The Character of Thomas Jefferson [microform] : As Exhibited in His Own Writings
The Character of Thomas Jefferson [microform] : As Exhibited in His Own Writings
Theodore Dwight
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and his cotemporary generation had said to the money- lenders of Holland, Give us money that we may eat, drink and be merry in our day ; and on condition that you will demand no interest until the end of thirty>four years, you shall then. forever after receive an annual interest of fifteen per cent. The money is lent on these conditions, is di- vided among the people, eaten,, drunk, and squandered. Would the present generation be obliged to apply the produce of the earth and of their labor to r...eplace their dis- sipation ? Not at all. 8 86 TB? CHAB4CT£* OF . " I suppose that the received opinion, that the public debts of one generation devolve on the next, has been suggested by our seeing habitually in private life, that he who succeeds to lands is required to pay the debts of his predecessor ; without considering that this requisition is municipal only, not moral, flowing from the will of the society which has found it convenient to appopriate the lands of a decedent on the condition of a payment of his debts ; but that between society and society, or generation and generation, there is no municipal obligation, no um- pire but the law of nature.
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