United States Secretaries Of The Treasury

"When the Manufacturing Capitalist of Europe shall advert to the many important advantages, which have been intimated, in the Course of this report, he cannot but perceive very powerful inducements to a transfer of himself and his Capital to the United States."

"If the system of perfect liberty to industry and commerce were the prevailing system of nations, the arguments which dissuade a country in the predicament of the United States, from the zealous pursuits of manufactures would doubtless have great force. (...) But the system which has been mentioned, is far from characterising the general policy of Nations. The prevalent one has been regulated by an opposite spirit. The consequence of it is, that the United States are to a certain extent in the situation of a country precluded from foreign Commerce. They can indeed, without difficulty obtain from abroad the manufactured supplies, of which they are in want; but they experience numerous and very injurious impediments to the emission and vent of their own commodities. (...) In such a position of things, the United States cannot exchange with Europe on equal terms, and the want of reciprocity would render them the victim of a system, which should induce them to confine their views to Agriculture and refrain from Manufactures. A constant and increasing necessity, on their part, for the commodities of Europe, and only a partial and occasional demand for their own, in return, could not but expose them to a state of impoverishment, compared with the opulence to which their political and natural advantages authorise them to aspire."

"It is not uncommon to meet with an opinion that though the promoting of manufactures may be the interest of a part of the Union, it is contrary to that of another part. The Northern & Southern regions are sometimes represented as having adverse interests in this respect. Those are called Manufacturing, these Agricultural states; and a species of opposition is imagined to subsist between the Manufacturing and Agricultural interests. This idea of an opposition between those two interests is the common error of the early periods of every country, but experience gradually dissipates it. Indeed they are perceived so often to succour and to befriend each other, that they come at length to be considered as one. (...) Perhaps the superior steadiness of the demand of a domestic market for the surplus produce of the soil, is alone a convincing argument of its truth."

"The terms "general welfare" were doubtless intended to signify more than was expressed or imported in those which preceded; otherwise, numerous exigencies incident to the affairs of a nation would have been left without a provision. The phrase is as comprehensive as any that could have been used; because it was not fit that the constitutional authority of the Union to appropriate its revenues should have been restricted within narrower limits than the "general welfare;" and because this necessarily embraces a vast variety of particulars, which are susceptible neither of specification nor of definition."

"The manufactures of Iron are entitled to pre-eminent rank. None are more essential in their kinds, nor so extensive in their uses. They constitute, in whole, or in part, the implements or the materials, or both, of almost every useful occupation. Their instrumentality is every, where conspicuous. It is fortunate for the United States that they have peculiar advantages for deriving the full benefit of this most valuable material, and they have every motive to improve it with systematic care. It is to be found in various parts of the United States, in great abundance, and of almost every quality; and fuel, the chief instrument in manufacturing it, is both cheap and plenty."

"The propriety of stimulating by rewards the invention and introduction of useful improvements, is admitted without difficulty. But the success of attempts in this way, must evidently depend much on the manner of conducting them. It is probable that the placing of the dispensation of those rewards under some proper discretionary direction, where they may be accompanied by collateral expedients, will serve to give them the surest efficacy. It seems impracticable to apportion, by general rules, specific compensations for discoveries of unknown and disproportionate utility."

"In countries where there is great private wealth, much may be effected by the voluntary contributions of patriotic individuals; but in a community situated like that of the United States, the public purse must supply the deficiency of private resource. In what can it be so useful, as in prompting and improving the efforts of industry?"

"When a man unprincipled in private life desperate in his fortune, bold in his temper, possessed of considerable talents, having the advantage of military habits—despotic in his ordinary demeanour—known to have scoffed in private at the principles of liberty—when such a man is seen to mount the hobby horse of popularity—to join in the cry of danger to liberty—to take every opportunity of embarrassing the General Government & bringing it under suspicion—to flatter and fall in with all the non sense of the zealots of the day—It may justly be suspected that his object is to throw things into confusion that he may "ride the storm and direct the whirlwind.""

"The laws of certain states …give an ownership in the service of negroes as personal property…. But being men, by the laws of God and nature, they were capable of acquiring liberty—and when the captor in war …thought fit to give them liberty, the gift was not only valid, but irrevocable."

"For my own part, I sincerely esteem it a system which without the finger of God, never could have been suggested and agreed upon by such a diversity of interests."

"It was the tendency to infidelity he saw so rife that led him often to declare in the social circle his estimate of Christian truth. “I have examined carefully,” he said to a friend from his boyhood, “the evidence of the Christian religion; and, if I was sitting as a juror upon its authenticity, I should unhesitatingly give my verdict in its favor.” To another person, he observed, “I have studied it, and I can prove its truth as clearly as any proposition ever submitted to the mind of man.”"

"One gentleman, whose name I never heard, was an earnest “friend of the people,” and descanted with much enthusiasm upon the glorious future then opening upon this new-born nation, and predicted the perpetuity of our institutions, from the purity and intelligence of the people, their freedom from interest or prejudice, their enlightened love of liberty, &c, &c. Alexander Hamilton was among the guests; and, his patience being somewhat exhausted, he replied with much emphasis, striking his hand upon the table, “Your people, sir,—your people is a great beast!” I have this anecdote from a friend, to whom it was related by one who was a guest at the table. After-dinner utterances have little value, unless, perhaps, their very levity makes them good indicators of the wind. We do not know the qualifying words which may have followed, or the tone and manner of that which was, perhaps, in part or in the whole, a jest."

"Those who stand for nothing, fall for anything."

"He stands at the front rank of a generation never surpassed in history, but whose countrymen seem to have never duly recognized his splendid gifts."

"If Jefferson provided the essential poetry of American political discourse, Hamilton established the prose of American statecraft."

"With the sure sagacity of a leader of men, Washington at once selected, for the highest and most responsible stations, the three chief Americans who represented the three forces in the nation which alone could command success in the institution of the government. Hamilton was the head, Jefferson was the heart, and John Jay was the conscience. Washington's just and serene ascendancy was the lambent flame in which these beneficent powers were fused, and nothing less than that ascendancy could have ridden the whirlwind and directed the storm that burst around him."

"The country will not have to pay the piper. Through a combination of sound policy actions and a great deal of good luck we are well on our way to a soft landing and a period of growth and price stability."

"I vote to banish Larry Summers. Not from the planet. That wouldn't be nice. Just from public life. The criticisms of President Obama's chief economic adviser are well known. He's too close to Wall Street. And he's a frightful bully, of both people and countries. Still, we're told we shouldn't care about such minor infractions. Why? Because Summers is brilliant, and the world needs his big brain. And this brings us to a central and often overlooked cause of the global financial crisis: Brain Bubbles. This is the process wherein the intelligence of an inarguably intelligent person is inflated and valued beyond all reason, creating a dangerous accumulation of unhedged risk. Larry Summers is the biggest Brain Bubble we've got."

"Summers’s outlook on economic policy can be summarized by the remark that he gave me some years ago: "If I had your views on economics, I would find another profession." He meant that if free markets usually worked well and the government ought usually to stay out, then he would find economics to be an uninteresting occupation. Fortunately for Summers, he has always believed in the potential benefits from governmental activism, although the strength of this belief may have diminished over time."

"We know the first rule of holes is stop digging. We are in a hole that we have made. If we stop digging, the situation is less serious than if we continue to dig."

"[I]t's important to remember how fortunate we are as a country to have a currency and a bond market that is seen in every way as a source of strength and it’s a huge responsibility for us to keep it that way."

"With uncertainty in oil markets, a buildup of speculative pressures and the large U.S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested."

"I know that there is one additional thing that I've learned and that is that what Harvard does and says has an enormous resonance that goes beyond Zip code 02138."

"I deeply regret the impact of my comments and apologise for not having weighed them more carefully … I was wrong to have spoken in a way that has resulted in an unintended signal of discouragement to talented girls and women."

"We must recognise that in an integrated world, trade cannot be divorced from other concerns. We need to promote free trade and serious global efforts with respect to common problems even as we support every nation's right to chart its own course."

"The situation in a number of countries reminds one that it's still a risky world out there in the emerging markets."

"Where countries have been able to carry through on their reform commitments -- as in Korea, Thailand and the Philippines -- results are starting to come in the form of lower interest rates, new investment and increased growth."

"No free country will ever again have anything like the 90 percent tax rates that we had in this country. Past a certain point, high marginal tax rates are, indeed, terribly destructive."

"Things take longer to happen than you think they will and then they happen faster than you think they will."

"I think the economic logic behind dumping a load of toxic waste in the lowest-wage country is impeccable and we should face up to that. . . . I’ve always thought that countries in Africa are vastly under polluted; their air quality is probably vastly inefficiently low compared to Los Angeles . . . Just between you and me, shouldn't the World Bank be encouraging more migration of the dirty industries to the Least Developed Countries?"

"Takeovers wouldn't cause the stock market to rise unless there is an upward reassessment of earnings (potential). People are more optimistic and confident about the future."

"The things you hear now about European unemployment -- that there are structural problems, that real wages have failed to adjust, that there are inflationary fears -- are the same things that were said during the early 1930. It is well established that government spending began to pull Germany out of its slump in 1935. There is no known reason why spending for peace can't do as well at getting the economy going as spending for war."

"Senator, I served with Jack Kennedy. I knew Jack Kennedy. Jack Kennedy was a friend of mine. Senator, you're no Jack Kennedy."

"As one of our colleagues recently put it, this Republican pledge of no new taxes is pure Bushlips. It's Bushlips when the president says 'No new taxes' and sends a budget requiring the Finance Committee to raise $20 billion in new revenues: $15 billion in taxes and $5 billion in user fees."

"[A] fellow from Texas can tell the difference between grass-roots and AstroTurf."