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We can pay our debts to the past by putting the future in debt to ourselves.
--
Address to the people of Canada on the coronation of George VI (12 May 1937)

 

John Buchan

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The art and mystery of banks... is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.

 

Thomas Jefferson

 

I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.

 

Thomas Jefferson

 

These contributions [federal taxes on consumption of foreign goods] enable us to support the current expenses of the Government, to fulfill contracts with foreign nations, to extinguish the native right of soil within our limits, to extend those limits, and to apply such a surplus to our public debts as places at a short day their final redemption, and that redemption [of debt] once effected," he said, "the revenue thereby liberated may, by a just repartition among the States and a corresponding amendment of the Constitution, be applied, in time of peace, to rivers, canals, roads, arts, manufactures, education, and other great objects within each State. In time of war,—if injustice, by ourselves or others, must sometimes produce war,— increased as the same revenue will be increased by population and consumption, and aided by other resources reserved for that crisis, it may meet within the year all the expenses of the year without encroaching on the rights of future generations by burdening them with the debts of the past. War will then be but a suspension of useful works, and a return to a state of peace a return to the progress of improvement.

 

Thomas Jefferson

 

The past is not more important than the future, despite what your culture has taught you. Your future observations, conclusions, and beliefs are more important to you than those in your past ever will be. The world is changing so fast the balance between the past and the future has shifted.

 

Erik Naggum

 

The first thing necessary for a constructive dealing with time is to learn to live in the reality of the present moment. For psychologically speaking, this present moment is all we have. The past and future have meaning because they are part of the present: a past event has existence now because you are thinking of it at this present moment, or because it influences you so that you, as a living being in the present, are that much different. The future has reality because one can bring it into his mind in the present. Past was the present at one time, and the future will be the present at some coming moment. To try to live in the "when" of the future or the "then" of the past always involves an artificiality, a separating one's self from reality; for in actuality one exists in the present. The past has meaning as it lights up the present, and the future as it makes the present richer and more profound.

 

Rollo May