Albert Gallatin Quotes
I do not pretend to step out of my own sphere and to control the internal management of other departments, but it seems to me that as Secretary of the Treasury, I may ask, that, while peace continues, the aggregate of the expenditure of those departments be kept within bounds such as will preserve the equilibrium between the national revenue and expenditure without recurrence to loans.
Albert Gallatin, 1761-1849, U. S. Congressman & U. S. Senator (PA, Anti-Federalist), U. S. Secretary of the Treasury, Ambassador to Great Britain, Ambassador to France, Communication to President James Madison
Sourced by: Eigen's Political and Historical Quotations
This is a particularly interesting historical quotation. It shows that when FDR was first elected, he had a classic view of deficit spending. However, above all, Roosevelt was a pragmatist and not an ideologue. Faced with the Great Depression that was not getting much better, Roosevelt turned around, changed his mind and policy about deficits and embarked on the “pump priming” approach of injecting substantial Federal spending into the economy and accepting the deficits in order to improve the situation which had been stagnant. FDR’s new policy staved off total disaster, but few remember that his great success was a total reversal of his earlier views.
In 1964 the treasury secretary asked the president how to sell the proposed budget to Congress:
After the Stock Market crash of 1929, Republican politicians promised "recovery is right around the corner." But La Guardia disagreed:
Although the Professor was often right about this technique, at the time he made this statement, the Clinton administration was actually cutting spending and using much of the revenue to pay for the deficit—just the opposite of what the Professor was worried about. It was successful and the deficit was eliminated and surpluses were projected. However the succeeding administration more closely followed the professor’s pattern and increased spending enormously for serious needs, but also cut taxes, so that we went during the Bush administration from the largest projected surplus in American history to the greatest deficit in American history.
This quotation is attributed to the Senator by hundreds of sources, many very relaiable. This indicates to us that it was a line he used on several occasions. However the Dirksen Center staff has not been able to find the quotation amongst his writings and his radio and television appearances that they have transcripts for.
Abraham Alfonse Albert Gallatin, born de Gallatin was an American politician, diplomat, ethnologist and linguist. Biographer Nicholas Dungan states he was "America's Swiss Founding Father." He is known for being the founder of New York University and for serving in the Democratic-Republican Party at various federal elective and appointed positions across four decades. He represented Pennsylvania in the Senate and the House of Representatives before becoming the longest-tenured United States Secretary of the Treasury and serving as a high-ranking diplomat.
