ther great questions contained in
the Report fell back. Feeling became so bitter that those who supported
the assignees were accused of speculation, and personalities were hot
and blistering. Many of the strongest men, however, ranged with
Hamilton, and were in sight of victory, when Madison, who had hoped to
see the question settle itself in favour of the original holders without
his open support, came out with a double bomb; the first symptom of his
opposition to the Federal party, and an unconstitutional proposition
that the holders by assignment should receive the highest market-price
yet reached by the certificates, by which they would reap no
inconsiderable profit, and that the balance of the sum due, possibly
more than one-half, should be distributed among the original holders.
For a time the reputation for statemanship which Madison had won was
clouded, for his admission of the claims of the assignees nullified any
argument he could advance in favour of the original holders. But he had
his limitations. There was nothing of the business man in his
composition. One of the most notable and useful attributes of Hamilton's
versatile brain was excluded from his, beyond its comprehension. His
proposition was rejected by thirty-six votes to thirteen.

Then the hostile camps faced each other on the questions of the domestic
debt and assumption. In regard to the former, common decency finally
prevailed, but the other threatened to disrupt the Union, for the
Eastern States threw out more than one hint of secession did the measure
fail. Madison, without further subterfuge, came forth at the head of
his State as the leader of the anti-assumptionists. He offered no
explanation to his former chief and none was demanded. For a time
Hamilton was bitterly disgusted and wounded. He shrugged his shoulders,
finally, and accepted his new enemy with philosophy, though by no means
with amiability and forgiveness; but he had seen too much of the
selfishness and meanness of human nature to remain pained or astonished
at any defection.

When June came, however, he was deeply uneasy. On March 29th the
resolutions providing for the foreign debt and for paying in full the
principal of the domestic debt to the present holders passed without a
division. So did the resolution in favour of paying the arrears of
interest in like manner with the principal of the domestic debt. But the
resolution in favour of assumption was recommitted. The next d