James Madison, (Athens: Ohio University Press, 1966), 129–39.
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All your clamors, therefore, against them for not having drawn some proper line are groundless and ridiculous. They have drawn the only line which American freedom will authorize, or which the relation between the parent state and the colonies requires.
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The regulation of our trade, in the sense it is now admitted, is the only power we can, with justice to ourselves, permit the British Parliament to exercise; and it is a privilege of so important a nature, so beneficial and lucrative to Great Britain, that she ought, in equity, to be contented with it, and not attempt to grasp at any thing more. The Congress, therefore, have made the only concession which the welfare and prosperity of America would warrant, or which Great Britain, in reason, could expect.