Financial Crisis Fears
In 1786 James Monroe (1758–1831), then a congressman from Virginia, expressed fears that the rejection of efforts to grant a national impost for revenue “endangers the govt” and “will most probably induce a change of some kind.” These fears of economic instability and lack of operating funds for the national government fueled calls for a national convention to revise the Articles of Confederation.
In 1786 James Monroe (1758–1831), then a congressman from Virginia, expressed fears that the rejection of efforts to grant a national impost for revenue “endangers the govt” and “will most probably induce a change of some kind.” These fears of economic instability and lack of operating funds for the national government fueled calls for a national convention to revise the Articles of Confederation.