The Federalist, On the New Contstiution

Cover The Federalist, On the New Contstiution
The Federalist, On the New Contstiution
Hamilton Alexander
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They would be made upon the same p r inripl e a -tht taaurers oommofdy lend to bankrupt and fraudulent debtors-^with a sparing hand, and at enormous premiums.
It may perhaps be imagined, that from the scantiness of the resources of the country, the necessity of diverting the established funds in the case supposed, would exist; diough the national government should possess an unre- strained power of taxation. But two considerations will serve to quiet all apprehension on this head ; one is, that
... we arc sure the resources of the community in dieir fiiU extent, will be fafought into activity for the benefit of the unicm ; die other is, that whatever deficiencies there may be, can with* mkt difficulty be sup^ied by loans.
The power of creating by its 0¥m authority, new fiMids from new objects of taxation, vrould enable the national go*> Hremment to borrow, as far as its necessities might require.
Foreigners, as well as the citizens of America, could then reasonably repose confidence in its engagements ; but to de^ pend upon a government, diat must itself depend upon thir eissitudes and calamities, which have fallen to the lot of other nations, ^y must appear entided to serious atteiitioik Such men must behold the actual situation of their country with painful solicitude, and deprecate the evils which ambi- tion or revenge mig^, widi too much facility, inflict upmi it» PUBLI0S.


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