Gazette Of The United States

The Creditors of the State Governments appear to be placed in a very ineligible situation in consequence of the appropriation of the Impost to the purposes of the Union for it is very evident that if the Excise and Impost united, were not more than adequate to discharging the interest of State securities—the funds now left to the individual governments, must fall greatly short of that object. The debts of the respective States ought therefore to be placed upon a continental establishment—and as there does not appear to be any other feasible plan of doing justice to this class of creditors, as meritorious as any in the United States, it must be pleasing to every honest citizen to find that the sentiment is becoming very general in various parts of the Union. Should the creditors of the separate States, be left to the mercy of local systems, and financing committees of State Legislatures, with only the excise to depend upon, it is pretty evident, that while Continental Securities are rapidly appreciating, those of the States will as rapidly verge towards annihilation.