Founding Brothers
Why was the passage of assumption so threatening?
Founding Brothers - Chapter 2 - The dinner
Founding Brothers - Chapter 2 - The dinner
Having the federal government absorb the debts of the states would be a source of profit for the North, as they had bought Southern debt bonds for a song and stood to make a huge amount of money at the South's expense. This threatened the South economically and threatened the Union as a whole.