Hamilton put the case of the opposition as strongly as possible.

It might be urged that it was unreasonable "to pay twenty shillings in the pound to one who had not given more for it than three or four; and it is added that it would be hard to aggravate the misfortune of the first owner, who, probably through necessity, parted with, his property at so great a loss, by obliging him to contribute to the profit of the person who had speculated on his distresses." Nevertheless, Hamilton submitted considerations showing that discrimination would be "equally unjust and impolitic, as highly injurious even to the original holders of public securities, as ruinous to public credit." It is unnecessary to repeat the lucid argument by which Hamilton demonstrated the soundness of his position, for security of transfer is now well understood to be an essential element of public credit; but the special point of interest is that the debate simply ignored Hamilton's argument and rambled along over the superficial aspects of the case, dwelling upon the sorrows of those who had parted with their holdings, and exhibiting their situation as the most important matter to be considered.
Madison was most active in making that branch of the case the leading issue, and in a series of elaborate speeches which cannot now be read without regret, he urged that the present holders should be allowed only the highest market price previously recorded, and that the residue should go to the original holders.

Boudinot at once pointed out that there was nothing on record to show who might be an original bona fide holder.

Great quantities of the certificates of indebtedness had, as a mere matter of convenience, been issued to government clerks who afterwards distributed them among those who furnished supplies to the government or who performed services entitling them to pay.

He mentioned that he himself appeared on the record as original holder in cases wherein he had really acted in behalf of his neighbors to relieve them of the trouble of personal appearance.