The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-31

the terrific evils from which all classes
suffered. and which all classes were re-
| solved to be rid OF for all time.
| The 9Th clause in The 7fh article in the
! FIRST draft OF the Constitution read as
| follows 1.-THE Legislature OF the United
States shall have the power to borrow
money and emit bills on the credit OF
the United States"
The journal OF the convention for Au-
gust 49, 1851 makes this record: III
was moved and seconded to strike out
the words and emit bills. and the mo-
ton to strike out these words passed
I'm the affirmative. nine States voting for
It. to two against Il. SO the convention
refused 10 grant Congress the power 10
emit bills as the credit Of the United
| States. "
A part OF the debate on this PROPOSE
ton has been preserved to us by James
Madison. and Il is most instructive.
Oliver Ellsworth. our third Chief JUS
tico said: This is a favorable moment
to shut and bar the door against paper
periments which have been made are
now fresh In the public mind. and have
excited the disgust OF all the respectable
part Of America" James Wilson said:
1T will have most salutary influence on
the credit of the United states to re-
move the possibility Of paper money
This expedient can never succeed whilst
its mlschiefs are remembered; and as
long as ii can be resorted to, 1t VIII be
a bar 10 other resources
George Reed of Delaware. said: The
words If not struck out. would be as
damning as the marks Of the beast In
Revelation" John Langdon, Of New
Hampshire. said: II had rather reject
the whole plan than retain the three
words, and emit bills
Similar testimony might be piled up
mountain high. II there were any occca-
sion for Il, and there is absolutely no
testimony to the contrary. When, there
fore the history Of the day, and the
provisions Of the Constitution. as it vas
adopted. are considered. the purpose in
tended to be accomplished by the Consti-
tuition becomes perfectly plain. Congress
was given power to "coin money and
regulate the value thereof" and il was
given absolutely no other power in the
premises The States had all powers
that the Constitution did not take from
them and they are forbidden to issue
bills of credit. or to make anything legal
tender except gold and silver. This alb
volutely "shut and barred the door
against paper money"
II was intended that this should
be a hard-money government. with
power in neither the United States Gov
eminent, nor in the State governments,
10 issue and circulate notes resting upon
Government credit. but individuals were
to be left perfectly free to put out their
notes, either as individuals. as partner
ships, or corporations. and the States
were to be left free to charter private
banks with a right TO put out their notes
as currency The only money was TO be
coin. the only paper currency, that which
rested on private resources under pri-
vate management In his celebrated re-
port 70 Congress, recommending a ma
tonal bank Alexander Hamilton express
~ states that when the Constitution was
framed and adopted. it was expected that
state banks would CONTINUE to put
out their notes. This was the plain
purpose of the Constitution. as any man
must admit who studies the history of
the day and considers 1t with reference
to the actual provisions of the Consti-
tuition.
We shall go on with this subject to-
morrow.