I'm afraid you've misquoted Jefferson here - the full quote is as follows: "I am for a government frugal and simple, applying all the possible savings of the public revenue to the discharge of the public debt; and not for a multiplication of officers and salaries merely to make partisans, and for increasing, by." Jefferson was arguing for responsible and accountable government, but he also believed in the full faith and credit of the government to pay its debts.