“Our present financial condition is without a parallel in history.
No nation has ever before been embarrassed from too large a surplus in its treasury.
This almost necessarily gives birth to extravagant legislation.
It produces wild schemes of expenditure and begets a race of speculators and jobbers, whose ingenuity is exerted in contriving and promoting expedients to obtain public money.
The purity of official agents, whether rightfully or wrongfully, is suspected, and the character of the government suffers in the estimation of the people.
This is in itself a very great evil.”
—President James Buchanan (1791-1868)
James Buchanan (Photo credit: Wikipedia)