State and Federal Bills of Credit, Etc. [pp. 455-485]

1853.] Bills of Cr~djt. 469
had excited the disgust of all the respectable part of America. By
withholding the power from the new Government, 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.
"Mr. 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.
"Mr. Wilson-it will have a most salutary influence on the
credit of the United States to remove the possibility of paper money.
This expedient can never succeed whilst its mischiefs are remem
bered; and as long as it can he resorted to, it will be a bar to other
resources.
"Mr. Butler remarked that paper was a legal tender in no country in Europe. lle was urgent for disarming the Government of
such a power.
"Mr. Mason was still averse to tying the hands of the Legislature altogether. If there was no example in Europe, as just remarked, it might be observed, on the other side, that there was
none in which the Government was restrained on this head.
"Mr. Read thought the words, if not struck out, would be as
alarming as the mark of the beast in Revelations.
"Mr. Langdon had rather reject the whol,e plan (of Government)
than retain the three words`and emit bills.
"On the motion for striking out, the vote stood as f6llows, viz:
"New- Iiampshire, Massachusetts, Connecticut, P~nnsyl vania, Delaware, Virginia, * North-Carolina, South-Carolina, Georgia-Ayes 9.
"NewJersey, M~nv~~un-Wo. 2."
We continue our quotations from the proceedings of the Convention, in session August 28, 1~8~, Art. 12th being taken`ip-(No
State shall enter into any treaty, alliance or confederation; grant
letters of marque br reprisal; coin money, etc.)
"Mr.`Wilson and Mr. Sherma~i moved to insert after the words
co~n m6ney,' the words`nor emit Bills of Credit, nor make any
thing but gold and silver coin a tender in payment of debts;"-making these prohibitions absolute, instead of making the measures allowable, as in the 13th Article, with the consent of the Legislature
of the United States.
*` This vote in the affirmative by Virginia, was occasioned by the acquiescence of Mr. Madison, who became satisfied that striking out the words
would not disable the Government from using public notes as far as they could
be safe and proper, and would only cut off the pretext for a paper currency,
and particularly for making the bills a tender, either for public or private
debts."