Uncommon Sense: Federal Debt PAID by Wall Street? - Part Two

[Kierkegaard73]

Thus Madison blocking Assumption had many reasons, but to claim it was because of her fiscal responsibility is not one of them. Since the Capital deal(behind closed doors) had already been made ere the famous dinner compromise, I would suggest that the deal brokered was Assumption in return for guaranteeing Virginia's war-claims. Subsequent actions by the board bear this out as virtually any claim Virginia had was allowed.

[Kierkegaard73]

...she would be denied many of her wartime claims by the board that was to decide her claims because she had very circumstantial evidence of those claims. Finally, Madison - along w/ three others were bears in State securities. He was hoping to buy land near where he hoped the Capital wld end up. Lacking his own capital he hoped to buy State Certificates at market value and pay for the land with their face value. The plan fell through, but certainly had an impact on Madison's block...

[Kierkegaard73]

I realize this is several years after you posted but I too have longed for a sinking fund program based along principles similar to Hamilton's brilliant ideas. However - and I know its just a footnote here, but I find it hard to call Virginia a fiscally responsible state back then. She expropriated her citizens by allowing them to pay taxes w/ their war-time interest bearing certificates; thus assumption of State debts would not benefit her citizens. Also, she feared along w/N.Car. that..