perpetuate a moneyed interest in the United States; that this moneyed interest would gain the ascendance of the landed interest; would resort to places of luxury and splendor, and, by their example and influence, become dangerous to our republican constitutions. He said, however, that the variances of opinion and indecision of Congress were alarming, and required that something should be done; that it would be better to new-model the Confederation, or attempt any thing, rather than to do nothing.
Mr. MADISON reminded Congress that the commutation proposed was introduced as a compromise with those to whom the idea of pensions was obnoxious, and observed, that those whose scruples had been relieved by it had rendered it no less obnoxious than before, by stigmatizing it with the name of a perpetuity. He said, the public situation was truly deplorable. If the payment of the capital of the public debts was suggested, it was said, and truly said, to be impossible; if funding them and paying the interest was proposed, it was exclaimed against as establishing a dangerous moneyed interest, as corrupting the public manners, as administering poison to our republican constitutions. He said, he wished the revenue to be established to be such as would extinguish the capital, as well as pay the interest, within the shortest possible period, and was as much opposed to perpetuating the public burdens as any one; but that the discharge of them in some form or other was essential, and that the consequences predicted therefrom could not be more heterogeneous to our republican character and constitutions than a violation of the maximsportion, her interest lies against a general revenue, otherwise than as she is interested, in common with others, in the support of the Confederacy and tranquillity of the United States; but against abatements, and against a common mass. The vacant lands are a favorite object to her.
Virginia, in common with the Southern States, as likely to enjoy an opulent and defenceless trade, is interested in a general revenue, as tending to secure to her the protection of the Confederacy against the maritime superiority of the Eastern States; but against it, as tending to discharge loan-office debts, and to deprive her of the occasion of taxing North Carolina. She is deeply interested in abatements, and essentially so in a common mass; not only her eccentric expenditures being enormous, but many of her necessary ones having received no previous or subsequent sanction. Her cession of territory would be considered as a sacrifice.
North Carolina is interested in a general revenue, as tending to insure the protection of the Confederacy against the maritime superiority of the Eastern States, and to guard her trade from separate taxation by Virginia and South Carolina. The loans of her citizens are inconsiderable. In abatements, and in a common mass, she is essentially interested. In the article of territory, she would have to make a sacrifice.
South Carolina is interested, as a weak and exposed state, in a general revenue, as tending to secure to her the protection of the Confederacy against enemies of every kind, and as providing for the public creditors, her citizens being not only loan-office creditors beyond her proportion, but having immense unliquidated demands against the United States. As restraining her power over the commerce of North Carolina, a general revenue is opposed to her interests. She is also materially interested in abatements, and in a common mass. In the article of territory, her sacrifice would be inconsiderable.
Georgia, as a feeble and opulent frontier state, is peculiarly interested in a general revenue, as tending to support the Confederacy. She is also interested in it somewhat by the creditors of her citizens. In abatements she is also interested, and in a common mass essentially so. In the article of territory, she would make an important sacrifice.
To make this plan still more complete, for the purpose of removing all present complaints, and all occasions of future contests, it may be proper to include in it a recommendation to the states to rescind the rule of apportioning pecuniary burdens according to the value of the land, and to substitute that of numbers, reckoning two slaves as equal to one freeman.
| STATE OF THE LOAN-OFFICE DEBT. | ||||
|---|---|---|---|---|
| Specie Dollars. | Specie Dollars. | |||
| New Hampshire | 336,579 58 7 | Delaware | 65,820 13 7 | |
| Massachusetts | 2,361,866 66 5 | Maryland | 410,218 30 0 | |
| Rhode Island | 699,725 37 4 | Virginia | 313,741 82 3 | |
| Connecticut | 1,270,115 30 0 | North Carolina | 113,341 11 1 | |
| New York | 919,729 57 5 | South Carolina | 90,442 10 1 | |
| New Jersey | 658,883 69 0 | Georgia | . . . . . | |
| Pennsylvania | 3,948,904 14 4 | |||
This, it is to be observed, is only the list of loan-office debts. The unliquidated debts, and liquidated debts of other denominations due to individuals, will vary inexpressibly the relative quantum of credits of the several states. It is to be further observed, that this only shows the original credits, transfers having been constant; heretofore they have flowed into Pennsylvania. Other states may hereafter have an influx.
