271To James Madison from “Foreigner,” 17 February 1790 (Madison Papers)
I take the liberty to ask your attention to that part of the domestic debt which is registered in the name of foreigners. There are circumstances attending this portion of the debt which, in addition to the usual obligations of justice, give peculiar force & solemnity to the demands of present holders of the Certificates. It should be observed that the first transfers of the domestic debt to...
272To James Madison from John Nicholson, 17 February 1790 (Madison Papers)
I have taken the liberty of inclosing you copies of a number of letters I have written to a friend in Congress published at his request relating to the important subject of finance now before that honorable body. The practicability of effecting a separate provision for original holders, I am well convinced of. I have carried into effect a similar plan in Penna. adopted by the Legislature with...
273To James Madison from Benjamin Rush, 18 February 1790 (Madison Papers)
I expected that the establishment of the federal Goverment, and the reformation of the Constitution of Pennsylvania would have gratified all my wishes for the prosperity of my Country, and have left me to enjoy in private life the pleasures of science and professional pursuits. But I find I cannot be an indifferent Spectator of the great Question which now agitates your house. It involves in...
274Discrimination between Present and Original Holders of the Public Debt, [18 February] 1790 (Madison Papers)
On 15 February the Committee of the Whole resumed consideration of JM’s amendment. JM listened silently for the next three days as numerous speakers attacked his proposal. Mr. Madison next rose and observed that the opponents of his proposition had imposed on its friends not only a heavy task, by the number of their objections, but a delicate one by the nature of some of them. It had been...
275Discrimination between Present and Original Holders of the Public Debt, [19 February] 1790 (Madison Papers)
Speaking against JM’s motion, Burke said that many officers and soldiers had received conspicuous marks of gratitude for their services, notably in appointments to civil offices. Mr. Madison. If paper, or the honor of statues or medals, can discharge the debts of justice, payable in gold and silver, we can not only exonerate ourselves from those due to the original holders, but from those of...
276To James Madison from John Baylor, 20 February 1790 (Madison Papers)
I have taken the Liberty of requesting the favour of you to transact an affair of the greatest consequence to my poor Brother George’s Estate, his Acct with united States as an Officer of the 3d Regiment of Light Dragoon, is yet unsettled, a Statement of which by Capt: Barret one of his officers and also his Deposition respecting the Accts: are in Mr. Pearce’s office, or with the Commissioners...
277Assumption of the State Debts, [24 February] 1790 (Madison Papers)
After the defeat of JM’s discrimination amendment, the second and third resolutions proposed by FitzSimons (on 8 February) were approved. The fourth resolution, “That the debts of the respective states ought, with the consent of the creditors, to be assumed and provided for by the United States,” had been under consideration for two days. Mr. Madison Observed, on the measure, that the...
278To James Madison from John Dawson, 26 February 1790 (Madison Papers)
You’ll be pleasd to accept my thanks for your favour of the 31st ulto which I recievd in due time. I am by no means astonishd at the reports of the two Secretaries given rise to a variety of opinions. The subjects to which they refer are both incricate [ sic ], and the interest of different persons will induce them to adopt various opinions. Mr. Hamilton’s plan, altho it discovers knowledge &...
279To James Madison from Samuel Vaughan, Jr., 26 February 1790 (Madison Papers)
With this letter you will receive a Pamphlet, you was so obliging as to lend me, & which from inadvertency I never returned. I was much surprised on opening my things here to find it among them. I congratulate you most heartily on the facility you are likely to meet with in the various objects of the Legislature. It was always my opinion that you might be bolder, particularly in your...
280Assumption of the State Debts, [26 February] 1790 (Madison Papers)
JM’s amendment to the assumption resolution was still before the Committee of the Whole. On 25 February, White moved to confine the assumption to the surplus funds a state had “advanced beyond its just and equal proportion of the expences, incurred in the defence of the common rights of America.” After two days’ debate, this motion was defeated by a vote of 32 to 18. Mr. Madison Then begged...