Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-06-16

IL vas proposed 90 continue that one of the
powers of Congress. and in the draft of Eonsti-
futon reported by a committee OF Eve. ON the 9th
ofAugust, 1871, it VAS prOsided in Art. '.sec l.
that Congress should have the powers. among
Others, Ito coin money; to regulate the value OF
foreign CON-" aud Ito borrow money. and emit
bills on the credis of the United States" Eli
otis Deb. Vol. /, p. 25s, Mad. pap p 1882.
Bot. on the 18th Of the same mouth. lit was
moved and seconded to strike out the words and
emf, bills out Of the eighth clause Of the first
section of the seventh article, which passed In
the affirmative Yeas, New Hampshire. Massa-
chuset,s. Connecticut. Pennsylvania. Delaware,
virgitia, North Carolina, South Carolina. Geor-
gia-9 Nays, New Jersey. Maryland-2." 10
p. 216. Md Pap p. 1919
Mr. GouyERxEuR MoRRIs made the mott to
strike out he said the moneyed interest would
oppose the Constitution If paper emissions we're
not prohibited.
Mr. GoRHAx was for having nothing in the
Constitution that would suggest the idea of such
an issac
Mr.. GAsoS thought Congress would not have
the power TO issue such paper unless II was ex.
pressed in the Constitution. and. hence, as he was
in favor Of conIerring the power TO make such
issue. he opposed TO striking out
Mr.. MERoKR was in favor Of the power to issue
and he was opposed to striking out the grant of
the power as such an act would be tantamount to
prohibition oft.
Mr. RANDOLPH entertained the same view
"Mr. ELLSWORTH thought this a favorable mo
ment to shut and bar the door against paper
money. The mischieis Of the various expert
ments which had been made were now fre-h in
the public mind. and had excited the disgust Of
all the respectable part of America. BY with
holding the power from tho new Government.
more friends of influence would be gained to it
than by almost anything else Give the Govern.
ment credit and other resources will offer. The
power may do harm, never good
MIR WILsoS-It will have the most salutary
influence on the credit of the United States to re
move the possibility of paper money. This expe-
dent can never succeed while its mischieis are
remembered And as long as it can be resortel
to it will be a bar to other resources"
Mr. BUrLR "was urgent for dsarming the
Governmen, of such power lie for
striking out the grant.
MIR READ thought the words, if not struck
out would be as alarming as the mark OF the
beast in Revelation"
"Mr LANGDoS had rather reject the whole plan
than retain the three words, 'and emit bills"
Mr. MADISON was against issuing bills to eircu
late as currency. and particularly TO making them
legal tender. Mad. Rep. vol. 3, PIP. lJ43, 4, !
and 8.
Upon such reasons, and with such purpose
we're the words stricken out by the almost unani
nous vote above given. The Constitution was
subsequently ratified by the States with full
knowledge of the views and action of the Con
vention that framed il, and with the clear under
standing that it withheld from the Federal Gov
eminent the power to emit paper money. The
members of the Constitutional Convention be
came members of the State ratification conven
tons, and communicated to them the views oil
the former. Some of them made reports, also
to State Legislatures That of LUTHER MARTIN
to the Legislature of Maryland contains thi;
statement:
by our original articles of confederation, the
Congress have power TO borrow money and emit
bills of credit" Agreeable To which the
report on this system made by the committee
of detail. When We came to this part of the
report, a motion was made to strike out the
words TO emit bills of credit against the mo-
ton we urged that it would be improper to de
prive the Congress of that power" &c. Blu.
sir majority Of the convention. being wise be
yond every event. and being willing to risk any
political evil rather than admit the idea of a
paper emission. refused to trust this authority to
a Government" &c. ElOu's Deb, VOL |. p
Alb
In the face Of such historical evidence, it is
certainly very difficult to bring the mind to the
conclusion thab<the convention supposed they
were granting. "a an incident. power that the y
rejected as a substantive, avowedly to prevent
is exercise in any manner, o under any crcum
stances whatever.
IL is claimed that the power to emit bills is an
iaeident to that OF regulating commemorative
medium of exchange. currency. is neces
fllN OF COMMERCE. llc StCdtiVu ah ihOiucAt W
the regulation of commerce. This argument i,
not as satisfactory as could be wished. IL ha.
apparent weaknesses:
l. As matter of fact. the bills not emitted
on account of commerce. Commerce does moi
apply for their issue.
, They are not needed for domestic com
mere, for foreign they are useless.
3 Currency as a medium Of exchange, is
great necessity of commerce. and it is &C
knowlejged power of every Government; to or
dain what shall constitute that currency. Gov
ernments have done so: and. throu ghout the
civilized world. they have all concuuel in de
clarng that gold and silver shall be that curren.
cy Why they have 80 declared will be seen a.
We advance. Now. the precise question OF wha
should be the currency of this nation, what
should be it. medium OF commerce, what shOul,
be used to meet that necessity. the one thai
WAS before the convention which constructed III,
frame of our Government. and they ordane,
and established. by the paramount. the funda
mental law OF the nation. that that currenc,
should be gold and silver paper issued spon m,
a the representative of gold and silver. and no
bills OF credit issued simply upon the indebted
ness and faith of the Government. Hence. /