#ethics
"Foreign debts. About $12,000,000,000 is due to our Government from abroad, mostly from European governments. Great Britain, Finland, Hungary, Lithuania and Poland have negotiated settlements amounting close to $5,000,000,000. This represents the funding of over 42 per cent of the debt since the creation of the special Foreign Debt Commission. As the life of this commission is about to expire, its term should be extended. I am opposed to the cancellation of these debts and believe it for the best welfare of the world that they should be liquidated and paid as fast as possible. I do not favor oppressive measures, but unless money that is borrowed is repaid credit can not be secured in time of necessity, and there exists besides a moral obligation which our country can not ignore and no other country can evade. Terms and conditions may have to conform to differences in the financial abilities of the countries concerned, but the principle that each country should meet its obligation admits of no differences and is of universal application."
React to this quote
More by Calvin Coolidge
See allResonant Thoughts
Explore Further
Related Quotes
"And now in America itself after 30 years of experimenting with the Great Society programmes, there is wides…"
— Lee Kuan Yew"If an action ... involves little profit but much righteousness, do it."
— Xun Zi"Profit doesn’t appear as the goal but as a side effect of pursuing motivating principles."
— Ted Malloch"The common impression regards this scale or chain merely as a "type" of organization, characteristic only o…"
— James D. Mooney"In the great struggle between popular principles and liberal opinions, which is the characteristic of our a…"
— Benjamin Disraeli"conversion was held to be and acted upon as something that was an essential principle of Christianity; but …"
— Swami Shraddhanand