The Bridgeport times and evening farmer., 1918-08-24

nanc1a1 transactions which now occu- py the attention of the American pub lie and which have been made neces- sary by war, are by no means innova- tions. They are based absolutely up- on the articles of the Constitution of the United States, and so perfect is the basis thus provided that one might think the founders of the re- public had been endowed with the gift of looking far into the future that every emergency might be met with out deviation from their original plan Ct is we'll known, however, that the constitution was in reality a document of compromise and that 1t was drawn up in it's present form only after bit ter disputes on the part of the dele gates representing various parts of the country, each of whom sought to gain some advantage for his constitu- ency)
 It was with difficulty that the advo- cates of a more centralized govern ment secured for Congress the right "to lay and collect taxes, duties, inn posts and excises,' and as a safeguard to state rights, the opposition insisted that clause be inserted in which It was decreed that "all bills for raising revenue shall originate in the House of Representatives.
 A schedule of import duties was adopted January 4, 1789, providing for an advalorem rate on about thirty articles, and this was assessed in such rrixr 4@ young manufacturing industries which were beginning to spring up in the new country particularly in New England.
 As soon as this measure had been decided upon, the House of Represen- tatives began to consider the estab- lishment of a Treasury department and again the question arose as to whether a single individual should be | entrusted with the financial responsi- bility of the nation or whether thai responsibility should be placed in the hands of a committee.
 Alexander Hamilton was appointed to the post, however, in September, 1789, and although he was only 35 | years old he was probably better fitted than any other man in the United States for the position. While confi- dential secretary to General Washing | ton, during the early years of the Rev | olution, he had devoted much time to the subjects of finance and trade In l 17S1 he communicated to Robert Nor r1s an elaborate plan for a bank, and | In 1782 he was receiver of Continental l taxes in New York. To these special interests he added an experience as | congressional delegate, lawyer and pamphleteer and had been especially insistent in demanding national regu- lation for the collection of revenue.
 From the very first Hamilton dis | played great initiative and immediate ly formulated a plan for funding the | public debt which by that time had grown to immense proportions. Ham. tlton estimated that the foreign obli. cations of the country amounted t6
 $11, ,710, ,0O0, while the domestic obliga,
 tions were about $27, ,Ss3 900 in prin-
 cipal and $1S, S,030,0OO in accrued inter,
 est to which might be added $2,000,'
 900 for unliquidated debt.
 | There was violent opposition tC
 tIamiltons plan, but 1t finally prevail
 ed as did his demand that the state
 debts be assumed by the Federal gov,
 ernment. The funding act was pass | ed August 4, 179O, and by 1t the Presi
 dent was authorized to borrow SIP,
 100000, while a loan to the full
 amount of the domestic debt was alst
 authorized, subscriptions to be receiv
 ed in any of the certificates of indebt
 edness which the government had pre-
 viously issued during the Revolution
 ary War and the Confederation.
 It was due to Hamilton that thu
 first national bank was established ii
 1791 and that the coinage system wa put upon a solid basis. Both of thes'
 were regarded with suspicion by man. people, but it was not until Congres
 adopted the recommendations O Hamilton and embraced them in tn tariff bill of 1791 that the unpopular
 ity of the Secretary of the Treasur
 assumed it's full proportions. Follow
 ing the assumption of the state debts
 the need of further revenue becam imperative and Hamilton recommend ed that a tax be placed upon distille
 spirits. This aroused intense antag
 onism, since the consumption of spirit
 was so common that many people con r tended that its special taxation was discriminating burden upon one of tn
 necessities of life.
 So marked was the opposition O the frontier, where it was found con venient to reduce corn to the form o spirits in order to overcome the diff culties of transportation, that i Southwestern Pennsylvania an arme band inaugurated what is known l the Whiskey Rebellion, which was no