New school history of the United States . Knox, Secretaryof War. Edmund Randolphw a s Attorney-General, andJohn Jay, Chief-Justice of theSupreme Court. 2. A revenue for the cur-rent expenses of the Govern-ment, and for the paymentof the public liabihties, wasthe most urgent of all needs. The debt of the Union was ver)heavy ; the debts of the individual States reached half theamount of the general liability. Direct taxes were inexpedi-. GENERAL WASHINGTON. 164 HISTORY OF THE UNITED STATES, ent in the condition and temper of the country. Accordingly,taxes were imposed upon imports and distilled
New school history of the United States . Knox, Secretaryof War. Edmund Randolphw a s Attorney-General, andJohn Jay, Chief-Justice of theSupreme Court. 2. A revenue for the cur-rent expenses of the Govern-ment, and for the paymentof the public liabihties, wasthe most urgent of all needs. The debt of the Union was ver)heavy ; the debts of the individual States reached half theamount of the general liability. Direct taxes were inexpedi-. GENERAL WASHINGTON. 164 HISTORY OF THE UNITED STATES, ent in the condition and temper of the country. Accordingly,taxes were imposed upon imports and distilled liquors. 3. Hamilton devoted himself to the regulation of thefinances. The debts to France, Spain, and Holland couldnot be avoided. Proposals were made to scale or cancel muchof the domestic debt. Such repudiation was earnestly opposedby Hamilton, who also recommended the payment of the Statedebts by the Federal Treasury. His views were adopted byCongress. Credit revived ; all industrial pursuits flourished ;the public revenues increased beyond the actual necessities ofthe Government. 4. Hamilton, furthermore, encouraged the establish-ment of a National Bank. The project was resisted asunconstitutional. It was sustained by Congress ; but it be-came a source of much future discord. A mint was also in-stituted, and a Federal coinage was struck. THE ABOLITION OF SLAVERY DESIRED. 5. Grave discords had been already excited by the ex
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