I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. - Thomas Jefferson
Thomas Jefferson means that if you owe other countries or people, you will not be able to do quite what you want to. Your first obligation in that situation is to pay off your debt, but then you will have a lot less money and can’t get what you want. You might even be very vulnerable to inflation, and high trade prices, etc.
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