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Updated: July 9, 2025
The private revenue of the inhabitants of Great Britain is at present as much incumbered in time of peace, their ability to accumulate is as much impaired, as it would have been in the time of the most expensive war, had the pernicious system of funding never been adopted. In the payment of the interest of the public debt, it has been said, it is the right hand which pays the left.
These inventions, however, by which a government in one generation may enjoy the pleasure and reap the glory of waging war, and throw the burden of the expense on another, were not known in ancient times. Xerxes did not understand the art of funding a national debt, and there would, besides, have probably been very little confidence in Persian stocks, if any had been issued.
If the method of funding destroys more old capital, it, at the same time, hinders less the accumulation or acquisition of new capital, than that of defraying the public expense by a revenue raised within the year.
The fund becoming in this manner altogether insufficient for paying both principal and interest of the money borrowed upon it, it became necessary to charge it with the interest only, or a perpetual annuity equal to the interest; and such improvident anticipations necessarily gave birth to the more ruinous practice of perpetual funding.
It need not he told that the various debates in Congress on the funding of the national debt, on tariffs, on the bank, and other financial measures, led to the formation of two great political parties, which divided the nation for more than twenty years, parties of which Hamilton and Jefferson were the respective leaders.
The Administration's actions to recommend to the Congress only economically and environmentally sound water resource projects for funding resulted not only in our opposing uneconomic projects but also, in 1979, in the first Administration proposal of new project starts in 4 years.
I can now remember only three, to wit the funding system, the navy, and the retaining or dismissal of federalists then in office. I lodged with Mr. Jefferson, and that night had a conversation with him, without his having the remotest idea of my object. Mr.
With the support of the Congress, we must and will make an even greater effort in the years ahead. The Fiscal Year 1982 budget would increase funding authority for defense to more than $196 billion.
Accordingly, the Government has a special obligation to support science as an investment in our future. My Administration has sought to reverse a decade-long decline in funding. Despite the need for fiscal restraint, real support of basic research has grown nearly 11% during my term in office.
Ballard, and we had no intention of bothering you with the details." "Huh!" snorts Mr. Ballard. "And what is this precious corporation of which I'm supposed to be the head?" "Why, Mutual Funding," says Mr. Robert. "Funding, eh?" comes back Ballard snappy. "What tommyrot!
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