The debt which Hamilton presented to
Congress was heterogeneous in form and without means of payment. Arguing
that a national debt properly funded had contributed largely to the
prosperity of Great Britain, Hamilton proposed to collect all these
evidences of debt into a national obligation, which would bring interest
to its holders until paid. The faith of the United States toward its
creditors must be redeemed. To secure a revenue with which to pay this
interest and evidently to redeem the principal in addition to meeting
the running expenses of the Government was the first task. Hamilton
proposed to place additional duties on imported goods and to lay a
tonnage on vessels using American ports, the latter of which he
estimated would yield more than a million dollars. He would also put
an excise on distilled spirits manufactured in the United States and
on those imported, both bringing in nearly three million dollars. The
profits of the post-office he estimated at almost a million dollars
annually, to be applied also to the national expenses.
[Illustration: CERTIFICATE OF DEBT AGAINST THE UNITED STATES.
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