582. ASSUMPTION OF STATE DEBTS, Credit, Union and.—
Congress has
been long embarrassed by two of the most irritating
questions that can ever be raised among
them: 1. The funding of the public debt; and
2, the fixing on a more central residence. After
exhausting their arguments and patience on
these subjects, they have for some time been
resting on their oars, unable to get along as to
these businesses, and indisposed to attend to
anything else till they are settled. And, in fine,
it has become probable that unless they can be
reconciled by some plan of compromise, there
will be no funding bill agreed to; our credit
(raised by late prospects to be the first on the
exchange at Amsterdam, where our money is
above par), will burst and vanish, and the States
separate, to take care every one of itself. This
prospect appears probable to some well-informed
and well-disposed minds. Endeavors are, therefore,
using to bring about a disposition to some
mutual sacrifices.—
To James Monroe. Washington ed. iii, 153.
Ford ed., v, 187.
(N.Y.,
June. 1790)
