"Our national debt we will owe to ourselves. The cost of interest service and gradual repayment that is collected in taxes from one generation will be paid to the same generation. The debt will be held wholly within the United States and by our citizens. It will present none of the impossible problems that accompany an external debt. If we fail in the future to make democracy worth while, it will not be the size of the public debt that defeats us. It will be because we have not learned how to use these great resources - human and material - to provide full employment and a high standard of living for all our people."
Chester C. Davis
President, Federal Reserve Bank of St. Louis
November 14, 1942
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