Alexander Hamilton and Thomas Jefferson in “Unite or Die”

Alexander Hamilton

The future prosperity of this nation rests chiefly in trade. Trade depends, among other things, on the willingness of other nations to lend us money.

Thomas Jefferson

And how would you propose to establish international credit?

Alexander Hamilton

Our first step would be to incur a national debt. The greater the debt, the greater the credit. And to that end I have recommended to the president that Congress adopt all the debts incurred by the individual states during the war through a national bank. The idea being that if the states owe Congress money, then other nations will feel more inclined to lend it to us.

Thomas Jefferson

If the states are indebted to a central authority, it increases the power of the central government.

Alexander Hamilton

There you have it exactly. The greater the government's responsibility, the greater its authority.

Thomas Jefferson

The moneyed interest in this country is all in the north, so the wealth and power would inevitably be concentrated there in a federal government. To the expense of the south.

Alexander Hamilton

If that is the case, it is unavoidable if the Union is to be preserved.

Thomas Jefferson

I fear our revolution will have been in vain if a Virginia farmer is to be held in hock to a New York stock jobber, who in turn is in hock to a London banker. The opportunities for avarice and corruption would certainly prove irresistible.

Alexander Hamilton

Well there you have it, as I have heard said, "If men were angels then no government would be necessary."