• There are respectable individuals, who from a just aversion to an accumulation of Public debt, are unwilling to concede to it any kind of utility, who can discern no good to alleviate the ill with which they suppose it pregnant; who cannot be persuaded that it ought in any sense to be viewed as an increase of capital lest it should be inferred, that the more debt the more capital, the greater the burthens the greater the blessings of the community.

    United States. Department of the Treasury, Alexander Hamilton (1791). “Report of the Secretary of the Treasury of the United States, on the Subject of Manufactures: Presented to the House of Representatives, December 5, 1791”, p.25
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