r the interest on the
assumed debt. It was not probable that the proposed duties would yield
a sum much exceeding that which would be necessary; but should they
fortunately do so, the surplus revenue might be advantageously
employed in extinguishing a part of the principal. They were not, they
said, of opinion, that a public debt was a public blessing, or that it
ought to be perpetuated.

An augmentation of the revenue being indispensable to the solidity of
the public credit, a more eligible system than that proposed in the
bill, could not, it was believed, be devised. Still further to burden
commerce, would be a hazardous experiment which might afford no real
supplies to the treasury. Until some lights should be derived from
experience, it behoved the legislature to be cautious not to lay such
impositions upon trade as might probably introduce a spirit of
smuggling, which, with a nominal increase, would occasion a real
diminution of revenue. In the opinion of the best judges, the impost
on the mass of foreign merchandise could not safely be carried further
for the present. The extent of the mercantile capital of the United
States would not justify the attempt. Forcible arguments were also
drawn from the policy and the justice of multiplying the subjects of
taxation, and diversifying them by a union of internal with external
objects.

Neither would a direct tax be adviseable. The experience of the world
had proved, that a tax on consumption was less oppressive, and more
productive, than a tax on either property or income. Without
discussing the principles on which the fact was founded, the fact
itself was incontestable, that, by insensible means, much larger sums
might be drawn from any class of men, than could be extracted from
them by open and direct taxes. To the latter system there were still
other objections. The difficulty of carrying it into operation, no
census having yet been taken, would not be inconsiderable; and the
expense of collection through a country thinly settled, would be
enormous. Add to this, that public opinion was believed to be more
decidedly and unequivocally opposed to it, than to a duty on ardent
spirits. North Carolina had expressed her hostility to the one as well
as to the other, and several other states were known to disapprove of
direct taxes. From the real objections which existed against them, and
for other reasons suggested in the report of the secretary, they
ought, it was said, t