Page:Debates in the Several State Conventions, v4.djvu/94

to answer all the ordinary purposes of government; but in cases of emergency, it will be necessary to lay direct taxes. In cases of emergency, it will be necessary that these taxes should be a responsible and established fund to support the credit of the United States; for it cannot be supposed that, from the ordinary sources of revenue, money can be brought into our treasury in such a manner as to answer pressing dangers; nor can it be supposed that our credit will enable us to procure any loans, if our government is limited in the means of procuring money. But, if the government have it in their power to lay those taxes, it will give them credit to borrow money on that security, and for that reason it will not be necessary to lay so heavy a tax; for, if the tax is sufficiently productive to pay the interest, money may always be had in consequence of that security. If the state legislatures must be applied to, they must lay a tax for the full sum wanting. This will be much more oppressive than a tax laid by Congress; for I presume that no state legislature will have as much credit individually as the United States conjointly; therefore, viewing it in this light, a tax laid by Congress will be much easier than a tax laid by the states. Another inconvenience which will attend this proposed amendment is, that these emergencies may happen a considerable time before the meeting of some state legislatures, and previous to their meeting, the schemes of the government may be defeated by this delay. A considerable time will elapse before the state can lay the tax, and a considerable time before it be collected; and perhaps it cannot be collected at all. One reason which the worthy member has offered in favor of the amendment was, that the general legislature cannot lay a tax without interfering with the taxation of the state legislature. It may happen that the taxes of both may be laid on the same article; but I hope and believe that the taxes to be laid on by the general legislature will be so very light that it will be no inconvenience to the people to pay them; and if you attend to the probable amount of the impost, you must conclude that the small addition to the taxes will not make them so high as they are at this time. Another reason offered by the worthy member in support of the amendment is, that the state legislature may direct taxes to be paid in specific articles. We had full experience of this in the late war.