Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
"The convention of the states for the reform of the confederacy
organized itself by electing as its president George Washington, who of
all the public men in his day was the most decided in his convictions
and the most outspoken in his words on the inherent dishonesty of
irredeemable paper bills.
"Virginia took the lead, and Randolph, its governor, in his opening
speech drew attention to paper money by reminding its hearers that the
patriotic authors of the confederation did their work 'in the infancy
of the science of constitutions and of confederacies, when the havoc of
paper money had not been foreseen.'
"Among the delegates from Connecticut were Oliver Ellsworth, who in
the Federal Congress had repeatedly served on committees for the
reform of the federal constitution, and Roger Sherman, who, in
1752, had published his conviction that good laws and poor money are
irreconcilable. They agreed to insist in the convention 'that the
legislatures of the individual states ought not to possess a right to
emit bills of credit for a currency, or in any manner to obstruct the
recovery of debts, whereby the interests of foreigners or the citizens
of any other state may be affected.'
"The refusal of the convention to confer on the legislature of the
United States the power to emit bills of credit or irredeemable paper
money in any form is so complete that, according to all rules by
which public documents are interpreted, it should not be treated as
questionable; but as the truth in this case is of infinite importance,
and has been questioned by those in authority, the wrong done to the
Constitution may justify a simple narrative of the facts, which ample
and indisputable records establish, and which no power can alter.
"The journal of the convention for framing the Constitution was kept
under the supervision of its members, and its authority is vouched for
by Washington, not only as the presiding officer of the convention, but
as President of the United States in a special message to Congress.
"By a clause in the ninth article of confederation of the United States
of America, and only by that clause, the confederated states had
authority 'to emit bills on the credit of the United States.'
"Of the legislature of the United States, under our present
constitution, the court insists that 'Congress is clearly authorized to
emit Bills of Credit.' But is it so?
Public-domain text, read in full here on John Shaqi.
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