ideaminer Wrote:
Dec 04, 2012 2:53 PM
T. Jefferson wanted the original Constitution to include a provision that any federal debt had to be paid off within 19 years--one generation. He believed each generation should pay its' own bills, not pass them on to the next generation who had no choice or voice in the decision(s) to borrow. J. Madison basically talked him out of this position, convincing Jefferson that war would be the only reason for incurring national debt, and since the next generation would also benefit from the successful prosecution of war that protected their homes, businessess, etc. they likely wouldn't object to having to pay for some of it. Too bad TJ gave up on this idea.