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George Bancroft, United States Constitution, U.s. Supreme Court


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"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."

-- George Bancroft

(1800-1891) American historian, U.S. Secretary of the Navy (1845-1846), established the United States Naval Academy at Annapolis in 1845

Source: A Plea for the Constitution (1886)




"No state shall emit bills of credit, make any thing but gold

and silver coin a tender in payment of debts, coin money..."

-- United States Constitution

Source: United States Constitution, Article One, Section Ten




"Emitting bills of credit, or the creation of money by private corporations,

is what is expressly forbidden by Article 1, Section 10 of the U.S. Constitution."

-- U.S. Supreme Court

Source: Craig v. Missouri, 4 Peters 410.


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