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228 CORRESPONDENCE AND PUBLIC PAPERS.
Having shown that there is no reason to doubt the
ability of the United States to pay their debt, let us
next inquire whether as much can be said for their
inclination. Under this head three things are to be
attended to :
i st. Whether, and in what manner, the faith of the
United States has been pledged for the redemption
of their bills.
2 4- Whether they have put themselves in a political Rapacity to redeem them ; and
3d. Whether, admitting the two former propositions, there is any reason to apprehend a wanton
violation of the public faith.
1st. It must be evident to every man who reads the
journals of Congress, or looks at the face of one of
their bills, that Congress have pledged the faith of
their constituents for the redemption of them. And
it must be equally evident, not only that they had
authority to do so, but that their constituents have
actually ratified their acts by receiving their bills,
passing laws establishing their currency, and punishing those who counterfeit them. So that it may with
truth be said that the people have pledged their faith
for the redemption of them, not only collectively by
their representatives, but individually.
2d. Whether the United States have put themselves in a political capacity to redeem their bills,
is a question which calls for more full discussion.
Our enemies, as well foreign as domestic, have
laboured to raise doubts on this head. They argue
that the Confederation of the States remains yet to be
| Title | The correspondence and public papers of John Jay - 1 |
| Creator | Jay, John |
| Type | Books/Pamphlets |
| Title | 00000259 |
| Type | Books/Pamphlets |
| Transcript | 228 CORRESPONDENCE AND PUBLIC PAPERS. Having shown that there is no reason to doubt the ability of the United States to pay their debt, let us next inquire whether as much can be said for their inclination. Under this head three things are to be attended to : i st. Whether, and in what manner, the faith of the United States has been pledged for the redemption of their bills. 2 4- Whether they have put themselves in a political Rapacity to redeem them ; and 3d. Whether, admitting the two former propositions, there is any reason to apprehend a wanton violation of the public faith. 1st. It must be evident to every man who reads the journals of Congress, or looks at the face of one of their bills, that Congress have pledged the faith of their constituents for the redemption of them. And it must be equally evident, not only that they had authority to do so, but that their constituents have actually ratified their acts by receiving their bills, passing laws establishing their currency, and punishing those who counterfeit them. So that it may with truth be said that the people have pledged their faith for the redemption of them, not only collectively by their representatives, but individually. 2d. Whether the United States have put themselves in a political capacity to redeem their bills, is a question which calls for more full discussion. Our enemies, as well foreign as domestic, have laboured to raise doubts on this head. They argue that the Confederation of the States remains yet to be |
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