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Quotation of the Day…

Posted By Don Boudreaux On January 16, 2013 @ 7:35 am In Debt and Deficits,Other People's Money | Comments Disabled

… is from David Hume’s 1742 essay “Of Public Credit [1],” (here from page 350 of the 1985 Liberty Fund collection of Hume’s essays, edited by the late Eugene Miller, Essays: Moral, Political, and Literary [2]) [2] (original emphasis):

[O]ur modern expedient, which has become very general, is to mortgage the public revenues, and to trust that posterity will pay off the incumbrances contracted by their ancestors: And they, having before their eyes, so good an example of their wise fathers, have the same prudent reliance on their posterity; who, at last, from necessity more than choice, are obliged to place the same confidence in a new posterity.

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[1] Of Public Credit: http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=704&chapter=137542&layout=html&Itemid=27

[2] Essays: Moral, Political, and Literary: http://www.amazon.com/Essays-Political-Literary-David-Hume/dp/0865970440/ref=sr_1_1?s=books&ie=UTF8&qid=1322570583&sr=1-1

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