[173] Ib., 80-81.
[174] Journal, H.D. (1790), 80-81; and see Am. St. Prs., Finance, i, 90-91. The economic distinction is here clearly drawn. Jefferson, who later made this a chief part of his attack, had not yet raised the point.
[175] Ames to Minot, Feb. 16, 1792; Works: Ames, i, 113.
[176] This was the sentence which declared that Hamilton's reasoning would result in "fictitious wealth through a paper medium," referring to his plan for making the transferable certificates of the National debt serve as currency.
[177] Journal, H.D. (1790), 141.
[178] Hamilton to Jay, Nov. 13, 1790; Works: Lodge, ix, 473-74. Virginia was becoming very hostile to the new Government. First, there was a report that Congress was about to emancipate the slaves. Then came the news of the Assumption of the State debts, with the presence in Virginia of speculators from other States buying up State securities; and this added gall to the bitter cup which Virginians felt the National Government was forcing them to drink. Finally the tidings that the Senate had defeated the motion for public sessions inflamed the public mind still more. (Stuart to Washington, June 2, 1790; Writings: Ford, xi, footnote to 482.)
Even close friends of Washington deeply deplored a "spirit so subversive of the true principles of the constitution.... If Mr. Henry has sufficient boldness to aim the blow at its [Constitution's] existence, which he has threatened, I think he can never meet with a more favorable opportunity if the assumption should take place." (Ib.)
Washington replied that Stuart's letter pained him. "The public mind in Virginia ... seems to be more irritable, sour, and discontented than ... it is in any other State in the Union except Massachusetts." (Washington to Stuart, June 15, 1790; ib., 481-82.)
Marshall's father most inaccurately reported to Washington that Kentucky favored the measures of the Administration; and the President, thanking him for the welcome news, asked the elder Marshall for "any information of a public or private nature ... from your district." (Washington to Thomas Marshall, Feb., 1791; Washington's Letter Book, MS., Lib. Cong.) Kentucky was at that time in strong opposition and this continued to grow.
[179] Taylor's "An Enquiry, etc.," as quoted in Beard: Econ. O. J. D., 209. (Ib., chap. vii.) Taylor's pamphlet was revised by Pendleton and then sent to Madison before publication. (Monroe to Madison, May 18, 1793; Monroe's Writings: Hamilton, i, 254.) Taylor wanted "banks ... demolished" and bankers "excluded from public councils." (Beard: Econ. O. J. D., 209.)