the most bitter and angry contest ever known in Congress before or since the union of the states.[11]
- Thomas Jefferson, 1818
Appendix of state debts from First Report on Public Credit (Library of Congress).
Appendix of state debts continued (Library of Congress).
Opponents:
Most southern states — less debt and feared expanded federal power
Rep. Stone's (Maryland) view on assumption, excerpt from the Connecticut Courant, April 12, 1790 (Newsbank).
Alexander Hamilton and Thomas Jefferson debate assumption in "Cabinet Battle #1" (Sara Krulwich, The New York Times).
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To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable.[12] |
Absorption of revenue will certainly follow Assumption of debt— so that our state governments will have little else to do than eat drinke and be merry. |
[Assumption] will add strength and power to that faction that brought about the late 2d revolution [the Federal Constitution], and it will make their princely fortunes. |
Supporters:
Most New England states (and South Carolina) — significant debt
If Congress assumes the State Debts, Peace, Tranquility and a firm Government, will be the Result. if not, a weak, and an inefficient one, or perhaps no Government at all, may be the Consequence. The Choice lies before Congress--Honour, or Disgrace[13] - Amicus to John Adams, April 29, 1790
Hamilton's view on assumption, excerpt from The New-Jersey Journal, February 10, 1790 (Newsbank).
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Alexander Hamilton and Thomas Jefferson debate assumption in "Cabinet Battle #1" (Sara Krulwich, The New York Times).
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Newspaper Wars:
Pro-Funding/Assumption
"Who Ought to Be Pleased with Funding of the National Debt?," February 25, 1790, published by the New-York Packet (Newsbank).
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Anti-Assumption
"Death of Miss Assumption!," June 12, 1790, satirical article published by the New-Hampshire Spy (Newsbank).
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