“What is a permanent loan but a mortgage upon the wealth and industry of the country? It is the only form of indebtedness, as experience has shown, by which heavy and durable encumbrance can be laid upon the community.”

American statesman and political theorist

John C. Calhoun was an American statesman and political theorist, and the seventh vice president of the United States, serving from 1825 to 1832. He is remembered for the force of his ideas as much as for the offices he held. Calhoun began as a nationalist who favored a stronger federal government and protective tariffs, then became a leading voice for states' rights, limited government, nullification, and opposition to high tariffs. He also became an outspoken defender of slavery, and his arguments later shaped Southern thinking about secession from the Union.