The Life of George Washington, Vol. 4: Commander in Chief of the American Forces During the War; which Established the Independence of his Country and First; President of the United StatesMarshall, John
History
The Life of George Washington, Vol. 4: Commander in Chief of the American Forces During the War; which Established the Independence of his Country and First; President of the United States
Marshall, John
Generals -- United States -- Biography; Presidents -- United States -- Biography; Washington, George, 1732-1799
It would also increase an evil which was already sensibly felt. The
state debts when assumed by the continent, would, as that of the union
had already done, accumulate in large cities; and the dissatisfaction
excited by the payment of taxes, would be increased by perceiving that
the money raised from the people flowed into the hands of a few
individuals. Still greater mischief was to be apprehended. A great
part of this additional debt would go into the hands of foreigners;
and the United States would be heavily burdened to pay an interest
which could not be expected to remain in the country.
The measure was unjust, because it was burdening those states which
had taxed themselves highly to discharge the claims of their
creditors, with the debts of those which had not made the same
exertions. It would delay the settlement of accounts between the
individual states and the United States; and the supporters of the
measure were openly charged with intending to defeat that settlement.
It was also said that, in its execution, the scheme would be found
extremely embarrassing, perhaps impracticable. The case of a partial
accession to the measure by the creditors, a case which would probably
occur, presented a difficulty for which no provision was made, and of
which no solution had been given. Should the creditors in some states
come into the system, and those in others refuse to change their
security, the government would be involved in perplexities from which
no means of extricating itself had been shown. Nor would it be
practicable to discriminate between the debts contracted for general
and for local objects.
In the course of the debate, severe allusions were made to the conduct
of particular states; and the opinions advanced in favour of the
measure, were ascribed to local interests.
In support of the assumption, the debts of the states were traced to
their origin. America, it was said, had engaged in a war, the object
of which was equally interesting to every part of the union. It was
not the war of a particular state, but of the United States. It was
not the liberty and independence of a part, but of the whole, for
which they had contended, and which they had acquired. The cause was a
common cause. As brethren, the American people had consented to hazard
property and life in its defence. All the sums expended in the
attainment of this great object, whatever might be the authority under
which they were raised or appropriated, conduced to the same end.
Troops were raised, and military stores purchased, before congress
assumed the command of the army, or the control of the war. The
ammunition which repulsed the enemy at Bunker's Hill, was purchased by
Massachusetts; and formed a part of the debt of that state.
Public-domain text, read in full here on John Shaqi.
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