The foundation for the several classes of the debt was reviewed in detail; and it was affirmed to be proved from the review, and from the books in the public offices, that, in its origin, a great part of it, even in form, and the whole, in fact, was equitably due from the continent.

The states individually possessing all the resources of the nation, became responsible to certain descriptions of the public creditors.

But they were the agents of the continent in contracting the debt; and its distribution among them for payment, arose from the division of political power which existed under the old confederation.

A new arrangement of the system had taken place, and a power over the resources of the nation was conferred on the general government.

With the funds, the debt also ought to be assumed.