The Critical Period of American HistoryFiske, John
History
The Critical Period of American History
Fiske, John
United States -- History -- Confederation, 1783-1789
device had been resorted to again and again, after its evils had been
thrust before everybody's eyes; and he proved himself a true prophet
when he said that if the United States should ever again have a great
war to conduct, people would have forgotten all about these things, and
would call for fresh issues of inconvertible paper, with similar
disastrous results. Now was the time to stop it once for all. "Yes,"
echoed Roger Sherman, "this is the favourable crisis for crushing paper
money." "This is the time," said his colleague, Ellsworth, "to shut and
bar the door against paper money, which can in no case be necessary.
Give the government credit, and other resources will offer. The power
may do harm, never good." There was no way, he added, in which powerful
friends could so soon be gained for the new constitution as by
withholding this power from the government. James Wilson took the same
view. "It will have the most salutary influence on the credit of the
United States," said he, "to remove the possibility of paper money."
"Rather than grant the power to Congress," said John Langdon, "I would
reject the whole plan." "The words which grant this power," said George
Read of Delaware, "if not struck out, will be as alarming as the mark of
the Beast, in the Apocalypse." On none of the subjects that came up for
discussion during that summer was the convention more nearly unanimous
than in its condemnation of paper money. The only delegate who ventured
to speak in its favour was Mercer of Maryland. What Hamilton would have
said, if he had been present that day, we may judge from his vigorous
words published some time before. The power to emit an inconvertible
paper as a sign of value ought never hereafter to be used; for in its
very nature, said he, it is "pregnant with abuses, and liable to be made
the engine of imposition and fraud, holding out temptations equally
pernicious to the integrity of government and to the morals of the
people." Paterson called it "sanctifying iniquity by law." The same
views were entertained by Washington and Madison. There were a few
delegates, however, who thought it unsafe to fetter Congress absolutely.
To use Luther Martin's expression, they did not set themselves up to be
"wise beyond every event." George Mason said 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. The late war," he
thought, "could not have been carried on had such a prohibition
existed." Randolph spoke to the same effect. It was finally decided, by
the vote of nine states against New Jersey and Maryland, that the power
to issue inconvertible paper should not be granted to the federal
government. An express prohibition, such as had been adopted for the
separate states, was thought unnecessary. It was supposed that it was
enough to withhold the power, since the federal government would not
venture to exercise it unless expressly permitted in the Constitution.
Public-domain text, read in full here on John Shaqi.
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