National Quotes
500+ Sourced quotes
It is a well-known fact that in countries in which the national debt is properly funded, and an object of established confidence, it answers most of the purposes of money. Transfers of stock, or public debt, are there equivalent to payments in specie; or, in other words, stock, in the principal transactions of business, passes current as specie. The same thing would, in all probability, happen here, under the like circumstances. That statement can not be too much emphasized. The country's growth has compelled the Federal establishment to exceed by far the Government plants of even the greatest States. With this growth in physical extent, in revenue, in personnel, there has inevitably been the suggestion that the Federal Government was overshadowing the States. Yet the State governments deal with far more various and more intimate concerns of the people than does the National Government. All the operations of the minor civil divisions, parishes, wards, school districts, towns, cities, counties, and the like, are dependencies of the State. The maintenance of order through police, the general business of enforcing law, is left to the States. So is education.