"Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times"

Rutherford B. Hayes articulates a philosophy rooted in fiscal responsibility and caution against indebtedness, extending his advice from individuals to organizations and all levels of government. His admonition for everyone, from the single man, to corporations, to the smallest village and largest state, to avoid and stay free from debt underscores a universal principle: financial independence safeguards stability, while debt brings vulnerability.

Debt, in Hayes's perspective, is not merely a financial arrangement but a potential catalyst for ruin, especially during "hard times". Economic downturns or crises amplify the dangers for those who owe money. When income shrinks or the economy contracts, regular obligations such as loan repayments, interest, and liabilities transform into crippling burdens. Those free from debt endure hardship, but those encumbered by it may be destroyed financially.

Hayes expands the scope beyond personal finance, reminding towns, counties, and states that public debt carries risks similar to private ones. Municipalities and governments borrowing excessively may, in prosperous times, seem capable of managing their obligations. Yet, when faced with economic adversity, debt-laden administrations might be forced into severe austerity, raise taxes, or cut essential services, ultimately harming citizens' well-being. In extreme scenarios, as history has shown, desperate debtors, whether individuals or governments, may default, leading to bankruptcy and the loss of public trust.

By advocating for prudent financial management and self-restraint, Hayes appeals to a sense of collective and individual foresight. Economic cycles are inevitable, and prosperity can quickly turn to hardship. Preparing for these cycles by maintaining financial independence lessens exposure to ruin. His admonition reflects both practical wisdom and moral caution, a call to foresight, thrift, and prudent planning. In essence, living and governing within one’s means is not only a path to security but also a shield against the unpredictable tides of fortune.