The times. [volume] (Richmond, Va.) 1890-1903, 1896-12-22
THE nMEs-KrCHMoNp. VA: TUESDAY DECEMBER % ,.g6.

| time the Constitution was adopted the
| Bank OF North America and the Massa-
! chusotis Banks and some others were III
i opcration." There they were. then the
! state banks in fun force aud operation
: when the delegates assembled 10 frame
the Constitution OF the United state
doing fun business and issuing theH
notes TO the greatest satisfaction OF 'ne
! people.
Now whoever will study tho history Of
the period viii see that when the trainers
of the Constitution put that matchiess
instrument together. they Intended That
this should be a G)vCinmcnt with coin
as the sole money OF the country and
state lsnks 10 issue paper currency ana
as the only agency that should have au-
ihority 10 issue paper currency. We learn
this in the following way:
LIMITED POW ERS.
Tic Constitution gives the Government
/ Of the United States authority 10 coin
money and regulate tho value thereof.
and Il stops al that point. y Govern
/ ment Of limited powers can. n course.
/ have no authority 10 do more than
what il S. c>rrcssly authorized TO 10. CT
what is necessary 10 make its granted
! powers c"cctual Now. no power IS any
/ where given 10 the Government 10 .ssIe
/ paper currency. hut when We look into
! wast was said and done when tho Con-
stituton wa being franco. 1t becomes
! rcrfcCftr dear flat the Government WIS
not cvpcrtod 10 have authority 90 issue
! 81. Tac liFtOy q Tho matter IS no llubt
! fa-iliar 10 ihc members Of tho commit
! Geo. hu' ! snail ask them 10 forne1r with
no nhi, ~; be lricf extracts from IT,
The oirhth clause Of the seventh ar
/ ticle n the Constitution in tho first draft
/ OF THAT instrument. reads thus:
The Legislature Of tho United States
( shall have power TO borrow money and
/ emit bills on the credit Of the United
/ States"
The Journal % the Convention for
/ August 18th makes this record:
1T was moved and seconded 10 strike
| ont the words and emit bills"
And the motion TO strike ont these
words was adopted by the vote of nirc
| states 10 two. So tho Convention. b~
/ vote Of more than four 10 ono. refused
/ 10 grant 10 the LEGISLATURE Of the United
/ states the power "to emit bills on the
/ credit n the United States"
For the Interpretation Of This record
4 Mr Madison. tho best possible Judge. has
lcn this note.
striking ont these words. cuf off ,ho
/ pfeieXt for paper currency. and par
/ ucnlarly for making tic bills a tonder
/ 'ilner Tor public or private debts"
Madison was the chief architect OF
/ the Constitution; Luther Martin. of Ma
ryland. was its chief foe. Martin read
"a paper 10 The Maryland LEGISLATURE
/ when he returned from the Convention.
/ in which he said the same thing was
/ intended.
Mr.. Madison mas recorder what WIS
sald I'm the Convention when the ao-
/ tion was made to strike these words out
/ The question before the convention was:
Shall power be granted TO the Legs
+ lature of the United States 10 emit bins
/ Of credit Governor Morris moved
/ 70 strike out the grant or power. ''io
emit bills upon the credit OF the United
States" saying. III the United States
/ have credit such bills will be unnecos-
sary, II they have not. VIII be unjust
and useless" Pierce Butler. of South
/ Carolina. seconded Tho motion OF Gov
erneur Morris. lie was urgent 10 with
hold from the Government Of the United
States power 10 issue paper currency
Madison intcrposed "Win II not he
sufficient TO prohibit making the bills
4 legal TENDER Gorhqm. IN reply 10
Madison. said. no accompanying pro-
hibition was sufficient 10 make IT safe
10 grant 10 the Legislature OF the United
states the power To emit bills OF credit"
lie spoke absolutely for striking the
words out saying If the words
stand. they may suggest and lead TO the
measure
oliver Ellsworth said "This IS IA
vorable moment 10 shut ana bar the
door against pape, money. Tie mis-
chiefs Of the various experiments that
have been made are now fresh in tie
public mind. aud have excited the dis
guest Of all the respectable part or
/ America"
James Wilson. iu concurrence with
/ Ellsworth, said. 1T will have a most
salutary influence on the credit Of the
United States to remove the possibility
Of paper money. This expdient can
never succeed whilst its mischiefs aye
remembered, and as long as it can be
rcsorted 10. it viii be a bar TO other
resources"
George Reed, Of Delaware, said. "Ihe
words. if not stricken out, would be a.
alarming as the marks OF the beast IN
Revelation"
John Langdon. Of New Hampshire
said: y would rather reject the Whole
plan than retain the three words and
emit bills"
/
There is much more contemporary ev-
| position Of the subject. most of wnich
will be- found IN George Bancrofts -
/ Plea for the Constitution" where 'G-
| Uenccs for all / have said can ne seen
/ Tho Supreme Court Of the United States
/ has considered this subject ana as We
/ all know. u has bella. iu spite OF au this
! that the Government was given power by
/ the Constitution TO issue its leeAl-tender
/ notes. Eut there has AWAY been "a most
/ notable dissent when the question mas
! been before the Court. And the Court
/ itself has shifted the ground upon which
| 30 places its ruling. When 10 nrst held
| that such power was given 10 the Gov
/ eminent 80 was in passing upon the
/ validity Of the grccnhacks issued during
/ the war. II was unable 20 point TO any
/ provision Of the Constitution authorizing
! the Government 10 do this. so 1t s-id
/ that II was q part Of the war power.
/ Congress has power To- make war. ana
/ the Court said 1t must have power 10
! issue legal-tcn6cr notes 10 make war
/ ofiectually. But after a while a case
came before II which involved tho Gov
/ efnmenrs right 20 issue legal-,endor
notes IN time Of peace. and the Court
| said that all Of the Old Governments OF
/ Europe had thu power 20 issue legal
| tender note and that ours must be
/ assumed 20 have an the powers incident
10 the governments IN existence when
| the Constitution was adopted. This was
! the case OF Juillarl VS.. GrCcnman, ll0th
L. $ r.. a. This was most novel
| and most startling doctrine that would