2dly. The public creditors have a right to expect that exertion.
3dly. Until it be made, a compliance with the demands of Congress will be considered by the States as a matter of favor and not of right.
4thly. Congress having a right to the whole money, it follows that they have the exclusive right to name those precise terms on which they will commute it.
5thly. Hence it follows that their plan, (be it what it may) must be adopted by the States in all its parts, because none of them can have a right to make amendments.
6thly. The objections heretofore raised against the impost will by this means be totally done away, because each State may at its option either comply with the general plan or pay her particular share of the whole debt.
7thly. If the plan proposed as an alternative be adopted, it will from the nature of the case be an express national compact between the United States and each individual State. The revenue will have been purchased by Congress and they will have a perfect right to insist on their bargain.
8thly. The plans of Congress will by this means be greatly facilitated in the States, because the arguments will apply to men's feelings, and they will at once perceive, that it is better to give a permanent revenue of six, than make immediate payment of a hundred. Every term and condition in the plan will then be fair, because if the revenues be such as in the judgment of the Legislature will fall too heavy on their constituents, they can adopt others, borrow on their own account, and pay in their share at the day named. So that the United States will either receive the whole money, and pay all their debts, or they will get solid revenues to fund the whole, or they will receive a part and have such revenues for the remainder.
It also appears to me that our situation requires the utmost despatch, and therefore I wish much that the days named should be shorter than those above mentioned. The Act of the 17th of last month has been duly forwarded to the several States, but there will be no impropriety in taking a shorter mode of valuation for apportioning the debt, and leaving the valuation by the Act of the 17th to apply to the yearly apportionments subsequent to the last year. Various modes of making a speedy valuation might be suggested; such for instance, as that Congress should appoint a commissioner for each State, directing them to meet at this place on the 1st of June and determine, that the valuation made by the majority of those who do meet should be conclusive. If such a line of conduct as this be pursued, those suspicions as to the integrity of Congress, which ill designing men have endeavored to raise must immediately cease. And if justice be not done, public indignation will be pointed to the proper persons.
With respect to the alternative which may be proposed, I am sorry to find that my ideas as to the objects of revenue have not met with the approbation of Congress. I must be indulged in observing, that let the revenues be what they may, it is indispensable that all the collectors be appointed by the authority of the United States, and for the following reasons.
1st. Experience has shown, that the taxes heretofore laid in the States have not been collected.