lack of national resolve (national debt & budget deficit) in our time, we are robbing our children and grandchildren, however silently, of their economic freedom and future. We cannot seem to see beyond the political moment let alone beyond the years. Indeed the patriot’s dream may be replaced by some nightmares. (Neal A. Maxwell, Provo's Patriotic Freedom Festival Service, Ensign, Jul. 1993)

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