History of the United States of America, Volume 8 (of 9) : $b During the second administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 8 (of 9) : $b During the second administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
Massachusetts was then more than ever convinced that it must
peremptorily insist on taking its share of the national revenue into
its own hands. Already the first step toward providing a State army had
plunged the State treasury into financial difficulties, and measures
for defence were stopped until new resources could be obtained. To
the surprise of Governor Strong, the Massachusetts banks, restrained
by their charters, applied to the State government the same rigorous
refusal of credit which they had applied to the national government,
and Strong found himself unable to obtain even the loan of one million
dollars authorized by the legislature at its autumn session. The
miscarriage cast a shade of ridicule on the character of the State
which criticised so severely the failure of the national government
to defend it, and found itself unable to take the first step toward
defence without the aid of the national government, bankrupt and
impotent though it was. Governor Strong sent to the legislature on
the first day of its winter session a message[424] that might have
been sent by Madison to Congress. He reminded the legislature that it
had, by a Resolution of Oct. 11, 1814, authorized a loan of a million
dollars from the banks.
“At that time,” continued Strong’s message, “it was supposed
that there would be no difficulty in procuring the requisite
sums from that source, and the treasurer soon obtained loans to
a considerable amount; but the directors of some of the banks
declared themselves unable to lend, and others have expressed
such reluctance as forbids an expectation that the whole amount
can be obtained in that way during the continuance of the
present cautious operations of the banks.”
The treasurer had obtained $631,000, and with the expenditure of that
sum the work of defence and the organization of the State army ceased.
“The efforts of defensive preparation which were made in this State
the last year,” Governor Strong declared, “will, if continued at the
expense of the Commonwealth, be fatal to our finances.” The necessary
consequence followed, that the State must take the national revenues.
Accordingly the committee of both Houses, to which the subject was
referred, reported[425] an approval of suspending the organization
of State troops “until in virtue of some arrangement to be made with
the national government sufficient funds can be provided for their
pay and support, without recourse to additional taxes.” Under such
circumstances the national government was little likely to surrender
its resources, and every symptom showed that the State then meant to
seize them.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account