The Life of John Marshall (Volume 2 of 4). Beveridge Albert Jeremiah
93.)
Fisher Ames thus states the different interests of the sections: "The funding system, they [Southern members of Congress] say, is in favor of the moneyed interest – oppressive to the land; that is, favorable to us [Northern people], hard on them. They pay tribute, they say, and the middle and eastern people … receive it. And here is the burden of the song, almost all the little [certificates of State or Continental debts] that they had and which cost them twenty shillings, for supplies or services, has been bought up, at a low rate, and now they pay more tax towards the interest than they received for the paper. This
157
Marshall, ii, 181. The attack on Hamilton's financial plan and especially on Assumption was the beginning of the definite organization of the Republican Party. (Washington's
158
Gore to King, July 25, 1790; King, i, 392; and see McMaster, ii, 22.
159
At one time, when it appeared that Assumption was defeated, Sedgwick of Massachusetts intimated that his section might secede. (
160
Marshall's statement of the debate is the best and fairest brief account of this historic conflict. (See Marshall, ii, 181-90. See entire debate in
161
"This despicable grog-shop contest, whether the taverns of New York or Philadelphia shall get the custom of Congress, keeps us in discord and covers us all with disgrace." (Ames to Dwight, June 11, 1790;
162
Jefferson to Monroe, June 20, 1790;
163
164
Jefferson's statement;
165
Gibbs, i, 32; and see Marshall, ii, 190-91.
166
Henry, ii, 453. But Marshall says that more votes would have changed had that been necessary to consummate the bargain. (See Marshall, ii, footnote to 191.)
167
168
Marshall, ii, 191-92.
169
Henry, ii, 453-55.
170
Journal, H.D. (1790), 35.
171
Journal, H.D. (1790), 35.
172
173
174
Journal, H.D. (1790), 80-81; and see
175
Ames to Minot, Feb. 16, 1792;
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;
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." (
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;
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:
180
Marshall, ii, 192.
181
In Jefferson's letters, already cited, not the faintest suggestion appears that he thought the law unconstitutional. Not until Patrick Henry's resolution, and the address of the Virginia Legislature to Congress based thereon, made the point that Assumption was in violation of this instrument, because the power to pass such a law was not expressly given in the Constitution, did Jefferson take his stand against implied powers.
182
"Whether … right or wrong, abstractedly, more attention should be paid to the general opinion." (Jefferson to Mason, Feb. 4, 1791;
183
Monroe had advised Madison of the hostility of Virginia to Assumption and incidentally asked for an office for his own brother-in-law. (Monroe to Madison, July 2, 1790; Monroe's
184
Anderson, 21.
185
Jefferson himself, a year after he helped pass the Assumption Act, had in a Cabinet paper fiercely attacked Hamilton's plan; and the latter answered in a formal statement to the President. These two documents are the ablest summaries of the opposing sides of this great controversy. (See Jefferson to President, May 23, 1792;
186
Ames to Minot, March 8, 1792;
187
Tenth Amendment, as ratified.
188
"Opinion on the Constitutionality of a National Bank of the United States";