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 eighth clause of the seventh article, in the first draft of the
Constitution, was as follows: 'The legislature of the United States
shall have the power to borrow money and emit bills on the credit of
the United States.' The journal of the convention for August 16th
makes this record: 'It was moved and seconded to strike out the words
"and emit bills," and the motion to strike out these words "passed in
the affirmative. Yeas: New Hampshire, Massachusetts, Connecticut,
Pennsylvania, Delaware, Virginia, North Carolina, South Carolina,
Georgia--9. Nays: New Jersey, Maryland--2." So the convention by a
vote of more than four to one, refused to grant to the legislature of
the United States the power "to emit bills on the credit of the United
States."'
"For the interpretation of this record, Madison, the best possible
witness, has left this note: 'Striking out the words cut off the
pretext for a paper currency, and particularly for making the bills a
tender either for public or private debts.'
"Madison was the chief author of the new Constitution. Its opponent,
Luther Martin, the attorney-general of Maryland, a delegate to the
Federal Convention and present at the debate, read to the Maryland
House of Delegates a paper, in which he gave his account of the purpose
of the Convention; his evidence agrees exactly with that of Madison,
and for nearly a hundred years his fidelity as a witness was as little
questioned as that of Madison. Here are two witnesses: Madison, who
approved the prohibition, and Martin, who condemned it; the court
pushes the testimony of Madison aside as if he had 'not explained
himself,' though on the point in question his words are as clear as
sunlight. The address of Martin the court rejects as a 'philippic,'
though it contains not a word of invective against any individual, and
does contain the clearly expressed wish of its author 'not to wound the
feelings of any person.'
"We have a record of what was spoken and of what was done in the
Federal Convention kept by Madison, who took upon himself the most
solemn engagement to preserve the truth for the instruction of coming
generations, and whose opportunity, capacity, and integrity no one
questions. His report of what was said and done on the 16th of August
in the Federal Convention preserves the testimony of many witnesses,
taken down as it were by the most capable notary.
Public-domain text, read in full here on John Shaqi.
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