The Federal Government assumed the wartime debts of individual States after the Revolution, but wartime debts of the Confederate States (individual States that had seceded, as well as the Confederate government) were worthless after the Civil War. And, various States defaulted on canal bonds during the 19th century...no Federal bailout there.
http://www.freerepublic.com/focus/f-news/2098403/posts
I found that Gerald Ford bailed out New York not that long ago.