Question

King referenced that “America has defaulted on this promissory note insofar as its citizens of color are concerned.” What is he referring to?

Answer 1

The king was referring to the ideals regarding the founding of the documents that had specific promises about the liberty and other rights of life as well as the pursuit that guarantees happiness. This, however, was to be achieved after amending some clauses in it.

The king also had a feeling that the U.S had failed to honor the promises that it had made to the African Americans that they will fulfill the promise for instance tax payment how they went into a full rebellion.

Answer 2

“America has defaulted on this promissory note insofar as its citizens of color are concerned.” is a metaphor used by Martin Luther King Jr. in his 1963 "I Have a Dream" speech. King is referring to the Declaration of Independence under which the founders of the Republic who wrote the magnificent words of the Constitution under which they signed a promissory note to which every American was entitled to fall heir. It was a promise that all men whether black men or white men, would be guaranteed the fundamental rights of life, liberty, and the pursuit of happiness.