It must be here observed, that Congress by their resolutions of the 18 of April, 1783, had recommended to the several states the raising an annual revenue for the purpose of discharging the principal and interest of the national debt, by the establishment of certain imposts, and providing such supplementary funds, for a given term of years, as they may judge convenient; but as those recommendations are still under suspense with several of the legislatures, some of them having as yet only acceded to the impost, and others decided neither on the impost nor supplementary funds, however desirable a full compliance therewith is for the preservation of our faith and establishment of a national credit, yet as time has already elapsed and more must elapse, before their final confirmation can be hoped; as after it shall be attained, time will also be requisite to advance the plan to the term of actual collection, good faith requires that in the mean time other measures should be resorted to, for the purpose of discharging the growing interest. It is considered by Congress, that a demand upon the states for the whole arrearages of interest due on the foreign and domestic debt, at the critical moment when they are just emerging from the complicated distresses of a ruinous internal war, would only be attended with a failure of compliance on the part of the states; a consequence that could not but be destructive of public credit. During the continuance of the war, a non-compliance with the requisitions of Congress was attributed to the ravages of the enemy, the loss of commerce, and the employment of our citizens in defending instead of cultivating the soil, but if on the conclusion of peace, the same remissness on the part of the states be continued, no other cause can be assigned but a defect in the powers of government, or an inability or disinclination in the citizens of America, to do justice to their public creditors; conclusions equally ruinous and dishonourable. To avoid which, it is indispensably necessary that Congress conform their requisitions to the abilities of their constituents to pay. If this can be accomplished by calling for the interest for one year on the principal and interest heretofore due, and the requisition is punctually complied with, compleate justice will then be rendered to public creditors, as it is a well known fact, that whenever the payment of interest on a principal sum can be well secured, such is the nature of monied operations, that the proprietors of the evidences of such a principal sum can always transfer them for their full value. The requisitions of October 30, 1781, for eight millions of dollars, and of October 16, 1782, for two millions of dollars, have been so partially complied with, and in such unequal proportions, that Congress can retain no hopes of their full execution, and it only remains for them now to adjust the proportions paid by the several states, and where any State has exceeded her equal proportion, to give such State credit in the ensuing requisitions, and charge the deficiency that will then arise on those states, who have failed in paying in an equal ratio. Individual states, &c. (here take in the paragraph in the report beginning with those words:) But it will be necessary also to remind the states, &c. (here also take in the paragraph in the report beginning with those words:) Resolved, That the above sum of 2,986,952.33 dollars, be furnished by the respective states in the following proportions, viz. New Hampshire, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pensylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia; according to the apportionment made in April, 1783. And in order to ascertain the precise sum due to the domestic creditors, the Superintendant of finance is hereby directed to cause all the loan-office certificates, and other public securities, to be revised and liquidated anew, and the interest due thereon, to the last day of the year, 1783, to be added to the principal sums and securities issued agreeable thereto. On the question to postpone for the purpose above-mentioned, the yeas and nays being required by Mr. [John Francis] Mercer, New Hampshire, Mr. Foster, Massachusetts, Mr. Gerry, Rhode Island, Mr. Ellery. Connecticut, Mr. Sherman, New York, Mr. De Witt, New Jersey, Mr. Williamson, South Carolina, Mr. Read, Beresford, no The report of the grand committee, appointed to prepare and report to Congress, the arrears of interest on the national debt, together with the expences for the year 1784, and a requisition of money on the states for discharging the same, being amended to read as follows: Resolved, That there will be wanting for arrears of interest on the national debt, to the end of the year 1783, and for the interest of the foreign debt and services of the present year 1784, from the first to the last day thereof inclusive, the following sums expressed in dollars, tenths and hundredths of dollars. Domestic Debt. 1782. Dec. 31. Loan-office debt, 11,473, 802.26 at 6 per cent.- 1,184,176 Liquidated debt, 701, The committee were apprised that the resolutions of Congress of April the 18, 1783, had recommended to the several states the raising an annual revenue, for the purpose of discharging the principal and interest of the national debt, by the establishment of certain imposts, and providing supplementary funds for a given term of years, to be raised in such a way as they might judge most convenient: but it occurred to them, that those recommendations were still under suspense with several of the legislatures; some of them having as yet acceded to the impost only, and others decided neither on the impost nor supplementary funds: that however desirable a compliance therewith is, for the preservation of our faith, and establishment of a national credit, yet as time has already elapsed, and more must elapse before their final confirmation can be hoped, as, after it |