US Presidency
1897

We should have more revenue, and that withoutdelay, hindrance, or postponement. A surplus in the Treasury created byloans is not a permanent or safe reliance. It will suffice while it lasts, but it can not last long while the outlays of the Government are greaterthan its receipts, as has been the case during the past two years. Normust it be forgotten that however much such loans may temporarily relievethe situation, the Government is still indebted for the amount of the surplusthus accrued, which it must ultimately pay, while its ability to pay isnot strengthened, but weakened by a continued deficit. Loans are imperativein great emergencies to preserve the Government or its credit, but a failureto supply needed revenue in time of peace for the maintenance of eitherhas no justification. The best way for the Government to maintain its credit is to pay asit goes not by resorting to loans, but by keeping out of debt throughan adequate income secured by a system of taxation, external or internal, or both.