Remarks on the Utility of Permanent Funds
[Philadelphia, February 21, 1783]
Mr. Hamilton enlarged on the general utility of permanent funds to the fœderal interests of this Country, & pointed out the difference between the nature of the Constitution of the British Executive, & that of the U.S. in answer to Mr. Lee’s reasoning from the case of Ship money.1
“Notes of Debates in the Continental Congress,” MS, James Madison Papers, Library of Congress.
1. Congress on February 21 discussed the subject of general funds for the Confederation. Arthur Lee said: “… it was an established truth that the purse ought not to be put into the same hands with the Sword; that like arguments had been used in favor of Ship money in the reign of Charles I it being then represented as essential to the support of the Govt., that the Executive should be assured of the means of fulfilling its engagements for the public service” (“Notes of Debates in the Continental Congress,” MS, James Madison Papers, Library of Congress).