Madison, agreeing with the journal of the convention, records that the grant of power to emit bills of credit was refused by a majority of more than four to one. The evidence is perfect; no power to emit paper money was granted to the legislature of the United States.
Tag: George Bancroft
(1800-1891) American historian, U.S. Secretary of the Navy (1845-1846), established the United States Naval Academy at Annapolis in 1845.