First, taking over a stock of existing state debt at the federal level is very different from allowing individual member states to issue bonds with “joint and several” liability underwritten by all member states collectively. Hamilton did not have to worry about moral hazard, because the federal government did not guarantee any new debt incurred by the states.
首先，揽下现存州债务转换为联邦债务与允许个别成员国发行所有成员国共同兜底的“连带”责任债券是截然不同的。汉密尔顿并不需要担心道德风险，因为联邦政府并不对任何州级新债提供担保。