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
It is possible that the phrase "emit bills on the credit of the United
States" might have been left in the Constitution, without any other
danger than the hazards of a doubtful construction, which would have
confined its meaning to the issuing of certificates of debt under the
power to "borrow money." But this was not the sense in which the term
"bills of credit" was generally received throughout the country, nor
the sense intended to be given to it in the clause which contained the
prohibition on the States. The well-understood meaning of the term had
reference to paper issues, intended to circulate as currency, and
bearing the public promise to pay a sum of money at a future time,
whether made or not made a legal tender in payment of debts. It would
have been of no avail, therefore, to have added a prohibition against
making such bills a legal tender. If a power to issue them should once
be seen in the Constitution, or should be suspected by the people to
be there, wrapt in the power of borrowing money, the instrument would
array against itself a formidable and probably a fatal opposition. It
was deemed wiser, therefore, even if unforeseen emergencies might in
some cases make the exercise of such a power useful, to withhold it
altogether. It was accordingly stricken out, by a vote of nine States
against two, and the authority of Congress was thus confined to
borrowing money on the credit of the United States, which appears to
have been intended to include the issuing of government notes not
transferable as currency.[247]
Public-domain text, read in full here on John Shaqi.
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