From the
Manuscript Division of the Library of Congress. This was one of the
Revolutionary obligations assumed and paid under Hamilton's financial
measures.]
The members of Congress, at the subsequent session, with remarkable
unanimity, concurred in these recommendations of the Secretary of the
Treasury for the redemption of the national obligations, including
both the debt owed to foreign nations and that incurred to domestic
holders during the exigencies of the war. But upon another proposition,
that the United States should assume the debts incurred by the several
States during the war, there was strong opposition. It was said that
such action would lead to speculation and stock-jobbery in buying up
these debts and converting them into new forms. The original holders
had long since disposed of them to brokers, who would be enriched by
national legislation. It was the old clash between the moneyed and the
moneyless classes. Although the action would be a direct interference
of the National Government with State affairs, the debates turned on
economic rather than constitutional grounds.
Pages:
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212