John Adams

Alexander Hamilton:
The future prosperity of this nation rests chiefly in trade. Trade depends, among other things, on the willingness of other nations to lend us money.

Thomas Jefferson:
And how would you propose to establish international credit?

Alexander Hamilton:
Our first step would be to incur a national debt. The greater the debt, the greater the credit. And to that end I have recommended to the president that Congress adopt all the debts incurred by the individual states during the war through a national bank. The idea being that if the states owe Congress money, then other nations will feel more inclined to lend it to us.

Thomas Jefferson:
If the states are indebted to a central authority, it increases the power of the central government.

Alexander Hamilton:
There you have it exactly. The greater the government's responsibility, the greater its authority.

Thomas Jefferson:
The moneyed interest in this country is all in the north, so the wealth and power would inevitably be concentrated there in a federal government. To the expense of the south.

Alexander Hamilton:
If that is the case, it is unavoidable if the Union is to be preserved.

Thomas Jefferson:
I fear our revolution will have been in vain if a Virginia farmer is to be held in hock to a New York stock jobber, who in turn is in hock to a London banker. The opportunities for avarice and corruption would certainly prove irresistible.

Alexander Hamilton:
Well there you have it, as I have heard said, "If men were angels then no government would be necessary."