This investigation of its origin demonstrated that the assumption was not the creation of a new debt, but the reacknowledgment of liability for an old one, the payment of which had devolved on those members of the system, who, at the time, were alone capable of paying it.

And thence was inferred, not only the justice of the measure, but a complete refutation of the arguments drawn from the constitution.

If, in point of fact, the debt was in its origin continental, and had been transferred to the states for greater facility of payment, there could be no constitutional objection to restoring its original and real character.
The great powers of war, of taxation, and of borrowing money, which were vested in congress to pay the debts, and provide for the common defence and general welfare of the United States, comprised that in question.

There could be no more doubt of their right to charge themselves with the payment of a debt contracted in the past war, than to borrow money for the prosecution of a future war.

The impolicy of leaving the public creditors to receive payment from different sources was also strongly pressed; and the jealousy which would exist between the creditors of the union and of the states, was considered as a powerful argument in favour of giving them one common interest.