George Washington: Credit Prosper

Posted by admin on Tuesday, January 8, 2019

George Washington Money Quote saying in the first State of the Union Address to Congress on January 8, 1790 that we should work out how to pay our debts ($11,000,000 at the time). George Washington said:
 

 

“An adequate provision for the support of the public Credit is a matter of high importance to the national honor and prosperity” — George Washington

 

 

 

In this quote, George Washington is emphasizing the importance of maintaining the public’s trust and confidence in the financial system and creditworthiness of the national government.

His interpretation is that a nation’s ability to borrow funds and support its debt obligations (“public Credit”) is vital both to preserving its reputation (“national honor”) as well as facilitating economic growth and wealth (“prosperity”).

Washington seems to be arguing that defaulting on debts or severely damaging credit would undermine both a country’s standing in the world as well as its material progress.

The overall message is that Washington viewed sound fiscal management and safeguarding the public’s trust in the monetary/credit system as a major responsibility bearing directly on a nation’s standing and economic strength.

The national debt was only at $0 one time in history, beginning January 8, 1835 when President Andrew Jackson was able to keep the debt at zero for about a year.

 

Birthday: February 22, 1732 – Death: December 14, 1799

Categories: taxes Tagged:creditgeorge washingtonprosperity