Source: https://www.infogristle.com/howard-s-katz/the-paper-aristocracy/6
Timestamp: 2019-04-20 00:16:03+00:00

Document:
Most unquestionably there is no legal tender and there can be no legal tender in this country, under the authority of this government or any other, but gold and silver, either the coinage of our mints or foreign coin at rates regulated by Congress. This is a constitutional principle perfectly plain and of the very highest importance. The States are prohibited from making anything but gold and silver a tender in payment of debts, and although no such express prohibition is applied to Congress, yet as Congress has no power granted to it in this respect but to coin money and regulate the value of foreign coin, it clearly has no power to substitute paper or anything else for coin as a tender in payment of debts and in discharge of contracts.
The political revolutions of the 17th and 18th centuries were anti-aristocratic in nature, most especially so the American Revolution. In this tradition the U.S. Constitution was written to prohibit paper money.
It is a comment on the slavish mentality of our age that it cannot grasp this achievement of the 18th century. Americans today do not understand their Constitution. Indeed our present aristocracy could not exist if the Constitution were understood and respected.
This is a crucial point. Operating, as it does, through the power of the government, the banker aristocracy seeks for its dictums the authority of law. What they count on is the respect for law which inheres in most people. This is one of the ways in which 5% of the population can rule the other 95%. The 95% submit to exploitation because they believe it is the law.
Acts establishing paper money certainly appear to be law. They have been enacted by the Congress in accordance with the conventional procedure. People obey them as law. What you must consider at this point are the questions: What is law? Where does legitimate authority come from? To what do we morally owe obedience? And, are the legal tender enactments really law?
When the first attempt to make paper a lecal tender was made during the Civil War, the Supreme Court struck it down by a vote of five to three. (The court was then composed of eight members.) All three of the votes for constitutionality were appointees of President Lincoln, who had instituted the paper money. But even Lincoln's former Secretary of the Treasury, who had issued the paper money and was then Chief Justice of the Supreme Court, could not support the constitutionality of the legal tender acts.
The paper money advocates, however, were not to be stopped even by a Supreme Court ruling. One of the five judges who had opposed paper money resigned due to old age, and Congress increased the size of the court from eight to nine, thus giving President Grant two appointees. One of his appointees was a judge who, on a lower court, had ruled paper money constitutional. The other was a corporation lawyer closely associated with the railroad interests. The railroads, carrying large debt loads, were strongly in favor of paper money, and it was widely assumed that this lawyer would represent the interests of his former employers.
These historical circumstances present us with some sobering facts. The Republican administrations of Lincoln and Grant had a vested interest in legitimizing the paper money Lincoln had issued during the Civil War. They simply appointed enough Supreme Court justices until they got a ruling, in their favor. Of the justices who had been on the bench prior to the enactment of the legal tender acts not one thought them constitutional. It took six appointments to get five votes because Samuel Chase — a man noted for his integrity — refused to subordinate his conscience to the interests of his political party. Clearly no impartial sources believed legal tender acts to be legitimate law. We must now consider the question, from where does legitimate authority come?
There are two doctrines which have been offered to establish the legitimacy of acts of government: The doctrine of divine right of kings and the doctrine of the rights of man. The doctrine of divine right of kings says that God gives all power to the head of the government and that therefore the head of the government has the right to do what he likes with his subjects' lives, liberties and property. In this concept the government is all powerful. Obedience to the government is obedience to God. The common person has no rights whatsoever. Government is unlimited.
The doctrine of the rights of man says that man is born with unalienable rights. Government has no power to violate these rights. The only powers government has are the powers given it by the people.
Most countries in ancient history derived the authority of their government from the doctrine of divine right of kings. In many cases the king was held to actually be a god. America was the first country to be explicitly founded on the doctrine of the rights of man. As the Declaration of Independence states: “We hold these truths to be self-evident — that all men are created equal; that they are endowed by their creator with certain unalienable rights; that among these are life, liberty, and the pursuit of happiness.” If people have unalienable rights, then the question arises: How does government get the power to boss them around, to tax them, to regulate them, to establish laws over them? This is the question of legitimate authority. To this question the Founding Fathers of America had an unequivocal answer: In the words of the Revolutionary writer James Wilson: the only reason why a free and independent man was bound by human laws was this — that he bound himself.”23 In the words of John Adams: “The body politic is formed by a voluntary association of individuals; it is a social compact by which the whole people covenants with each citizen and each citizen with the whole people.”24 As the Declaration of Independence itself concluded: “. . . That, to secure these rights, governments are instituted among men deriving their just powers from the consent of the governed;” The phrase “consent of the governed” has sometimes been interpreted to mean consent of the majority of the governed. This was not intended by the Founding Fathers and has no basis in logic. If man has unalienable rights, then the majority can give away their own rights, but they cannot give away the rights of those who disagree with them. The statements of Wilson and Adams make this clear. Freedom of speech, for example, is guaranteed to everyone; even if the majority does not want someone to speak, they have no right to prevent him.
The requirement that government have the voluntary consent of each citizen raises an immediate practical problem. No political association could function if it needed unanimous agreement on every issue. The solution is for the citizens to create a social compact which gives certaingeneral powers to the government and to which the citizen gives his consent.
For example, the citizen may give the government the general power to tax. A citizen may object to a particular tax, but he cannot complain that his rights have been violated; he has given the power to tax in general knowing that he will not agree with each use of the power. If he feels that powers are being abused or not, being used wisely, he can withdraw his consent, give up his citizen- ship, and return to a state of nature.
Thus the Founding Fathers felt the need for a document which would be a social compact giving specific powers to a government and winning the consent of the citizens. Such a document was the U.S. Constitution. This is why America, operating under the doctrine of the rights of man, was the first country to have a constitution. A constitution resolves the problem of legitimate authority.
It is easy to perceive that individuals by agreeing to erect forms of government, (for the better security of themselves) must give up some part of their liberty for that purpose; and it is the particular business of a Constitution to mark out how much they shall give up. In this sense it is easy to see that the English have no Constitution, because they have given up everything; their legislative power being unlimited without either condition or control, except in the single instance of trial by Juries. No country can be called free which is governed by an absolute power; and it matters not whether it be an absolute royal power or an absolute legislative power, as the consequences will be the same to the people. That England is governed by the latter, no man can deny, there being, as is said before no Constitution in that country which says to the legislative powers, “Thus far shalt thou go, and no farther.” There is nothing to prevent them passing a law which shall exempt themselves from the payment of taxes, or which give the house of commons power to sit for life, or fill up the vacancies by appointing others, like the Corporation of Philadelphia. In short an act of parliament, to use a court phrase, can do any thing but make a man a woman.
The great evils complained of were that the State Legislatures run into schemes of paper money &c, whenever solicited by the people, & sometimes without even the sanction of the people (record of June 7, 1787, notes of James Madison on the sentiment of the convention).
Give all power to the many, they will oppress the few. Give all power to the few they will oppress the many. Both therefore ought to have power, that each may defend itself agst. the other. To the want of this check we owe our paper money (June 18, 1787).
The check provided in the 2d. branch was not meant as a check on Legislative usurpations of power, but on the abuse of lawful powers, on the propensity in the 1st branch to legislate too much to run into projects of paper money & similar expedients (July 19, 1787; notes of James Madison on a speech by Governor Morris).
He admitted that inconveniences might spring from the secession of a small number: But he had also known good produced by apprehension of it. He had known a paper emission prevented by that cause in Virginia (August 10, 1787, notes of Madison on a speech by Colonel Mason).
He considered the emissions of paper money (& other kindred measures) as also aggressions (June 19, 1787, Madison is speaking on a plan of Mr. Paterson).
Some of the state governments did have the power to issue paper money. Thus to prevent paper money from this source it was necessary for the Federal Constitution to explicitly prohibit the legal tender power to the states; whereas the same end was achieved with regard to the Federal Government merely by not granting any such power. The Constitution states: “No State shall … coin Money, emit Bills of Credit; make any thing but gold and silver Coin a Tender in payment of Debts;” (Art. I, Sect. 10).
And here it is to be observed it is not indispensable to the existence of any power claimed for the Federal government that ii can be found specified in the words of the Constitution or clearly and directly traceable to some one of the specified powers. Its existence may be deduced fairly from more than one of the substantive powers expressly defined or from them all combined. It is allowable to group together any number of them and infer from them all that the power claimed has been conferred….
Justice Strong is arguing that the government has powers not listed in the Constitution. Where did he get such an idea? How can such powers exist without the consent of the governed? From where do they derive their legitimate authority?
The trouble with this doctrine is that most of it is so vague as to be meaningless. What are the criteria for legitimacy, appropriateness, being plainly adopted, or being consistent with the spirit of the Constitution? All of these are qualities which will be affirmed by the supporters of every measure and denied by the opponents. The only firm criteria which this doctrine sets forth is that the means should not be prohibited by the Constitution.
This doctrine subtly reverses the entire point of the Constitution. It admits as constitutional anything not prohibited by the Constitution. The Founding Fathers intended that nothing would be constitutional except that which was affirmed by the Constitution.
Thus we have two entirely different concepts of government. In the one case government has only those powers given to it; in the other government has all powers except those prohibited.
Hamilton's fears came true. Over 80 years after his warning, the very argument he warned against — the doctrine of constructive powers — was made by Justice Strong.
But what of Jefferson's fears? Does the Constitution really allow a “boundless field of power, no longer susceptible of any definition?” Almost anything can be regarded as a means to some constitutionally listed end. Three decades ago the U.S. Government gathered up all Japanese-Americans and threw them into concentration camps. This was defended as a means to win the war. The power of Congress to declare war is clearly constitutional, and the imprisonment of the Japanese-Americans was a means to that end. Was it constitutional? Can any American citizen be thrown into a concentration camp because of his racial origin irrespective of proof that he is guilty of a crime? If so, what is the point of having a Constitution?
On the other hand some means, not specified in the Constitution, must be allowed if the government is to function. Marshall had argued: “It is not denied that the powers given to the government imply the ordinary means of execution. That for example, of raising revenue, and applying it to national purposes, is admitted to imply the power of conveying money from place to place, as the exigencies of the nation may require, and of employing the usual means of conveyance…. Take, for example, the power to establish post offices and post roads. This power is executed by the single act of making the establishment. But from this has been inferred the power and duty of carrying the mail along the post road, from one postoffice to another.”44 These certainly seem to be reasonable powers, but they are not enumerated in the Constitution.
The solution to this problem is to keep in mind what a constitution is all about. The point at issue when discussing a constitution is the rights of the citizens versus the powers of the government. If an action of government does not interfere with the rights of a citizen, then there is no problem involved. The government can perform that action legitimately. But if an action of government does interfere with the rights of a citizen, then the citizen must have given up that right to the government; he must have given the government the power to interfere with his rights in this area. Since the Constitution is the document by which the people give up some of their liberties to the government, the power must be listed in the Constitution to be legitimate.
This is the answer to the doctrine of implied powers and the resolution of the conflict between strict constructionists and loose constructionists. With regard to actions of government which do not interfere with the rights of the citizen, the government has a free hand. (Just as you and I and any private organization have a free hand to act as we see fit provided we do not interfere with the rights of others.) In these cases the loose constructionists are right; the government can do as it pleases. But when the government interferes with the rights of its citizens, it must first have obtained their grant of power to do so, and such a grant was made by the Constitution. In this case, if the power is not in the Constitution, it has not been granted.
The powers which Marshall uses as examples, to convey money and mail, are clearly not in violation of anyone's rights. Therefore, there was no need for the Constitutional Convention to grant them. Anyone has these powers; therefore the government — has them. But the power to throw a racial minority into concentration camps and the power to force people to accept worthless paper in lieu of a true value do violate people's rights. Therefore, in order for these powers to be valid, they must be enumerated in the Constitution.
And, of course, they are not.
That this is true follows from the nature of constitutional government. But it is interesting to note that Hamilton understood it to be true and never intended the doctrine of implied powers to be used as Marshall and Strong used it. If we go back and look at his full statement: “That every power vested in a government is in its nature sovereign, and includes by force of the term a right to employ all the means requisite and fairly applicable to the attainment of the ends of such power, and which are not precluded by restrictions and exceptions specified in the Constitution, or not immoral, or not contrary to the essential ends of political society…… 45 Hamilton had included two additional requirements before a means could be considered as an implied power, that it be: 1. “not immoral” and 2. “not contrary to the essential ends of political society.” The essential end of political society is the protection of rights; acts of government which violate rights are both immoral and contrary to this essential end.
This was only to be expected. It was hardly likely that Hamilton in 1791 would contradict Hamilton in 1788.
The argument between those opposing a bill of rights (on the grounds that it would tend to disparage all rights not listed) and those favoring a bill of rights was resolved in an interesting way. When James Madison offered the Bill of Rights to the first Congress, he was sensitive to the argument that enumerating certain rights would form a pretext for denying those not enumerated, and, as he said, “I conceive, that it may be guarded against. . . Madison's solution was to include the following words in the Bin of Rights: “The exceptions here or elsewhere in the Constitution, made in favor of particular rights, shall not be so construed as to diminish the just importance of other rights retained by the people, or as to enlarge the powers delegated by the Constitution; but either as actual limitations of such powers, or as inserted merely for greater caution.46 This would meet Hamilton's fears by specifically eliminating any implication of a doctrine of constructive powers. It was simplified by committee to: “Theenumeration in the Constitution of certain rights shall not be construed to deny or disparage others retained by the people…. The powers not delegated to the United States by the Constitution, nor prohibited by it to the States are reserved to the States respectively or to the people.” These passed into law as the ninth and tenth amendments to the Constitution.
So the Founding Fathers not only disagreed with Justice Strong's theory of “powers … which grew out of the aggregate,” they wrote their opinion into the Constitution where it remains the supreme law of the land to this day. And any judgment rendered which does not take cognizance of this can make no claim to be either legal or constitutional. It has no legitimate authority.
Mr. Gouverneur Morris moved to strike out, “and emit bills on the credit of the United States.” If the United States had credit, such bills would be unnecessary; if they had not, unjust and useless.
Mr. Butler seconds the motion.
Mr. Madison. Will it not be sufficient to prohibit the making them a tender (author's emphasis)? This will remove the temptation to emit them with unjust views. And promissory notes, in that shape, may in some emergencies be best.
At this point in the debate the pretext of bills of credit was dropped, and the Convention began to debate the real issue-paper money.
Mr. Gouverneur Morris. Striking out the words will leave room still for notes of a responsible (author's emphasis) minister, which will do all the good without the mischief. The moneyed interest will oppose the plan of government, if paper emissions be not prohibited.
Mr. Gorham was for striking out without inserting any prohibition. If the words stand, they may suggest and lead to the measure.
Mr. Mason had doubts on the subject. Congress, he thought, would not have the power, unless it were expressed. Though he had a mortal hatred to paper-money, yet as he could not foresee all emergencies, he was unwilling to tie the hands of the Legislature.'He observed that the late war could not have been carried on, had such a prohibition existed.
Mr. Gorham. The power, as far as it will be necessary, or safe, is involved in that of borrowing.
Mr. Mercer was a friend to paper-money, though in the present state and temper of America, he should neither propose nor approve of such a measure. He was consequently opposed to a prohibition of it altogether. It will stamp suspicion on the Government, to deny it a discretion on this point. It was impolitic, also, to excite the opposition of all those who were friends to paper-money. The people of property would be sure to be on the side of the plan, and it was impolitic to purchase their further attachment with the loss of the opposite class of citizens.
Mr. Ellsworth thought this a favorable moment, to shut and bar the door against paper-money. The mischiefs of the various experiments which had been made were now fresh in the public mind, and had excited the disgust of all the respectable part of America. By withholding the power from the new Government, more friends of influence would be gained to it than by almost any thing else. Paper-money can in no case be necessary. Give the Government credit, and other resources will offer. The power may do harm, never good.
Mr. Randolph, notwithstanding Ms antipathy to paper-money, could not agree to strike out the words, as he could not foresee all the occasions that might arise.
Mr. Wilson. It will have almost salutary influence on the credit of the United States, to remove the possibility of paper-money. This expedient can never succeed whilst its mischiefs are remembered. And as long as it can be resorted to, it will be a bar to other resources.
Mr. Butler remarked, that paper was a legal tender in no country in Europe. He was urgent for disarming the government of such a power.
Mr. Mason was still averse to tying the hands of the Legislature altogether (author's emphasis). If there was no example in Europe, as just remarked, it might be observed on the other side, that there was none in which the Government was restrained on this head.
Mr. Read thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelation.
On the motion for striking out, New Hampshire, Massachusetts, Connecticut, Pennsylvania, Delaware, Virginia*, North Carolina, South Carolina, Georgia, aye - 9; New Jersey, Maryland, no 2.
In other words, the authors of the Constitution refused to give the Federal Government power to issue bills of credit because they were afraid these bills would be used as a pretext for paper money. They did this, not by inserting a prohibition against bills of credit but by omitting, to grant the government the power to issue them. Even those of the delegates who favored paper money understood that, if the power were not granted, it would not exist.
The good citizen, whose concern is to do right and obey the law, must be very concerned with this question of legitimate authority. The government of the United States has legitimate authority because it is based on a constitution in which powers are given to it by the voluntary consent of the people. But this fact means that it has no legitimate authority with regard to powers that it usurps.
When the government usurps powers, then it is acting illegitimately, like a murderer or thief. The good citizen owes no obedience to usurpations. Usurpations are not law. No act of Congress made outside of the powers given to it by the Constitution is valid.
Supporters of authority today argue that the Supreme Court “interprets” the Constitution. They claim that the Supreme Court was set up as the highest authority to decide what the Constitution means.
Such an institution would have been totally allen to the concepts of the Founding Fathers. They intended the judiciary as the weakest of the three branches of government. They meant the Constitution to be the supreme law, binding on everyone and regarded it as the moral obligation of every good citizen to obey the Constitution.
In their eyes this meant that the good citizen had an obligation to study the Constitution, come to his own understanding of what it meant, and act on that understanding. This is what George Washington did when faced with Hamilton's plan for a central bank. He did not say, “I'll leave the constitutionality up to the Supreme Court."Instead he solicited opinionsfrom opposing sides and made up his mind on the merits.
The proper function of the Supreme Court (and the lower courts) is to resolve disputes in accordance with the law, the Constitution being, supreme law. In this function it has a moral responsibility to interpret words and phrases in the Constitution to the best of its ability and to rule in accordance. But this function is not unique. The President has a moral responsibility to act in accordance with the law and (as in the case of Washington) must try to interpret words and phrases in the Constitution to the best of his ability. Every Congressman in voting has an obligation not to enact unconstitutional laws; thus he also must interpret words and phrases in the Constitution. The point here is that no one persons interpretation of the Constitution was made absolute.
“'The authority of the proposed Supreme Court of the United States, which is to be a separate and independent body, will be superior to that of the legislature. The power of construing the laws according to the spirit of the Constitution will enable that court to mould them into whatever shape it may think proper; especially as its decisions will not be in any manner subject to the revision or correction of the legislative body. This is as unprecedented as it is dangerous.'"48 Hamilton rebuts this point of view, saying: “This, upon examination, will be found to be made up altogether of false reasoning upon misconceived fact.” 49 And he goes on to discuss the power of impeachment as a remedy for, Supreme Court justices who abuse the Constitution.
There are people today who have such a love of authority and fear of using their own judgment that they must search for, authority figures where none exist. These people wish to make the Supreme Court into the Pope of the American Constitution. In their view the Supreme Court is the highest authority ON the Constitution just as the Pope is the highest authority ONthe Bible.
The Founding Fathers did not count on a supreme authority to maintain liberty. They knew that liberty cannot survive under supreme authority. They placed their hopes on a balance of power. If all elements of society had the responsibility to interpret and uphold the Constitution, then the resulting system, while it might result in specific injustices, could never get too badly out of gear. Their intention was that each person should make his own judgment on the Constitution and then act on that judgment in terms of whatever actions were appropriate.
I am not here arguing that people should disobey whatever decision of the Supreme Court they do not like. There is a certain value to order and stability, and sometimes it is wiser to submit to an isolated injustice than to create a turmoil to correct it. But, as the Declaration of Independence points out: “… mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.” When there occurs such a travesty of justice as the legal tender decision of 1871 where the Court was packed for partisan purposes, where it is clear that the Court never seriously intended to be bound by the Constitution, where the judges ignored the explicit words of the Constitutional Convention on the subject, then it is time to return to first principles and say: The Constitution is the supreme law; the decision of 1871 was a miscarriage of justice, and whatever practical effect it had on the people of the time, it is not law, and it is not binding on us today. We are bound by law under the Constitution, not by decisions made in opposition to the Constitution. The legal tender acts are usurpations; they are not law; and they have no legitimate authority.
The Civil War attempt at fiat money did not succeed. It was left for a later day and age to accomplish that. The railroads did get to pay off much of their debt in depreciated paper, but when the war hysteria abated, the pro-gold forces regained control. The money supply was gradually brought into line with the quantity of gold, and redemption of the greenback into gold was established in 1879. Meanwhile people wrote into their private contracts explicit provisions that, whatever the legal tender, payment was to be made in gold coin. The gold standard was resumed.
If the court please, other nations, impelled by the requirements of necessity and acting for the public welfare, have devalued their currencies, abandoned the gold standard, and abrogated gold contracts by specific laws enacted for that purpose. Without challenge and without question they have done precisely what the Congress of the United States has done. Belgium, France, Germany, Rumania, Mexico, Norway, and Sweden have enacted such laws. It is an essential attribute of sovereignty.
The government attorney would not admit it, but he had turned back the clock and was invoking the doctrine of the divine right of kings, which goes: (1) God gives special powers to the king; (2) Who thereby has authority (sovereignty) over the people. This directly contradicts the Founding Fathers who believed that liberty inheres in people and that the people delegate authority to the government. The government attorney did not dare to invoke the first premise of the divine right of kings argument, but he is quite explicit about the second. He wants us to admit that the government has sovereign powers not delegated to it by the people, not because it got them from God, but just because, well … everybody else has them, so why the heck not.
The attorney for the government could not have known it, but his enumeration of countries for the U.S. to imitate was most revealing in its inclusion of Germany, then under its new leader, Adolf Hitler. That Hitler immediately debauched the currency and instituted strict price and wage controls (see Chapter VIII) was not an accident. It was the natural concomitant of a social theory which exalted the destroyer of values (the warrior) and denigrated the producer. That Nazi Germany should have been held up as an example for the United States to follow in this regard is an eloquent comment on the nature of paper money.
Daniel Webster as quoted by Chief Justice Salmon P. Chase, “Supreme Court Reports,” Legal Tender Cases, 12 Wall 586, Opinion of the Minority, Chase's emphasis.
As quoted by Sidney Ratner, “Was the Supreme Court Packed by President Grant?” Political Science Quarterly, Sept. 1935, pp. 343-58.
Andrew C. McLaughlin, Wilson on Blackstone, The Foundations of American Constitutionalism (New York, 1932), pp. 83-84.
“Constitution of Mass., 1780,” chiefly the work of John Adams, from Documents of American History, 8th Edition, ed. Henry Steele Commager (New York, 1968), p. 107.
Author unknown, Four Letters on Interesting Subjects, letter IV (Philadelphia, 1776), p. 19, Author's emphasis.
Daniel Webster, as quoted by Clarkson Nott Potter, Supreme Court Reports, Legal Tender Cases (Knox v. Lee & Parker v. Davis), 12 Wall 495.
Daniel Webster, as quoted by Chief Justice Salmon P. Chase, Op. Cit.
James Madison, in a letter to Edmund Randolph, Philadelphia, May 14, 1782, from Madison Papers (Washington, 1840), 1, p. 129, on the prospect of Virginia issuing paper money.
Thomas Jefferson, “Notes on the Establishment of a Money Unit, and of a Coinage for the United States,” Memoir, Correspondence and Misc.. (Boston, 1830), ed. T. Randolph, Vol., 2nd Ed., pp. 138-9.
The Records of the Federal Convention of 1787, ed. Max Farrand (New Haven, 1937), 1, p. 154.
Ibid., Vol. III, p. 214. Martin's emphasis.
Justice Strong, Supreme Court Reports, Legal Tender Cases, 12 Wall 534-35, Opinion of the Court.
John Marshall, Supreme Court Reports, McCullough v. The State of Maryland, Opinion of the Court, 4 Wheaton 421.
Alexander Hamilton, “Opinion of the Constitutionality of the Bank,” Feb. 23, 1791, Documents of American History, Op. Cit., pp. 156-57. Author's emphasis.
Thomas Jefferson, “Opinion on the Constitutionality of the Bank,” Feb. 15, 1791, Documents of American History, Ibid., pp.159-60. Author's emphasis.
Alexander Hamilton, “Opinion … Op. Cit., p. 157. Author's emphasis.
Hamilton, “Opinion … Op. Cit., p. 156. Author’s emphasis.
James Madison, speech in the House of Representatives on June 8, 1789, Debates and Proceedings in the Congress of the United States, (Washington, Gales & Seaton,1834), Vol., p. 439.
Alexander Hamilton, The Federalist Papers (New York, 1961), #81, p. 482.
Sen. Carter Glass, as quoted in Economics and the Public Welfare, Benjamin M. Anderson (New York, 1949), p. 317.
Alexander Hamilton, as quoted in Supreme Court Reports, Opinion of the minority, Gold Clause Cases (Norman v. Baltimore & Ohio Railroad Co., United States v. Bankers Trust Co., Nortz v. United States, and Perry v. United States), 294 U.S. 379-80.
Supreme Court Reports, Argument for the Government, Norman v. B & O. R. Co., 294 U.S. 240.
Webster’s New World Dictionary, College Edition (New York, World, 1960), p. 1395.
This material is made available with the generous permission of Howard Katz (1931-2012).

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