The Life of George Washington, Vol. 4 / Commander in Chief of the American Forces During the War / which Established the Independence of his Country and First / President of the United States

by John Marshall

The war having been conducted by nations in many respects independent of each other, the debts contracted in its prosecution were due, in part from the United States, and in part from the individual states who became immediately responsible to the creditors, retaining their claim against the government of the union for any balances which might appear to be due on a general settlement of accounts.

That the debt of the United States should have greatly depreciated will excite no surprise, when it is recollected that the government of the union possessed no funds, and, without the assent of jealous and independent sovereigns, could acquire none, to pay the accruing interest: but the depreciation of the debt due from those states which made an annual and adequate provision for the interest, can be ascribed only to a want of confidence in governments which were controlled by no fixed principles; and it is therefore not entirely unworthy of attention. In many of those states which had repelled every attempt to introduce into circulation a depreciated medium of commerce, or to defeat the annual provision of funds for the payment of the interest, the debt sunk in value to ten, five, and even less than four shillings in the pound. However unexceptionable might be the conduct of the existing legislature, the hazard from those which were to follow was too great to be encountered without an immense premium. In private transactions, an astonishing degree of distrust also prevailed. The bonds of men whose ability to pay their debts was unquestionable, could not be negotiated but at a discount of thirty, forty, and fifty per centum: real property was scarcely vendible; and sales of any article for ready money could be made only at a ruinous loss. The prospect of extricating the country from these embarrassments was by no means flattering. Whilst every thing else fluctuated, some of the causes which produced this calamitous state of things were permanent. The hope and fear still remained, that the debtor party would obtain the victory at the elections; and instead of making the painful effort to obtain relief by industry and economy, many rested all their hopes on legislative interference. The mass of national labour, and of national wealth, was consequently diminished. In every quarter were found those who asserted it to be impossible for the people to pay their public or private debts; and in some instances, threats were uttered of suspending the administration of justice by violence.

By the enlightened friends of republican government, this gloomy state of things was viewed with deep chagrin. Many became apprehensive that those plans from which so much happiness to the human race had been anticipated, would produce only real misery; and would maintain but a short and a turbulent existence. Meanwhile, the wise and thinking part of the community, who could trace evils to their source, laboured unceasingly to inculcate opinions favourable to the incorporation of some principles into the political system, which might correct the obvious vices, without endangering the free spirit of the existing institutions.

While the advocates for union were exerting themselves to impress its necessity on the public mind, measures were taken in Virginia, which, though originating in different views, terminated in a proposition for a general convention to revise the state of the union.

To form a compact relative to the navigation of the rivers Potomac and Pocomoke, and of part of the bay of Chesapeake, commissioners were appointed by the legislatures of Virginia and Maryland, who assembled in Alexandria, in March, 1785. While at Mount Vernon on a visit, they agreed to propose to their respective governments, the appointment of other commissioners, with power to make conjoint arrangements, to which the assent of congress was to be solicited, for maintaining a naval force in the Chesapeake; and to establish a tariff of duties on imports, to which the laws of both states should conform. When these propositions received the assent of the legislature of Virginia, an additional resolution was passed, directing that which respected the duties on imports to be communicated to all the states in the union, who were invited to send deputies to the meeting.

On the 21st of January, 1786, a few days after the passage of these resolutions, another was adopted appointing certain commissioners,[30] "who were to meet such as might be appointed by the other states in the union, at a time and place to be agreed on, to take into consideration the trade of the United States; to examine the relative situation and trade of the said states; to consider how far a uniform system in their commercial relations may be necessary to their common interest, and their permanent harmony; and to report to the several states such an act relative to this great object, as, when unanimously ratified by them, will enable the United States in congress assembled effectually to provide for the same."

In the circular letter transmitting these resolutions to the respective states, Annapolis in Maryland was proposed as the place, and the ensuing September as the time of meeting.

Before the arrival of the period at which these commissioners were to assemble, the idea was carried by those who saw and deplored the complicated calamities which flowed from the intricacy of the general government, much further than was avowed by the resolution of Virginia. "Although," said one of the most conspicuous patriots[31] of the revolution, in a letter to General Washington, dated the 16th of March, 1786, "you have wisely retired from public employments, and calmly view from the temple of fame, the various exertions of that sovereignty and independence which Providence has enabled you to be so greatly and gloriously instrumental in securing to your country, yet I am persuaded you can not view them with the eye of an unconcerned spectator.

"Experience has pointed out errors in our national government which call for correction, and which threaten to blast the fruit we expected from our tree of liberty. The convention proposed by Virginia may do some good, and would perhaps do more, if it comprehended more objects. An opinion begins to prevail that a general convention for revising the articles of confederation would be expedient. Whether the people are yet ripe for such a measure, or whether the system proposed to be attained by it is only to be expected from calamity and commotion, is difficult to ascertain.

"I think we are in a delicate situation, and a variety of considerations and circumstances give me uneasiness. It is in contemplation to take measures for forming a general convention. The plan is not matured. If it should be well connected and take effect, I am fervent in my wishes that it may comport with the line of life you have marked out for yourself, to favour your country with your counsels on such an important and single occasion. I suggest this merely as a hint for consideration."