he power to comply substantially with the engagements of
the United States being at length conferred on those who were bound by
them, it was confidently expected by the friends of the constitution
that their country would retrieve its reputation, and that its fame
would no longer be tarnished with the blots which stain a faithless
people.

[Sidenote: Report of the secretary of the treasury of a plan for the
support of public credit.]

On the 9th of January, a letter from the secretary of the treasury to
the speaker of the house of representatives was read, stating that in
obedience to the resolution of the 21st of September, he had prepared
a plan for the support of public credit, which he was ready to report
when the house should be pleased to receive it; and, after a short
debate in which the personal attendance of the secretary for the
purpose of making explanations was urged by some, and opposed by
others, it was resolved that the report should be received in writing
on the succeeding Thursday.

Availing himself of the latitude afforded by the terms of the
resolution under which he acted, the secretary had introduced into his
report an able and comprehensive argument elucidating and supporting
the principles it contained. After displaying, with strength and
perspicuity, the justice and the policy of an adequate provision for
the public debt, he proceeded to discuss the principles on which it
should be made.

"It was agreed," he said, "by all, that the foreign debt should be
provided for according to the precise terms of the contract. It was to
be regretted that, with respect to the domestic debt, the same
unanimity of sentiment did not prevail."

The first point on which the public appeared to be divided, involved
the question, "whether a discrimination ought not to be made between
original holders of the public securities, and present possessors by
purchase." After reviewing the arguments generally urged in its
support, the secretary declared himself against this discrimination.
He deemed it "equally unjust and impolitic; highly injurious even to
the original holders of public securities, and ruinous to public
credit." To the arguments with which he enforced these opinions, he
added the authority of the government of the union. From the circular
address of congress to the states, of the 26th of April, 1783,
accompanying their revenue system of the 18th of the same month,
passages were selected indicating une