Political Quotes

“He did have a fundamental dilemma. He had inherited a budget that was not balanced and he did not want to borrow money and inflict a new debt. So he provided and got the necessary supermajority, the three-fifths in this instance as required in our proposed constitutional amendment from both Houses, the necessary go-ahead to project a note--in those days they called it a stock--that would come due 15 years out, so that during that time he would have a balanced budget and then the note would come due at 6 percent interest. That is exactly what happened. The note was offered at 6 percent interest due in 15 years to the French, and the French immediately sold it to the Dutch to finance it. So, from 1803 to 1818 there was nothing paid on it and from 1818 to 1823 the debt was paid off. So let the Record show that the amendment that the Senator from Illinois and I have offered is very consistent with the philosophy of Jefferson in the three-fifths required as he sought from the legislatures of the Congress, both Houses, and got it; and then in the out years, paid it off.”