Of economics, Paul Zane Pilzer writes, “The word ‘economics’ comes from the Greek word oikonomia, meaning the ‘management of a household.’ While today’s ‘economics’ has come to mean the study of business and government issues by professional academics, the real economists in our society are the ones who practice economics – the hundreds of millions of people seeking to economically manage their own households or lives every day.”

This may seem foreign to us today, but in the 1828 Noah Webster’s Dictionary, Economy was defined:

ECON’OMY, n. [L. oeconomia; Gr. house, and law, rule.] 1. Primarily, the management, regulation and government of a family or the concerns of a household.
2. The management of pecuniary concerns or the expenditure of money. Hence, 3. A frugal and judicious use of money; that management which ex- pends money to advantage, and incurs no waste; frugality in the neces- sary expenditure of money. It differs from parsimony, which implies an improper saving of expense. Economy includes also a prudent manage- ment of all the means by which property is saved or accumulated; a judicious application of time, of labor, and of the instruments of labor.

This lines up with 1 Thessalonians 4:11-12 NLT which encourages us:

Make it your goal to live a quiet life, minding your own business and working with your hands, just as we instructed you before. Then people who are not believers will respect the way you live, and you will not need to depend on others.

Father, help me literally to make this my goal.

~~~~~~~~~~~~~~~~~~

Constitutional Conversation A6S1 Debts

All Debts contracted and Engagements entered into, before the Adoption of this Constitution, shall be as valid against the United States under this Constitution, as under the Confederation ~ A6 S1 

Many nations, after going through a regime change, simply erase the debts of the past administration, but not the Americans. This clause is proof that the Lord had convicted their hearts to truly trust Him, so they determined to pay their debt of about $79 million.

There was a brief period when they were trying to tax the people and force them to pay.  In 1787 Americans were in deep poverty, having horrible inflation and debt. Some of the states zipped out of debt by paying with the worthless paper money. Massachusetts paid dearly with gold and silver. They charged a poll tax which was especially burdensome on the poor since there were very little opportunities for work. People were actually thrown into debtors’ prison. Desperate farmers formed a committee and pushed Daniel Shay into representing them to prevent their supreme court from indicting them for treason for not paying their taxes. This lead to many of them being killed or sentenced to death.  

This is why they based their new economy on silver and gold and refused to allow the phrase “emit bills of credit” to be put into the Constitution.  George Washington wrote to Marquis de Lafayette “You have doubtless been informed from time to time of the happy progress of our affairs. The principal difficulties… seem in a great measure to have been surmounted… Our revenues have been considerably more productive than it was imagined they could be… I mentioned this to show the spirit of enterprise that prevails” (1)

This contrasted drastically with how the French handled their debt, where the people were taxed mercilessly, then turned on their king and queen. Thousands of their leaders were guillotined.

May America learn from our history and not make the same mistakes. Father, help us to restore America’s biblical heritage, and Your blessing upon us.

1. Fitzpatrick, The Writings of George Washington, 31:44-45.