Page:Debates in the Several State Conventions, v4.djvu/108

92 opinion. Had Congress the immediate power, there would be no doubt the money would be raised. In the other mode, doubts might be entertained concerning it. For can any man suppose that if, for any reasons, the state legislatures did not think proper to pay their quotas, and Congress should be compelled to lay taxes, it would not raise alarms in the state? Is it not reasonable the people would be more apt to side with their state legislature, who indulged them, than with Congress, who imposed taxes upon them? They would say, "Had we been able to pay, our state legislature would have raised the money. They know and feel for our distresses; but Congress have no regard for our situation, and have imposed taxes on us we are unable to bear." This is, sir, what would probably happen. Language like this would be the high road to popularity. In all countries, particularly in free ones, there are many ready to catch at such opportunities of making themselves of consequence with the people. General discontent would probably ensue, and a serious quarrel take place between the general and the state governments. Foreigners, who would view our situation narrowly before they lent their money, would certainly be less willing to risk it on such contingencies as these, than if they knew there was a direct fund for their payment, from which no ill consequences could be apprehended. The difference between those who are able to borrow, and those who are not, is extremely great. Upon a critical emergency, it may be impossible to raise the full sum wanted immediately upon the people. In this case, if the public credit is good, they may borrow a certain sum, and raise for the present only enough to pay the interest, deferring the payment of the principal till the public is more able to bear it. In the other case, where no money can be borrowed, there is no resource, if the whole sum cannot be raised immediately. The difference, perhaps, may be stated as twenty to one. A hundred thousand pounds, therefore, may be wanted in the one case; five thousand pounds may be sufficient, for the present, in the other. Sure this is a difference of the utmost moment. I should not have risen at all, were it not for the strong impression which might have been made by the error com mitted by the worthy gentleman on the other side. I hope I shall be excused for the time I have taken up with the additional matter, though it was only stating what had been urged with great propriety before.