The old
States will receive annually a sum of money from the Treasury, but they
will pay in a larger sum, together with the expenses of collection and
distribution. It is only their proportion of _seven-eighths_ of the
proceeds of land sales which they are _to receive_, but they must _pay_
their due proportion of the _whole_. Disguise it as we may, the bill
proposes to them a dead loss in the ratio of _eight_ to _seven_,
in addition to expenses and other incidental losses. This assertion
is not the less true because it may not at first be palpable. Their
receipts will be in large sums, but their payments in small ones. The
_governments_ of the States will receive _seven_ dollars, for which the
_people_ of the States will pay _eight_. The large sums received will
be palpable to the senses; the small sums paid it requires thought to
identify. But a little consideration will satisfy the people that the
effect is the same as if _seven hundred dollars_ were given them from
the public Treasury, for which they were at the same time required to
pay in taxes, direct or indirect, _eight hundred_.
I deceive myself greatly if the new States would find their interests
promoted by such a system as this bill proposes.
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