The Journal of the Debates in the Convention which Framed the Constitution of the United States, May-September 1787. Volume 2Madison, James
History
The Journal of the Debates in the Convention which Framed the Constitution of the United States, May-September 1787. Volume 2
Madison, James
Constitutional law -- United States; Constitutions -- United States; United States. Constitution
Clause for regulating commerce with foreign nations &c. agreed
to nem. con.
for coining money. ag^d to nem. con.
for regulating foreign coin. d^o d^o.
for fixing standard of weights & measures. d^o d^o.
"To establish post-offices," M^r Gerry moved to add, and post-roads. M^r
Mercer 2^{ded}. & on question
N.H. no. Mass. ay. C^t no. N.J. no. Pen^a no. Del. ay. M^d ay.
V^a ay. N.C. no. S.C. ay. Geo. ay.
M^r Gov^r Morris moved to strike out "and emit bills on the credit of
the U. States"--If the United States had credit such bills would be
unnecessary; if they had not, unjust & useless.
M^r Butler, 2^{ds} the motion.
M^r Madison, will it not be sufficient to prohibit the making them a
_tender_? This will remove the temptation to emit them with unjust
views. And promissory notes in that shape may in some emergencies be
best.
M^r Gov^r Morris, striking out the words will leave room still for notes
of a _responsible_ minister which will do all the good without the
mischief. The Monied interest will oppose the plan of Government, if
paper emissions be not prohibited.
M^r Ghorum was for striking out, without inserting any prohibition, if
the words stand they may suggest and lead to the measure.
Col. Mason had doubts on the subject. Cong^s he thought would not have
the power unless it were expressed. Though he had a mortal hatred to
paper money, yet as he could not forsee all emergencies, he was
unwilling to tie the hands of the Legislature. He observed that the late
war could not have been carried on, had such a prohibition existed.
Mr. Ghorum. The power as far as it will be necessary or safe, is
involved in that of borrowing.
M^r Mercer was a friend to paper money, though in the present state &
temper of America, he should neither propose nor approve of such a
measure. He was consequently opposed to a prohibition of it altogether.
It will stamp suspicion on the Government to deny it a discretion on
this point. It was impolitic also to excite the opposition of all those
who were friends to paper money. The people of property would be sure to
be on the side of the plan, and it was impolitic to purchase their
further attachment with the loss of the opposite class of Citizens.
M^r Elseworth thought this a favorable moment to shut and bar the door
against paper money. The mischiefs of the various experiments which had
been made, were now fresh in the public mind and had excited the disgust
of all the respectable part of America. By withholding the power from
the new Govern^t more friends of influence would be gained to it than by
almost any thing else. Paper money can in no case be necessary. Give the
Government credit, and other resources will offer. The power may do
harm, never good.
M^r Randolph, notwithstanding his antipathy to paper money, could not
agree to strike out the words, as he could not foresee all the occasions
that might arise.
Public-domain text, read in full here on John Shaqi.
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