Madison and the discrimination proposal

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    Professor Gutzman, in your JAMES MADISON AND THE MAKING OF AMERICA, you describe Madison’s counterproposal to Hamilton’s plan regarding domestic debt: discriminating between present holders and original holders. At first glance, it seems to me that this might have been something that Hamilton was actually right about. How would you evaluate Madison’s proposal for discrimination?


    I think Hamilton was right about it. Either Madison was uncharacteristically ill-informed, or he was playing to the crowd.

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