Volume II Part 8 (1/2)

[149] _Ib._, 86.

[150] _Ib._, 132-33.

[151] Marshall, ii, 192.

[152] Money was exceedingly scarce. Even Was.h.i.+ngton had to borrow to travel to New York for his inauguration, and Patrick Henry could not attend the Federal Const.i.tutional Convention for want of cash. (Conway, 132.)

[153] ”First Report on the Public Credit”; _Works_: Lodge, ii, 227 _et seq._ The above a.n.a.lysis, while not technically precise, is sufficiently accurate to give a rough idea of Hamilton's plan. (See Marshall's a.n.a.lysis; Marshall, ii, 178-80.)

[154] This, indeed, was a portion of Hamilton's plan and he succeeded in it as he did in other parts of his broad purpose to combine as much strength as possible in support of the National Government. ”The northern states and the commercial and monied people are zealously attached to ... the new government.” (Wolcott to his father, Feb. 12, 1791; Gibbs, i, 62.)

[155] This was emphatically true. From the National point of view it was the best feature of Hamilton's plan.

[156] In his old age, John Adams, Hamilton's most venomous and unforgiving enemy, while unsparing in his personal abuse, paid high tribute to the wisdom and necessity of Hamilton's financial statesmans.h.i.+p. ”I know not,” writes Adams, ”how Hamilton could have done otherwise.” (Adams to Rush, Aug. 23, 1805; _Old Family Letters_, 75.) ”The sudden rise of public securities, after the establishment of the funding system was no misfortune to the Public but an advantage. The necessity of that system arose from the inconsistency of the People in contracting debts and then refusing to pay them.” (Same to same, Jan.

25, 1806; _ib._, 93.)

Fisher Ames thus states the different interests of the sections: ”The funding system, they [Southern members of Congress] say, is in favor of the moneyed interest--oppressive to the land; that is, favorable to us [Northern people], hard on them. They pay tribute, they say, and the middle and eastern people ... receive it. And here is the burden of the song, almost all the little [certificates of State or Continental debts]

that they had and which cost them twenty s.h.i.+llings, for supplies or services, has been bought up, at a low rate, and now they pay more tax towards the interest than they received for the paper. This _tribute_, they say, is aggravating.” (Ames to Minot, Nov. 30, 1791; _Works_: Ames, i, 104.)

[157] Marshall, ii, 181. The attack on Hamilton's financial plan and especially on a.s.sumption was the beginning of the definite organization of the Republican Party. (Was.h.i.+ngton's _Diary_: Lossing, 166.)

[158] Gore to King, July 25, 1790; King, i, 392; and see McMaster, ii, 22.

[159] At one time, when it appeared that a.s.sumption was defeated, Sedgwick of Ma.s.sachusetts intimated that his section might secede.

(_Annals_, 1st Cong., April 12, 1790, pp. 1577-78; and see Rives, iii, 90 _et seq._)

[160] Marshall's statement of the debate is the best and fairest brief account of this historic conflict. (See Marshall, ii, 181-90. See entire debate in _Annals_, 1st Cong., i, ii, under caption ”Public Debt.”)

[161] ”This despicable grog-shop contest, whether the taverns of New York or Philadelphia shall get the custom of Congress, keeps us in discord and covers us all with disgrace.” (Ames to Dwight, June 11, 1790; _Works_: Ames, i, 80.)

[162] Jefferson to Monroe, June 20, 1790; _Works_: Ford, vi, 78-80; and see _ib._, 76; to Gilmer, June 27, _ib._, 83; to Rutledge, July 4, _ib._, 87-88; to Harvie, July 25, _ib._, 108.

[163] _Ib._; and see also Jefferson to Eppes, July 25, _ib._, 106; to Randolph, March 28, _ib._, 37; to same, April 18, _ib._, 47; to Lee, April 26, _ib._, 53; to Mason, June 13, _ib._, 75; to Randolph, June 20, _ib._, 76-77; to Monroe, June 20, _ib._, 79; to Dumas, June 23, _ib._, 82; to Rutledge, July 4, _ib._, 87-88; to Dumas, July 13, _ib._, 96.

Compare these letters with Jefferson's statement, February, 1793; _ib._, vii, 224-26; and with the ”Anas,” _ib._, i, 171-78. Jefferson then declared that ”I was really a stranger to the whole subject.” (_Ib._, 176.)

[164] Jefferson's statement; _Works_: Ford, vii, 224-26, and i, 175-77.

[165] Gibbs, i, 32; and see Marshall, ii, 190-91.

[166] Henry, ii, 453. But Marshall says that more votes would have changed had that been necessary to consummate the bargain. (See Marshall, ii, footnote to 191.)

[167] _Ib._, 192.

[168] Marshall, ii, 191-92.

[169] Henry, ii, 453-55.

[170] Journal, H.D. (1790), 35.

[171] Journal, H.D. (1790), 35.