The immediate consequences of Hamilton's Report were a rise of fifty per cent in the securities of the bankrupt Confederation, and a bitter warfare in Congress. All were agreed upon the propriety of paying the foreign loan, but the battle raged about every other point in turn. One of the legacies of the old Congress was the principle of repudiating what it was not convenient to redeem, and the politicians of the country had insensibly fallen into the habit of assuming that they should start clear with the new government, and relegate the domestic debt to the limbo which held so many other resources best forgotten. They were far from admitting the full measure of their inheritance, however, and opened the battle with a loud denouncement of the greedy speculator who had defrauded the impover
