e objection that it would accumulate in large cities, it was
answered it would be a monied capital, and would be held by those who
chose to place money at interest; but by funding the debt, the present
possessors would be enabled to part with it at its nominal value,
instead of selling it at its present current rate. If it should centre
in the hands of foreigners, the sooner it was appreciated to its
proper standard, the greater quantity of specie would its transfer
bring into the United States.

To the injustice of charging those states which had made great
exertions for the payment of their debts with the burden properly
belonging to those which had not made such exertions, it was answered,
that every state must be considered as having exerted itself to the
utmost of its resources; and that if it could not, or would not make
provision for creditors to whom the union was equitably bound, the
argument in favour of an assumption was the stronger.

The arguments drawn from local interests were repelled, and retorted,
and a great degree of irritation was excited on both sides.

After a very animated discussion of several days, the question was
taken, and the resolution was carried by a small majority. Soon after
this decision, while the subject was pending before the house, the
delegates from North Carolina took their seats, and changed the
strength of parties. By a majority of two voices, the resolution was
recommitted; and, after a long and ardent debate, was negatived by the
same majority.

This proposition continued to be supported with a degree of
earnestness which its opponents termed pertinacious, but not a single
opinion was changed. It was brought forward in the new and less
exceptionable form of assuming specific sums from each state. Under
this modification of the principle, the extraordinary contributions of
particular states during the war, and their exertions since the peace,
might be regarded; and the objections to the measure, drawn from the
uncertainty of the sum to be assumed, would be removed. But these
alterations produced no change of sentiment; and the bill was sent up
to the senate with a provision for those creditors only whose
certificates of debt purported to be payable by the union.

In this state of things, the measure is understood to have derived aid
from another, which was of a nature strongly to interest particular
parts of the union.

From the month of June, 1783, when congress was d