Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-09-11

NNhohiiHhtcu Diils VI qcut 10 temif
bills of credit conveys u the mind The
idea OF issuing paper bItnded 70 circr-
tate through tie community for lis ordi.
nary purposes as money, which paper IL
redeemable at futurcday. This il
the sense in which To terms have
always been UNDERSTOOD The defini.
tlon here given was Subsequently re.
considered and SUSTAINED in Briscoe VS..
The Bank Of Kentucky(2 Peters 257).
According to this cler and authori.
.aIlye exposition, what distinguishes
bills OF credit from snth securities as
are Issued to the pubic creditor is that
tne iormer are, and The latter are not,
INTENDED torirculate IS money. These
kaainted state notes, khen, are not ac-
of thsdgmens of debt nor " securities
credit -9itedStates,p but "bills OF
Indeed, this Aiis words" money"
ary 20, 1862, int1Gongrcss of Febru.
on that point, for it c4eave no doubt
that they shall be "lassly declares
In conformity, then, to III, money"
as settled by tho Supreme vlnciple,
Mccullough VS.. the State of MART in
we must turn to the money claus6d,
ascertain whether Congress had author,
ity to make them lawful money.
That body cannot, as incidental to the
power to borrow, create any kind OF
money, which will not stand the test
Of the express power, which is granted
on that subject.
If any doubt remains as to whether
the right to emit bills of credlt-to
make paper money-can be exercised
as incidental to the borrowing power,
it ought, as it appears to me, to
be entirely dissipated by the proceed
ings of the Federal Convention when
this clause was before them. | freely
admit that the opinions expressed in
that body arc not conclusive upon the
Interpretation of the Constitution
That instrument is TO be construed
like all others-by its four corners.
But surely G. ] Marshall relied " on
the history Of our country" " in limiting
the meaning of the words "bills OF
credit" we may resort for light to the
opinions and votes of the men who
framed the Constitution, in deciding
whether in the words to borrow
money" was intended to be included
"to emit bills of credit, for that is the
precise question We have here to con-
sider
By the ninth Of the old articles of
confederation, sec. 8, it was declared
that "the United States in Congress
assembled, shall have authority to bor-
row money or emit bills on the credit
Of the United States.n In the plan of
the Constitution, as reported to the
Convention by the committee on detail,
of which Mr. Rutledge was Chairman,
this clause was copied "To borrow
money and emit bills on the credit OF
the United States" On the 18th of
August, 1887, in Convention, Mr.. Cow
ernear Morris, Of Pennsylvania, moved
TO strike out the words and emit bills"
There was a debate on this motion,
which is reported by Mr.. Madison,
1t was argued by some, and Mr.. Madi-
son himself among the number, that
the words had better remain with a
provision prohibiting them from being
made legal tender. Mr.. James VIII
son, Of Pennsylvania, afterwards one
of the Justices Of the Supreme Court
of the United States appointed by
President Washington, contended that
it would have most salutary influence
on the credit Of the United States TO
remove the possibility Of paper money"
Other members who spoke, concurred
with him in this view. The motion
was carried, and the words stricken
out by vote of nine States to two.
Mr.. Madison has added in foot note,
that the vote by Virginia in the aflirma-
tive was occasioned by his acquiesence,
because he became satisfied that stril1-
ing out the words would not disable
the Government from the use of public
notes, as far as they could be safe and
proper, and would only cut off the pre-
tert for a paper currency and particu-
larly for making the bills a tender either
for public or private deJtS. Is Elliott's
Debates 434-435). | do not know how
these proceedings may strike other
minds, but they have convinced me
that the Federal Convention under
stood by "bills Of credit" not securi-
ties--certificates of loan or indebted
ness--Treasury notcs-or Exchequer
bills-but just what Chief Justice Mar.
shall afterwards defined them to be-
" paper money" and meant to deny to
Congress the power to make such
money.
Luther Martin, in his address to the
Maryland Legislature in justification
of his course in retiring from the Fed
cral Convention, has also given brici
sketch of this interesting debate, which
corresponds in the main with that OF
Mr. Madison. lie declares in the
most emphatic manner that ga majori.
ty Of the Convention being willing to
risk any political evil rather than admit
the idea Of paper emission in any posi-
Die case, refused to trust this authority
TO the Government" (Secrot Proceed
ings Of the Federal Convention, p. 81 !
He afterwards informs the Legislature,
as indicative of the temper OF the body, |
from which he had withdrawn, that as
the Constitution was reported by the
committee Of detail, the States were
only prohibited from emitting them
(bilIs Of credit icfhom The conset of Con-
qress but the Convention were 80
smittcn Nth the paper money ydrcdd, that
thcy insisted that the prohibition
should be absolute" :" 1t was my |
opinion, sir" he proceeds TO say, that
the States ought not to be totally do
prived ofthe right to emit bills credit,
and that as we had not given an
authority TO the general Government
for that purpose, it was the more nee.
ossary to retain il in the States"
The members of the Federal Conven-
ton truly represented the views and
feelings of the people Of the States, by |
whom they had been chosen. No one
acquainted with the history of the
Revolution can be surprised at the OK
treme jealousy entertained OF investing
either the Federal or State Govern
mcnts, or even both, by joint action
with any discretion on this subject. 1t
is plain that the men who framed the
Constitution-the men who ratified IL
in the State Conventions--th great |
mass Of ftheirconstituonts-meantnoth-
ing less than to exclude, forever, IN any
possible case--(Mr. Martin)--the possi-
biihy Of paper money--(Mr. Wilson,. |
The public faith again and again SOL
emnly pledged for tho redemption OF
Al -. = t,lla - ....l.. l....