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The newspapers will have shewn you the late proceedings of the House of Representatives. The present subject of deliberation is the proposed assumption of the State debts. Opinions are nearly balanced on it. My own is no otherwise favorable to the measure than as it may tend to secure a final settlement and payment of balances among the States. An assumption even under such circumstances is...
The newspapers will have shewn you the late proceedings of the House of Representatives. The present subject of deliberation is the proposed assumption of the State debts. Opinions are nearly balanced on it. My own is no otherwise favorable to the measure than as it may tend to secure a final settlement and payment of balances among the States. An assumption even under such circumstances is...
That the Committee have enquired at the Register’s office into the state of the accounts of the department of Finance, lately administered by Mr. Morris. That, for the information of the House, a general account of the receipts and expenditures has been obtained from the Register, together with a printed Statement in detail, both of which are herewith reported, together with a paper containing...
144Public Debt, [10 March] 1790 (Madison Papers)
Secretary Hamilton’s report on the means of providing funds for the assumption of state debts was sent to the House on 4 March ( Syrett and Cooke, Papers of Hamilton Harold C. Syrett and Jacob E. Cooke, eds., The Papers of Alexander Hamilton (26 vols.; New York, 1961–79). , VI, 286–89). Debate resumed on 8 March; the next day the assumption resolution, as amended by JM’s motion of 24 February,...
145Public Debt, [11 March] 1790 (Madison Papers)
Debate continued on the second alternative of the sixth resolution (see headnote to speech of 10 Mar.). JM wished to reduce “the number of alternatives,” preferring “a simple, unembarrassed system.” A motion to drop this option carried by a vote of 32 to 23 (or 24). Jackson then moved to strike out that part of the third alternative making $66.67 of every $100.00 subscribed irredeemable by any...
146Public Debt, [12 March] 1790 (Madison Papers)
Laurance, objecting to Jackson’s motion (see headnote to speech of 11 Mar.), said that foreigners should be encouraged to speculate in the public debt. Mr. Madison said that foreigners speculating in our funds would induce a spirit of luxury. That the pernicious consequences of credit had been severely felt; that our experience did not justify the supposition that an influx of active property,...
Your favor of the 2d. inst: came to hand two days ago. Though I can not yield to the remarks on my proposition in the House of Reps. I am not the less indebted for the candor which dictated them. The nature of the domestic debt will account for the diversity of opinions among those who examine it. Those who are disinterested or being interested are superior to that biass, will be mutually...
I have recd. the few lines you dropped me from Baltimore, and daily expect those promised from Fredg. I am made somewhat anxious on the latter point, by the indisposition under which you were travelling. The question depending at your departure was negatived by a very large majority, though less than stated in the Newspapers. The causes of this disproportion which exceeds greatly the estimate...
Letter not found. Ca. 14 March 1790. On 2 Apr. 1790 Taylor noted in his diary: “Bro[the]r James sent a letter to me from the Honble James Madison Esqr which he got yesterday at his fathers” (Vi). Conjectured date based on evidence that JM wrote a number of Virginia correspondents on Sunday, 14 Mar. 1790.
I recd. your favor of the 10th. instant some days ago. Altho’ I feel the force of many of your remarks, I can not embrace the idea to which they lead. It would not be consistent with the view I have taken of the subject; nor indeed promise any chance of success agst. the present politics of the House. The Petitions on the subject of Slavery have employed more than a week, and are still before...