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 day the friends of assumption had the other resolutions also recommitted, and the furious battle raged again.  Finally, on June 2d, a bill was passed by the House, which left the question of assumption to be settled by a future test of strength.

The anti-assumptionists were triumphant, for they believed the idea would gain in unpopularity.  But they reckoned without Hamilton.

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