Page:Debates in the Several State Conventions, v1.djvu/116

96, April 26, 1783.—The committee, consisting of Mr. Madison, Mr. Ellsworth, and Mr. Hamilton, appointed to prepare an address to the states, to accompany the act of the 18th of this month, reported a draft, which, being read and amended, was agreed to, as follows:—

The prospect which has for some time existed, and which is now happily realized, of a successful termination of the war, together with the critical exigencies of public affairs, has made it the duty of Congress to review and provide for the debts which the war has left upon the United States, and to look forward to the means of obviating dangers which may interrupt the harmony and tranquillity of the confederacy. The result of their mature and solemn deliberations, on these great objects, is contained in their several recommendations of the 18th inst., herewith transmitted. Although these recommendations speak themselves the principles on which they are founded, as well as the ends which they propose, it will not be improper to enter into a few explanations and remarks, in order to place in a stronger view the necessity of complying with them.

The first measure recommended is, effectual provision for the debts of the United States. The amount of these debts, as far as they can now be ascertained, is 42,000,375 dollars. To discharge the principal of this aggregate debt at once, or in any short period, is evidently not within the compass of our resources; and, even if it could be accomplished, the ease of the community would require that the debt itself should be left to a course of gradual extinguishment, and certain funds be provided for paying, in the mean time, the annual interest. The amount of the annual interest is computed to be 2,415,950 dollars. Funds, therefore, which will certainly and punctually produce this annual sum, at least, must be provided.

In devising these funds, Congress did not overlook the mode of supplying the common treasury, provided by the Articles of Confederation, but, after the most respectful consideration of that mode, they were constrained to regard it as inadequate, and inapplicable to the form into which the public debt must be thrown. The delays and uncertainties incident to a revenue to be established and collected, from time to time, by thirteen independent authorities, is, at first view, irreconcilable with the punctuality essential in the discharge of the interest of a national debt. Our own experience, after making every allowance for transient impediments, has been a sufficient illustration of this truth. Some departure, therefore, in the recommendation of Congress, from the Federal Constitution, was unavoidable; but it will be found to be as small as could be reconciled with the object in view, and to be supported, besides, by solid considerations of interest and sound policy.

The fund which presented itself on this, as it did on a former occasion, was a tax on imports. The reasons which recommended this branch of revenue have heretofore been stated in an act, of which a copy, No. 2, is now forwarded, and need not be here repeated. It will suffice to recapitulate, that taxes on consumption are always least burdensome, because