1To James Madison from William Turpin, 29 May 1812 (Madison Papers)
The 11.000.000 Loan not being fully Subscribed, I apprehend (at 6 Pr Cent) is owing to its not being Protected by Law from State & City Taxation, which we calculate as a deduction of one Pr Ct, consiquently would Subscribe as soon to a 6 Pr Cent Loan protected from Taxation, as to 7 Pr Cent not protected, so that its the United States that pays the Tax to the individual States, & Cities, and...