erizens. This report stated, that any attemo", to pay as y of the past debts, would form so heavy a deduction from the greatest revenue that could be raised s would a rally cbstruct all present service, and that any present prox son should be confined to the interest of the ple That such provision would offer eventual relat li creditors, and enable them, to support th public burdens without appropriating the w which can be drawn from the people to a net and leaving thereby the public

...

which woul! involve the ruin of alt ra others. Th congress were and had impressed with the ai solute necessity effectual measures should be taken, first ta. ascertain the public debts, and then to seture ti of the interest until the principal could be ess, angel. Acts of congres were referred to as evidence of this assertion. He added, that after a dehy of two years, Rhode Island had entirely refused its cereurrnce to the impost, that Virginia had withdrawn its.

and that a third state had returned nea

The inability of congress to perform was stated to have resulted frote the t of the states luring the war. Of the lest eight millions, only four hundred and twenty te las had been ollected. The proceeds of ta loans were sta.cd. showing au available balance

* in vol. 1, pas € 273, of Mcon's Debat-y, this passage s found. I. a late report, w. eh hac o en drown up by Mr. Hamilton she Icon 1788, in anstera menoral from the legislature of Pins4

ther then go showing the impossibility congress had be ther creditors, it was oberved that tre uid afford t at ecur, at the time, to The chape и oby cted to as ## BC °C 13 Imo ar tie o gress. The fet also was controvertet

voc,ndlen appropriated by

N

citizens. This report stated, that any attempts to pay any of the past debts, would form so heavy a deduction from the greatest revenue that could be raised as would totally obstruct all present service, and that any present provision should be confined to the interest of the public debts. That such provision would offer eventual relief to the public creditors, and enable them to support their share of the public burdens without appropriating the whole revenue which can be drawn from the people to a payment of debts, and leaving thereby the public service unprovided for, which would involve the ruin of all ranks, creditors and others. That congress were and had long been deeply impressed with the absolute necessity that speedy and effectual measures should be taken, first to liquidate and ascertain the public debts, and then to secure the payment of the interest until the principal could be discharged. Acts of congress were referred to as evidence of this assertion. He added, that after a delay of two years, Rhode Island had entirely refused its concurrence to the impost, that Virginia had withdrawn its assent once given, and that a third state had returned no answer.

The inability of congress to perform its engagements was stated to have resulted from the defective compliances of the states during the war. Of the last requisition for eight millions, only four hundred and twenty thousand dollars had been collected. The proceeds of the foreign loans* were stated, showing an available balance a little

In vol. 1, page 273, of Madison's Debates, this passage is found :—"In a late report, which had been drawn up by Mr. Hamilton, and made to congress, in answer to a memorial from the legislature of Pennsylvania, among other things showing the impossibility congress had been under of paying their creditors, it was observed, that the aid afforded by the court of France, had been appropriated by that court, at the time, to the immediate use of the army. This clause was objected to as unnecessary, and as dis. honourable to congress. The fact also was controverted. Mr. Hamilton