Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-20

| pfehend that the Council have fallen in
10 mistake; for while they admit that
the intention of the convention which
framed the constitution must be sought
after and ascertained, in order to arrive
at proper understanding OF the extent
OF the prohibition in question, they con-
line themselves to single avenue OPEN
ed in that direction, and carefully shut
up and obstruct every other; thereby
avoiding the lines which denmark and
separate the powers of the federal and
state sovereignties.
The committee think that more cor
rect knowledge of what is meant by the
prohibition as to bills Of credit, may be
attained by adverting TO the time and the
occasion oil its imposition, the old law
and the mischief, than by referring to the
Federalist, which, though respectable
authority, is not infallible. 1t will be-
recollected, that when the Federal Con-
stitution was before the states for their
adoption, many cardinal objections we're
raised against it, and serious doubts en-
tertained by its best friends as to its final
ratification, that the Federalst appeared
Tor the express purpose OF winning TO
that measure the hearts of the people.
The continental paper system, and the
paper system of the states, were uni
versally odious, and therefore no means
could have been better calculated to
promote the object than to induce the
belief that the states would not retain the
right to issue paper money. And it
must be observed that the paper spoken
of by the writer is treated in all respects
as money which was and might be legal
tender in the payment of debts. 1t cam
not be inferred that bank notes were in
tended. This opinion is fortified by the
bare recital of the fact, that at the time
the restriction was imposed, the Bank Of
North America existed.
The term " bill of credit was origi.
nally introduced by merchants to convey
definite idea of particular transaction
frequent among them; and has since
been adopted by the common law Judges
as a term of art in the science of mer-
camille law. And the rule being chat
where technical term of either law or
AT 10 uSCu Ill d GCUStllullOli vi otdtulCS
the meaning of which is doubtful, the
science Or art to which the same belongs
must be resorted to in order to discover
that meaning" it follows that we must
resort to the ancient mercantile law for
an explanation ofthis term. In Comyn's
digest, vol. s, page rs, is found the fol-
lowing definition: A bill of credit is
where a merchant sends letter by
servant or agent to another merchant
within the realm or foreign parts, where
by he desires him to give credit to the
bearer for goods or money to such a
value" Jacobs Law Dictionary gives
the form of bill of credit which in all
respects corresponds with the above de-
finition. These are ancient and approv-
ed authorities, and stand uncontradioted,
it is thought, except by the Council -
Though frequently referred to at this
day, they were still more respected at
and before the formation of the Federal
Constitution which, it will be recollect-
ed had its origin just after the close Of a
protracted war, TO support and prosecute
which, every means had been resorted
to, however dangerous and inexpedient.
The states had involved themselves in
debt; calamities had plunged them in
to the most distressing perplexities:
their financial energies bad become ener-
waited: but the exigencies OF the times
calling for new disbursements, issues of
paper money to an irrcdeemable amount
were made to support that faith and Gre
dit which had before been doubly for
feited. The continental Congress and
the states had been in the habit OF send
ing agents to France, Holland, and other
parts OF Europe, with bills Of credit, to
purchase arms and munitions of war;
and through the medium OF which, debts
to large amount Gall of which are not
yet paid were contracted abroad
These transactions were fresh in the
minds of the trainers of the Federal
Constitution, and it being obvious how
dangerously these attributes ofsovereign-
ty might be welded against the federal
government if permitted to remain with
the states, they were taken away.
Besides, when we recollect that the
states and the old Congress issued bills
Of credit, by letters of request to furnish
such and such things on the credit ofthe
drawer, and the Convention, just after
using the term bills Of credit. (Which arc
aptly calculated to embrace letters Of re-
guest or letters Of credit, and not bank
notes the conclusion seems irresistible,
that they intended to inhibit such bills
and no other. The provision ir the
same section, cor make any thing but
gold and silver coin tender in payment