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Madison's
Notes On The Federal Convention
Thursday, August 16, 1787
In Convention of the Whole
Mr. Govr 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.
Mr Butler, 2ds. the motion.
Mr. 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.
Mr. Govr. 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.
Mr. 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. Congs. 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 foresee all emergences,
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.
Mr 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
Mr. 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 Governt. 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, nothwithstanding 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 U. States to remove the possibility of paper money. This
expedient can never succeed whilst its mischiefs are remembered. And
as long as it can be resorted to, it will be a bar to other
resources.
Mr. Butler. remarked that paper was a legal tender in no Country in
Europe. He 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 whole plan than retain the three
words "(and emit bills").
On the motion for striking out
N. H. ay- Mas. ay. Ct. ay. N-J. no. Pa. ay. Del. ay. Md. no. Va.
ay.8 N. C- ay. S. C. ay. Geo. ay. Ayes -- 9; noes -- 2.]
The clause for borrowing money, agreed to nem. con.
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