The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-27

i
| BILE there could ever be paper money in
| this Union again. Accordingly. the franz
| ers OF the Cons titution forbade the States
| 10 make anything but gold and silver a
| legal tender. and they forbade them to
| issue bills Of credit.
| There was no other power 10 put out
paper money but the United States, ana
as what we are about TO cite VIII snow
they thought they had forever smut tne
| door and barred IL against paper
money" come 1t whence II might
The Confederated States had had au-
thority TO issue paper money l"e Ni'i'N
article OF the Articles OF Cohieuefa'ioii
authorized the United states W e"iit
bills on the credit Of the Unitea 9'd'"9'
The journal Of the convention si""'
| that the first draft of the Eighth clause
| of the Seventh article OF the present
Constitution read thus: the L@Sls!a-
,ure Of the United States shall have the
M ver 10 borrow money and emit bills
on tho credit of the United States
THO Journal then states that 1t was
v,o,,.d and seconded to strike out the
words land emit bills" The Journal
nroceeds. the motion TO strike out these
NOR
New Hampshlre. Massachusetts, Connec-
ticue. Pennsylvania, Delaware, virginia
North Carolina, South Carolina, georgia
9. Nays-New jersey. Maryland-Z
lanes Madison, seccading this action at
the time. wrote, striking out the WORDS
cut off the pretext for paper currency
and particularly COR making the bills a
tender either for public or private deDts'
Luther Martin, # Maryland. mad beeh
as active in lighting the Constitution DIS
Madison had been in agitatlng LOT It,
When ne returned from the coilNeh IloH
he read a paper to the Maryland Lesls-
lature In which he gave exactly the same
account OF this matter mat Mdd'soh
gave. MIR. Madison has preserved Tor us
the debate which took place On me mOH1h
70 strike out these words. Governor Nor
ris. of Pennsylvania, moved to strike
them ont saving. IF the United States
have credit such bills Will be unnefes-
sary; If they have not, VIII be UNJUST anu
useless -, o.,or uae
pierce Rutler of South Carolina. lie re-
marked in the course Of debate that paper
is q legal tender in no country in Europe
Mr. Madison interposed "Will it not be
sufficient to prohibit making the bills
legal tender?' Mr. Graham, in reply 10
Madison. said that no accompanying pro-
hibition was sufficient to make 1t sale 10
grant to the legislature OF the Chlteu
States the power to emit bills OF credit
He spoke absolutely ''for striking the
words out" saving IF the words stand
they may suggest and lead to the
measure"
Oliver Ellsworth, one time Chief JUS
tice, said: This is a favorable monet
to shut and bar the door against paper
| money. The mschiefs Of the various eA-
| periments which have been made are now
| fresh in the public mind, and have eX-
| cited the disgust Of all the respectable
| part of America"
| James Wilson said: at will have most
saiutary influence on the credit of the
| United States TO remove the possibility
| Of paper money. mis- expedient can never
| succeed whilst its mischiefs are remem-
| bered; and, as long as il can be resorted
TO. it will be a bar to other resources
| George Reed, of Delaware, said: The
words, if not struck out, would be as
| alarming as the marks Of the beast IN
Revelation" John Langdon, of New
Hampshire, said: Il had rather reject the
whole plan than retain the three words.
! and emit bills"
When these words were struck out Of
| the proposed Constitution, when II was
| understood all around that the Govern
ment would have no powers, except those
expressly granted to it. and when the
| States were forbidden to issue bills Of
credit, the trainers of the Constitution
and the people who adopted it believed,
and had reason to believe. that they had
forever shut the door to paper money, and
fiat they had confined the general Gov
ernments power. in connection with
money, TO coming the precious metals,
regulating their value and regulating the
value of foreign coins
There is great significance in the Ian
guage regulating the value of foreign
| coins" The trainers of the Constitution
| expected that a great deal Of foreign
| coin would come here to supplement what
our mines might produce. Accordingly
| the First Congress held, under the new
| Constitution passed, acts providing a rate
| at which foreign coins should be eX-
| changeable amongst the people to preserve
their purity and promote their circula-
| tion.
Senator Thomas II. Benton was born
early enough to live through and see che
| early workings Of the new Government
n a speech which he made in the United
! States Senate in 1884 he said: "Our own
| c>untry filled up with Spanish mlled dol
| lars, French crowns, dOubloons, half joes
| and guineas as if by magic at the con-
| clusion of the Revolutionary war and the
! suppression of the Continental bills. -
/ These were the common and familiar cur
rency OF farmers and laborers as well
| as merchants and traders. Every sub
stantial citizen then kept in his house
| pair Of small scsles to weigh gold, which
are now used 10y posterity to weigh
! physic" We have met with a curious
| Illustration of this.
| An Englishman named Parkinson came
to this country and spent the years 1875
99-1S0o here. When he returned home he
| published an account of what he saw. He
tells us: II was told by General Stone
| that he was travelling with his family
| in his carriage across the country, and,
| arriving at a ferry belonging to General
| Washington, he offered the ferryman d
| moidore. The man said I cannot take
| it. The General asked, Why, John? lie
| replied, i am only a servant 10 General
| Washington, and l have no weights TO
| weigh it with, and the General viii weigh
/ il; and If it should not be weight he " III
not only maze me the loser, but he will
be angry with me- Well, John, you must
| take It. and l will lose three pence in its
! Valne' The ferrYman did SO. and he car