The convention of North Carolina, which adopted the constitution, had proposed, as an amendment to it, to deprive congress of the power of interfering between the respective states and their creditors: and there could be no obligation to assume more than the balances which on a final settlement would be found due to creditor states.
That the debt by being thus accumulated would be perpetuated was also an evil of real magnitude.

Many of the states had already made considerable progress in extinguishing their debts, and the process might certainly be carried on more rapidly by them than by the union.
A public debt seemed to be considered by some as a public blessing; but to this doctrine they were not converts.

If, as they believed, a public debt was a public evil, it would be enormously increased by adding those of the states to that of the union.
The measure was unwise too as it would affect public credit.

Such an augmentation of the debt must inevitably depreciate its value; since it was the character of paper, whatever denomination it might assume, to diminish in value in proportion to the quantity in circulation.
It would also increase an evil which was already sensibly felt.

The state debts when assumed by the continent, would, as that of the union had already done, accumulate in large cities; and the dissatisfaction excited by the payment of taxes, would be increased by perceiving that the money raised from the people flowed into the hands of a few individuals.