View single post by Doc C
 Posted: Thu Nov 29th, 2007 03:19 am
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Doc C

Joined: Sun Oct 1st, 2006
Location:  Eastern Shore, Maryland USA
Posts: 822

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One reason for Madison's change to a more states right position away from the Federalist was his opposition to Hamiltons and the federalist wish for the new federal govt. to assume the states debts incurred from the revolutionary war. After the war, veterans were given something akin to promissory notes. Speculators had bought many of these notes from veterans at extremely discounted prices. Madison and others were very upset at the "shafting" of these veterans by these speculator or money changers (akin to Jesus casting out the money changers from the temple). Unlike many other states, Virginia had already paid off a great deal of it's debt. Irregardless of this, she would still be taxed just the same as the states who had a large debt. In one of the great compromises in history, Madison agreed not to voice too much of an opposition for this bill in congress in exchange for the move of the capitol from New York City to its current location.

Doc C

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