Ron Chernow Quote
In the report’s final section, Hamilton reiterated that a well-funded debt would be a national blessing that would protect American prosperity. He feared this statement would be misconstrued as a call for a perpetual public debt—and that is exactly what happened. For the rest of his life, he was to express dismay at what he saw as a deliberate distortion of his views. His opponents, he claimed, neglected a critical passage of his report in which he wrote that he ardently wishes to see it incorporated as a fundamental maxim in the system of public credit of the United States that the creation of debt should always be accompanied with the means of extinguishment. The secretary regarded this as the true secret for rendering public credit immortal.
In the report’s final section, Hamilton reiterated that a well-funded debt would be a national blessing that would protect American prosperity. He feared this statement would be misconstrued as a call for a perpetual public debt—and that is exactly what happened. For the rest of his life, he was to express dismay at what he saw as a deliberate distortion of his views. His opponents, he claimed, neglected a critical passage of his report in which he wrote that he ardently wishes to see it incorporated as a fundamental maxim in the system of public credit of the United States that the creation of debt should always be accompanied with the means of extinguishment. The secretary regarded this as the true secret for rendering public credit immortal.
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About Ron Chernow
Chernow won the 2011 Pulitzer Prize for Biography and the 2011 American History Book Prize for his 2010 book Washington: A Life. He is also the recipient of the National Book Award for Nonfiction for his 1990 book The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. His biographies of Alexander Hamilton (2004) and John D. Rockefeller (1998) were both nominated for National Book Critics Circle Awards. His biography of Hamilton inspired the popular Hamilton musical, which Chernow worked on as a historical consultant. For another book, The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family, he was awarded the 1993 George S. Eccles Prize for Excellence in Economic Writing. As a freelance journalist, Chernow has written over sixty articles for various national publications.