In this memorial,
several prominent public creditors in Pennsylvania impatiently told Congress that it
would be subjected to derision and reproach if action was not taken on the debt before
the end of the first session. Declaring that a certain amount of debt could benefit
the United States, they urged Congress to establish a long term funding system.
Among other arguments, the petitioners observed that a funded debt would act as cement
to strengthen and perpetuate the Union, binding the states to each other and the public
creditors to the success of the federal government.
Full text transcript of the memorial.