CH. XXXIII.]
PROHIBITIONS—PAPER MONEY.
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ture, leading more or less directly to the same general injury to the country. That the making of bills of credit a tender was the most pernicious of their characteristics, will not authorize us to convert a general prohibition into a particular one.[1]
§ 1361. But the argument itself is not borne out by the facts. The history of our country does not prove, that it was an essential quality of bills of credit, that they should be a tender in payment of debts; or that this was the only mischief resulting from them. Bills of credit were often issued by the colonies, and by the several states afterwards, which were not made a legal tender; but were made current, and simply receivable in discharge of taxes and other dues to the public.[2] None of the bills of credit, issued by congress during the whole period of the revolution, were made a legal tender; and indeed it is questionable, if that body possessed the constitutional authority to make them such. At all events they never did attempt it; but recommended, (as has been seen,) that the states should make them a tender.[3] The act of parliament- ↑ Craig v. State of Missouri, 4 Peters's Sup. Ct. R. 433, 434.
- ↑ The bills of credit issued by Massachusetts in 1690 (the first ever issued in any colony) were in the following form: "No. — , 10s. This indented bill often shillings, due from the Massachusetts Colony to the possessor, shall be in value equal to money, and shall be accordingly accepted by the treasurer, and receivers subordinate to him, in all public payments, and for any stock at any time in the treasury, Boston, in New-England, Dec. the 10th, 1690. By order of the General Court: Peter Townsend, Adam Winthrop, Tim. Thornton, Committee." So, that it was not, in any sense, a tender, except in discharge of public debts. 3 Mass. Hist. Collections, (2d series,) p. 260, 261. The bills of credit of Connecticut, passed before the revolution, were of the same general character and operation. They were not made a tender in payment of private debts. The emission of them was begun in 1709, and continued, at least, for nearly a half century. The acts, authorizing the emission, generally contained a clause for raising a tax to redeem them.
- ↑ Craig v. State of Missouri, 4 Peters's Sup. Ct. R. 434, 435, 436, 442, 443.
