It is a well-known fact that in countries in which the national debt is properly funded, and an object of established confidence, it answers most of the purposes of money. Transfers of stock, or public debt, are there equivalent to payments in specie; or, in other words, stock, in the principal transactions of business, passes current as specie. The same thing would, in all probability, happen here, under the like circumstances.
Some reasonable term ought to be allowed to enable aliens to get rid of foreign and acquire American attachments; to learn the principles and imbibe the spirit of our government; and to admit of a probability at least, of their feeling a real interest in our affairs.
It may be laid down as a general rule, that their confidence in and obedience to a government, will be commonly proportioned to the goodness or badness of its administration . . . . Various reasons have been suggested in the course of these papers, to induce a probability that the general government will be better administered than the particular governments.
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