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Updated: May 14, 2025
Whenever the government makes war, loses or gains a battle, changes the outfit of its army, erects a monu-ment, digs a canal, opens a road, or builds a railway, it borrows money, on which the tax-payers pay interest; that is, the government, without adding to its productive capacity, increases its active capital, in a word, capitalizes after the manner of the proprietor of whom I have just spoken.
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