RECORDS OF THE FEDERAL CONVENTION 439 T?.?day MADISON August z8 Art: XII being taken Mr. Wilson & Mr. Sherman moved to insert after the words "coin money" the words "nor emit bills of credit, nor make any thing but gold & silver coin a tender in payment of debts" making these prohibitions absolute, instead of (making the measures allowable) (as in the XIII art:) with the consent of the Legislature of the U.S. ? Mr. Ghorum thought the purpose would be as well secured by the provision of art: XIII which makes the consent of the Genl. Legislature necessary, and that in that mode, no oppo- sition would be excited; whereas an absolute prohibition of paper money would rouse the most desperate opposition from its partizans --?8 Mr. Sherman thought this a favorable crisis for crushing paper money. If the consent of the Legislature could author- ize emissions of it, the friends of paper money would make every exertion to get into the Legislature in order to license it. The question being divided: on the ISt. part--"nor emit bills of credit" N.H. ay. Mas. ay. Ct. ay. Pa. ay-- Del. ay. Md divd. Va. no. N-- C-- ay-- S-- C. ay. Geo. ay. [Ayes--8; noes- I; divided- I.] The remaining part of Mr. Wilson's & Sherman's motion, was agreed to nero: con: Mr King moved to add, in the words used in the Ordi- nance of Congs establishing new States, a prohibition on the States to interfere in private contracts. Mr. Govt. Morris. This would be going too far. There are a thousand laws relating to bringing actions- limitations of actions & which affect contracts-- The Judicial power of the U-- S-- will be a protection in cases within their juris- diction; and within the State itself a majority must rule, whatever may be the mischief done among themselves. 1? Article XII. "No state shall coin money; nor grant letters of marque and reprisals; nor enter into any treaty, alliance, or confederation; nor grant any title of Nobility." ?* Upon this questlon, see Appendix A, CXXIII, CLVIII (7ow?-), CCXXIX, CCCLXXV. ? Crossed out "of that expedient sort of medicines". x, Martin voted in the negative, see Appendix A, CLVIII (69).
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