Funding+of+the+Debts

__Definition:__ The National Government wanted to create a giant pool of debt instead of letting the individual states pay off their own debt.

__Democratic-Republic view__ Thomas Jefferson's view on the national debt was that each state should pay off their own debt instead of adding all of it together and the country as a whole paying for it. Also he thought if the whole country was paying it off together, it would be morally irresponsible and "create a train of wretchedness" because it oppresses the people and leaves debt for the following generations. He thought that children should be born free of debt and having a National debt that everyone has to pay would make them already owe money when they're born. Jefferson even went so far to say he wanted an amendment to the constitution so that the Federal Government wouldn't be able to borrow money from other countries and private investors. This way, the debt would not continue and it could be paid off without having to pass it to generations in the future. Jefferson said that " The true theory of our Constitution is surely the wisest and best-that the states are independent as to everything within themselves, and united as to everything respecting foreign nations". This included the debts of individual states, the only thing that the central government should control are the foreign affairs and dealing with other countries. For everything else, the states should be left to their own devices. "..No man is more ardently intent to see the public debt soon and sacredly paid off than I am. This exactly marks the difference between Hamilton's views and mine, that I would wish the debt paid tomorrow; he wishes it never to be paid, but always to be a thing wherewith to corrupt and manage the legislature". He directly confronts Hamilton about the national debt and the fact that if they try to pay off the debt using a national pool, it will never get paid off. The Democratic-Republicans believed that the debt would corrupt the legislation because they would always be worrying about it and constantly talking of ways to pay back the money they owe instead of making our country better. It would be a better idea to just let the states continue on their course of paying back the money they owe personally instead of making everyone pay for it. One example is that Virginia is very wealthy and can pay back their debt by themselves, but Rhode Island is not so wealthy and is having a harder time paying all their debt, if we created a national pool then Virginia would have to be paying for Rhode Island's debt instead of Rhode Island paying for it themselves.

__Questions__ Why would Hamilton want a national pool of debt if it would only upset the people because of the higher taxes and burden the following generations?

Making all the states pay a national debt would cause disunity between them because they don't want to pay for each other, if the states dislike each other because they're wasting money on other states, it could cause civil war. So why would you create something that could potentially disband the country you've worked so hard to unite?