121Assumption of the State Debts, [3 March] 1790 (Madison Papers)
Carroll moved to discharge the Committee of the Whole from consideration of assumption. His purpose was to suspend the larger question until Secretary Hamilton reported (in consequence of White’s motion of 2 March) on the ways and means of paying the state creditors. Laurance suspected that the motion was intended to shunt the matter aside indefinitely. JM denied “that the motion was intended...
122From James Madison to Edmund Pendleton, 4 March 1790 (Madison Papers)
Your recommendation of Docr. Morrow was handed me some time ago. I need not tell you that I shall always rely on your vouchers for merit, or that I shall equally be pleased with opportunities of forwarding your wishes. The only act of much consequence which the present Session has yet produced, is one for enumerating the Inhabitants as the basis of a reapportionment of the Representation. The...
123From James Madison to Benjamin Rush, 7 March 1790 (Madison Papers)
Altho’ your last favour of the 27 Ult: does not require any particular answer, I can not let this occasional correspondence drop, without thanking you for so interesting a supplement to your former remarks on the subject lately decided in the House of Representatives. It not only gives me pleasure, but strengthens my conviction, to find my sentiments ratified by those of enlightened and...
124From James Madison to Thomas Jefferson, 8 March 1790 (Madison Papers)
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...
125Report on Robert Morris’s Petition, [9 March] 1790 (Madison Papers)
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...
126Public 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,...
127Public 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...
128Public 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,...
129From James Madison to Edward Carrington, 14 March 1790 (Madison Papers)
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...
130From James Madison to Edmund Randolph, 14 March 1790 (Madison Papers)
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...