To Attach Full Confidence To An Institution

[e]very Act Of A Delegated Authority, Contrary To The Tenor Of The Commission Under Which It Is Exercised, Is Void. No Legislative Act, Therefore, Contrary To The Constitution, Can Be Valid. To Deny This, Would Be To Affirm, That The Deputy Is Greater Than His Principal; That The Servant Is Above His Master; That The Representatives Of The People Are Superior To The People Themselves; That Men Acting By Virtue Of Powers, May Do Not Only What Their Powers Do Not Authorize, But What They Forbid.

But Though A Funded Debt Is Not In The First Instance, An Absolute Increase Of Capital, Or An Augmentation Of Real Wealth; Yet By Serving As A New Power In The Operation Of Industry, It Has Within Certain Bounds A Tendency To Increase The Real Wealth Of A Community, In Like Manner As Money Borrowed By A Thrifty Farmer, To Be Laid Out In The Improvement Of His Farm May, In The End, Add To His Stock Of Real Riches.

It Is Of The Nature Of War To Increase The Executive At The Expense Of The Legislative Authority.

It Is A Singular Advantage Of Taxes On Articles Of Consumption That They Contain In Their Own Nature A Security Against Excess. They Prescribe Their Own Limit, Which Cannot Be Exceeded Without Defeating The End Purposed - That Is, An Extension Of The Revenue.

A National Debt, If It Is Not Excessive, Will Be To Us A National Blessing.