credit as the country’s foremost political need, and he supported loans and heavy taxation to attain it. While fighting Great Britain, he pondered the source of its military power and found the answer in public credit, which gave the enemy inexhaustible resources. “In modern wars,” he told Joseph Reed, “the longest purse must chiefly determine the event,” and he feared that England, with a well-funded debt, would triumph over America with its chaotic finances and depleted coffers.
