1797 John Adams - Public Debt

"not worth a continental" 

This was from John Adams first annual message to congress and the American people. He was not proposing to limit government spending, but rather he was discussing how to raise revenue. Shall it be loans or taxation?

"Since the decay of the feudal system, by which the public defense was provided for chiefly at the expense of individuals, the system of... loans has been introduced, and as no nation can raise within the year by taxes sufficient sums for its defense and military operations in time of war the sums loaned and debts contracted have necessarily become the subjects of what have been called funding systems. The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own. The national defense must be provided for as well as the support of Government; but both should be accomplished as much as possible by immediate taxes, and as little as possible by loans."

John Adams and his administration did levy heavy new stamp and house taxes on the people at the time. Shortly after Adams gave this speech, America entered into an undeclared war (the Quasi war) with France.  To pay for this, the US Congress levied a direct tax of $2 million, of which Pennsylvania was called upon to contribute $237,000. Farmers in eastern Pennsylvania rioted and attached federal tax collectors (Frie's Rebellion). They believed that the new taxes were designed by Adam's to support a large standing army and navy. The rebellion was squashed, and three men including John Fries were sentenced to hang for treason. Eventually, Adam pardoned them.

http://www.presidency.ucsb.edu/ws/index.php?pid=29439
https://history.state.gov/milestones/1784-1800/xyz