History of the Origin, Formation, and Adoption of the Constitution of the United States, Vol. 2: With Notices of Its Principle FramersCurtis, George Ticknor
History
History of the Origin, Formation, and Adoption of the Constitution of the United States, Vol. 2: With Notices of Its Principle Framers
Curtis, George Ticknor
Constitutional history -- United States
The remaining powers of Congress may be considered in the order in
which they were acted upon by the Convention. The powers to establish
a uniform rule of naturalization, to coin money and regulate the value
thereof and of foreign coin, and fix the standard of weights and
measures, were adopted without discussion and with entire unanimity,
as they had been proposed in the draft prepared by the committee of
detail. The power to establish post-offices was extended to embrace
post-roads.[246]
These were succeeded by the subject of borrowing money and emitting
bills on the credit of the United States; a power that was proposed to
be given by the committee of detail, while they at the same time
proposed to restrain the States from emitting bills of credit. I have
not been able to discover upon what ground it was supposed to be
proper or expedient to confer a power of emitting bills of credit on
the United States, and to prohibit the States from doing the same
thing. That the same thing was in contemplation in the two provisions
reported by the committee, sufficiently appears from the debates and
from the history of the times. The object of the prohibition on the
States was to prevent the issue and circulation of paper money; the
object of the proposed grant of power to the United States was to
enable the government to employ a paper currency, when it should have
occasion to do so. But the records of the discussions that have come
down to us do not disclose the reasons which may have led to the
supposition that a paper currency could be used by the United States
with any more propriety or safety than by a State. One of the
principal causes which had led to the experiment of making a national
government with power to prevent such abuses, had been the frauds and
injustice perpetrated by the States in their issues of paper money;
and there was at this very time a loud and general outcry against the
conduct of the people of Rhode Island, who had kept themselves aloof
from the national Convention, for the express purpose, among others,
of retaining to themselves the power to issue such a currency.
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