§；1335。InEnglandthisisahighprerogativewrit，issuingoutoftheCourtofKing’sBench，notonlyintermtime，butinvacation，andrunningintoallpartsoftheking’sdominions；foritissaid，thatthekingisentitled，atalltimes，tohaveanaccount，whythelibertyofanyofhissubjectsisrestrained。Itisgrantable，however，asamatterofright，exmeritojustitiæ；，upontheapplicationofthesubject。16InEngland，however，thebenefitofitwasofteneludedpriortothereignofCharlestheSecond；andespeciallyduringthereignofCharlestheFirst。
ThesepitifulevasionsgaverisetothefamousHabeasCorpusActof31
Car。2，c。2，whichhasbeenfrequentlyconsidered，asanothermagnachartainthatkingdom；andhasreducedthegeneralmethodofproceedingsonthesewritstothetruestandardoflawandliberty。17Thatstatutehasbeen，insubstance，incorporatedintothejurisprudenceofeverystateintheUnion；andtherighttoithasbeensecuredinmost，ifnotinall，ofthestateconstitutionsbyaprovision，similartothatexistingintheconstitutionoftheUnitedStates。18Itisnotwithoutreason，therefore，thatthecommonlawwasdeemedbyourancestorsapartofthelawoftheland，broughtwiththemupontheiremigration，sofar，asitwassuitedtotheircircumstances；sinceitaffordstheamplestprotectionfortheirrightsandpersonalliberty。CongresshavevestedinthecourtsoftheUnitedStatesfullauthoritytoissuethisgreatwrit，incasesfallingproperlywithinthejurisdictionofthenationalgovernment。19
§；1336。Itisobvious，thatcasesofapeculiaremergencymayarise，whichmayjustify，nayevenrequire，thetemporarysuspensionofanyrighttothewrit。Butasithasfrequentlyhappenedinforeigncountries，andeveninEngland，thatthewrithas，uponvariouspretextsandoccasions，beensuspended，wherebypersonsapprehendeduponsuspicionhavesufferedalongimprisonment，sometimesfromdesign，andsometimes，becausetheywereforgotten，20therighttosuspenditisexpresslyconfinedtocasesofrebellionorinvasion，wherethepublicsafetymayrequireit。Averyjustandwholesomerestraint，whichcutsdownatablowafruitfulmeansofoppression，capableofbeingabusedinbadtimestotheworstofpurposes。Hithertonosuspensionofthewrithaseverbeenauthorizedbycongresssincetheestablishmentoftheconstitution。21Itwouldseem，asthepowerisgiventocongresstosuspendthewritofhabeascorpusincasesofrebellionorinvasion，thattherighttojudge，whetherexigencyhadarisen，mustexclusivelybelongtothatbody。22
§；1337。Thenextclauseis，\"Nobillofattainderorexpostfactolawshallbepassed。\"
§；1338。Billsofattainder，astheyaretechnicallycalled，aresuchspecialactsofthelegislature，asinflictcapitalpunishmentsuponpersonssupposedtobeguiltyofhighoffences，suchastreasonandfelony，withoutanyconvictionintheordinarycourseofjudicialproceedings。Ifanactinflictsamilderdegreeofpunishmentthandeath，itiscalledabillofpainsandpenalties。23Butinthesenseoftheconstitution，itseems，thatbillsofattainderincludebillsofpainsandpenalties；fortheSupremeCourthavesaid，\"Abillofattaindermayaffectthelifeofanindividual，ormayconfiscatehisproperty，orboth。\"24Insuchcases，thelegislatureassumesjudicialmagistracy，pronouncingupontheguiltofthepartywithoutanyofthecommonformsandguardsoftrial，andsatisfyingitselfwithproofs，whensuchproofsarewithinitsreach，whethertheyareconformabletotherulesofevidence，ornot。Inshort，inallsuchcases，thelegislatureexercisesthehighestpowerofsovereignty，andwhatmaybeproperlydeemedanirresponsibledespoticdiscretion，beinggovernedsolelybywhatitdeemspoliticalnecessityorexpediency，andtoooftenundertheinfluenceofunreasonablefears，orunfoundedsuspicions。
Suchactshavebeenoftenresortedtoinforeigngovernments，asacommonengineofstate；andeveninEnglandtheyhavebeenpushedtothemostextravagantextentinbadtimes，reaching，aswelltotheabsentandthedead，astotheliving。SirEdwardCoke25hasmentionedittobeamongthetranscendentpowersofparliament，thatanactmaybepassedtoattaintaman，afterheisdead。Andthereigningmonarch，whowasslainatBosworth，issaidtohavebeenattaintedbyanactofparliamentafewmonthsafterhisdeath，notwithstandingtheabsurdityofdeeminghimatonceinpossessionofthethroneandatraitor。26Thepunishmenthasoftenbeeninflictedwithoutcallinguponthepartyaccusedtoanswer，orwithouteventheformalityofproof；andsometimes，becausethelaw，initsordinarycourseofproceedings，wouldacquittheoffender。27Theinjusticeandiniquityofsuchacts，ingeneral，constituteanirresistibleargumentagainsttheexistenceofthepower。Inafreegovernmentitwouldbeintolerable；andinthehandsofareigningfaction，itmightbe，andprobablywouldbe，abusedtotheruinanddeathofthemostvirtuouscitizens。28BillsofthissorthavebeenmostusuallypassedinEnglandintimesofrebellion，orofgrosssubserviencytothecrown，orofviolentpoliticalexcitements；periods，inwhichallnationsaremostliableaswellthefree，astheenslavedtoforgettheirduties，andtotrampleupontherightsandlibertiesofothers。29
§；1339。Ofthesameclassareexpostfactolaws，thatistosay，inaliteralsense，lawspassedaftertheactdone。Theterms，expostfactolaws，inacomprehensivesense，embraceallretrospectivelaws，orlawsgoverning，orcontrollingpasttransactions，whethertheyareofacivil，oracriminalnature。Andtherehavenotbeenwantinglearnedminds，thathavecontendedwithnosmallforceofauthorityandreasoning，thatsuchoughttobetheinterpretationofthetermsintheconstitutionoftheUnitedStates。30Asanoriginalquestion，theargumentwouldbeentitledtograveconsideration；
butthecurrentofopinionandauthorityhasbeensogenerallyoneway，astothemeaningofthisphraseinthestateconstitutions，aswellasinthatoftheUnitedStates，eversincetheiradoption，thatitisdifficulttofeel，thatitisnowanopenquestion。31Thegeneralinterpretationhasbeen，andis，thatthephraseappliestoactsofacriminalnatureonly；and，thattheprohibitionreacheseverylaw，wherebyanactisdeclaredacrime，andmadepunishableassuch，whenitwasnotacrime，whendone；orwherebytheact，ifacrime，isaggravatedinenormity，orpunishment；orwherebydifferent，orlessevidence，isrequiredtoconvictanoffender，thanwasrequired，whentheactwascommitted。
TheSupremeCourthavegiventhefollowingdefinition。\"Anexpostfactolawisone，whichrendersanactpunishableinamanner，inwhichitwasnotpunishable，whenitwascommitted。\"32Suchalawmayinflictpenaltiesontheperson，ormayinflictpecuniarypenalties，whichswellthepublictreasury。33Laws，however，whichmitigatethecharacter，orpunishmentofacrimealreadycommitted，maynotfallwithintheprohibition，fortheyareinfavourofthecitizen。34
§；1340。Thenextclausepassingbysuch，ashavebeenalreadyconsideredis，\"Nomoneyshallbedrawnfromthetreasurybutinconsequenceofappropriationsmadebylaw。Andaregularstatementandaccountofthereceiptsandexpendituresofallpublicmoneyshallbepublishedfromtimetotime。\"
§；1341。Thisclausewasnotintheoriginaldraftoftheconstitution；butthefirstpartwassubsequentlyintroduced，uponareportofacommittee；andthelatterpartwasaddedattheverycloseoftheconvention。35
§；1342。Theobjectisapparentupontheslightestexamination。Itistosecureregularity，punctuality，andfidelity，inthedisbursementsofthepublicmoney，Asallthetaxesraisedfromthepeople，aswellastherevenuesarisingfrothothersources，aretobeappliedtothedischargeoftheexpenses，anddebts，andotherengagementsofthegovernment，itishighlyproper，thatcongressshouldpossessthepowertodecide，howandwhenanymoneyshouldbeappliedforthesepurposes。
Ifitwereotherwise，theexecutivewouldpossessanunboundedpoweroverthepublicpurseorthenation；andmightapplyallitsmoniedresourcesathispleasure。Thepowertocontrol，anddirecttheappropriations，constitutesamostusefulandsalutarycheckuponprofusionandextravagance，aswellasuponcorruptinfluenceandpublicpeculation。Inarbitrarygovernmentstheprincelevieswhatmoneyhepleasesfromhissubjects，disposesofit，ashethinksproper，andisbeyondresponsibilityorreproof。Itiswisetointerpose，inarepublic，everyrestraint，bywhichthepublictreasure，thecommonfundofall，shouldbeapplied，withunshrinkinghonestytosuchobjects，aslegitimatelybelongtothecommondefence，andthegeneralwelfare。Congressismadetheguardianofthistreasure；andtomaketheirresponsibilitycompleteandperfect，aregularaccountofthereceiptsandexpendituresisrequiredtobepublished，thatthepeoplemayknow，whatmoneyisexpended，forwhatpurposes，andbywhatauthority。
§；1343。Alearnedcommentatorhas，however，thought，thattheprovision，thoughgenerallyexcellent，isdefectiveinnothavingenabledthecreditorsofthegovernment，andotherpersonshavingvestedclaimsagainstit，torecover，andtobepaidtheamountjudiciallyascertainedtobeduetothemoutofthepublictreasury，withoutanyappropriation。36Perhapsitisadefect。Andyetitisbynomeanscertain，thatevilsofanoppositenaturemightnotarise，ifthedebts，judiciallyascertainedtobedueto，anindividualbyaregularjudgment，weretobepaid，ofcourse，outofthepublictreasury。Itmightgiveanopportunityforcollusionandcorruptioninthemanagementofsuitsbetweentheclaimant，andtheofficersofthegovernment，entrustedwiththeperformanceofthisduty。Undoubtedly，whenajudgmenthasbeenfairlyobtained，bywhichadebtagainstthegovernmentisclearlymadeout，itbecomesthedutyofcongresstoprovideforitspayment；and，generally，thoughcertainlywithatardiness，whichhasbecome，insomesort，anationalreproach，thisdutyisdischargedbycongressinaspiritofjustliberality。
Butstill，theknownfact，thatthesubjectmustpassinreviewbeforecongress，inducesacautionandintegrityinmakingandsubstantiatingclaims，whichwouldinagreatmeasurebedoneaway，iftheclaimweresubjecttonorestraint，andnorevision。
§；1344。Thenextclauseis，\"NotitleofnobilityshallbegrantedbytheUnitedStates；andnopersonholdinganyofficeofprofitortrustunderthemshall，withouttheconsentofthecongress，acceptofanypresent，emolument，office，ortitleofanykindwhatever，fromanyking，prince，orforeignstate\"。
§；1345。Thisclauseseemsscarcelytorequireevenapassingnotice。Asaperfectequalityisthebasisofallourinstitutions，stateandnational，theprohibitionagainstthecreationofanytitlesofnobilityseemsproper，ifnotindispensable，tokeepperpetuallyaliveajustsenseofthisimportanttruth。Distinctionsbetweencitizens，inregardtorank，wouldsoonlaythefoundationofodiousclaimsandprivileges，andsilentlysubvertthespiritofindependenceandpersonaldignity，whicharesooftenproclaimedtobethebestsecurityofarepublicangovernment。37
§；1346。Theotherclause，astotheacceptanceofanyemoluments，title，oroffice，fromforeigngovernments，isfoundedinajustjealousyofforeigninfluenceofeverysort。Whether，inapracticalsense，itcanproducemucheffect，hasbeenthoughtdoubtful。Apatriotwillnotbelikelytobeseducedfromhisdutiestohiscountrybytheacceptanceofanytitle，orpresent，fromaforeignpower。Anintriguing，orcorruptagent，willnotberestrainedfromguiltymachinationsintheserviceofaforeignstatebysuchconstitutionalrestrictions。Still，however，theprovisionishighlyimportant，asitputsitoutofthepowerofanyofficerofthegovernmenttowearborrowedhonours，whichshallenhancehissupposedimportanceabroadbyatitulardignityathome。38Itissingular，thatthereshouldnothavebeenforthesameobject，ageneralprohibitionagainstanycitizenwhatever，whetherinprivateorpubliclife，acceptinganyforeigntitleofnobility。Anamendmentforthispurposehasbeenrecommendedbycongress；but，asyet，ithasnotreceivedtheratificationoftheconstitutionalnumberofstatestomakeitobligatory，probablyfromagrowingsense，thatitiswhollyunnecessary。39
1。Those，whichrespecttaxation，andtheregulationofcommerce，havebeenconsideredunderformerheads；towhichthelearnedreaderisreferred。Ante，Vol。II，ch。14，15。
2。Journ。ofConvention，p。222，275，276，285，291，292，358，378；2Pitk。Hist。ch。20，p。261，262。？Itiswellknown，asanhistoricalfact，thatSouth—CarolinaandGeorgiainsisteduponthislimitation，asaconditionoftheUnion。See2Elliot’sDeb。
335，336，3Elliot’sDeb。97。
3。See2Elliot’sDebates，335；1SecretJournalofCongress，378，379。
4。See3Elliot’sDebates，98，250，251；3Elliot’sDebates，335to338。？IntheoriginaldraftoftheDeclarationofIndependencebyMr。Jeffersonthereisaverystrongparagraphonthissubject，inwhichtheslave—tradeisdenounced，\"asapiraticalwarfare，theopprobriumofinfidelpowers，andthewarfareoftheChristiankingofGreatBritain，determinedtokeepopenamarket，wheremenshouldbeboughtandsold；\"anditisadded，that\"hehasprostitutedhisnegativeforsuppressingeverylegislativeattempttoprohibit，orrestrainthisexecrablecommerce。\"1Jefferson’sCorresp。146，inthefacsimileoftheoriginal。
5。TheFederalist，No。42。
6。Ibid。
7。TheFederalist，No。42；2Elliot’sDebates，335，336；3Elliot’sDebates，250，251。
8。2Elliot’sDebates，335，336；1Lloyd’sDeb。305to313；3Elliot’sDebates，97；Id。250，251；1Elliot’sDebates，60；1Tuck。Black。Comm。App。290。
9。Actof1820，ch。113。
10。See1Kent’sComm。Lect。9，p。179
to187。
11。Gibbonsv。Ogden，9Wheat。
R。1，216，217；Id。206，207。
12。3Black。Comm。131。
13。2Kent。Comm。Lect。24，p。22，&；c。
2edit。p。26to32。
14。1Black。Comm。136。
15。4Black。Comm。259。
16。4Inst。290；1Kent’sComm。Lect。
94，p。22，p。26to32；3Black。Comm。133。
17。3Black。Comm。135，136；2Kent’sComm。Lect。24，p。22，23，2dedit。p。26to32。
18。2Kent’sComm。Lect。24，p。23，24，2dedit。p。26to32。
19。ExparteBollman，&；c。
4Cranch，75；S。C。2Peters’sCond。R。33。
20。3Black。Comm。137，138；1Tuck。
Black。Comm。App。291，292。
21。Mr。Jeffersonexpressedadecidedobjectionagainstthepowertosuspendthewritofhabeascorpusinanycasewhatever，declaringhimselfinfavourof\"theeternalandunremittingforceofthehabeascorpuslaws。\"2Jefferson’sCorresp。274，291。？\"Why，\"
saidheonanotheroccasion，\"suspendthewritofhabeascorpusininsurrectionsandrebellions？\"？\"Ifthepublicsafetyrequires，thatthegovernmentshouldhaveamanimprisonedonlessprobabletestimonyinthose，thaninotheremergencies，lethimbetakenandtried，retakenandretried，whilethenecessitycontinues，onlygivinghimredressagainstthegovernmentfordamages。\"2Jefferson’sCorresp。344。？YettheonlyattemptevermadeincongresstosuspendthewritofhabeascorpuswasduringhisadministrationonoccasionofthesupposedtreasonableconspiracyofCol。AaronBurr。
Mr。Jeffersonsentamessagetocongressonthesubjectofthatconspiracyon22dJanuary，1807。Onthenextday，Mr。Gilesofthesenatemovedacommitteetoconsidertheexpediencyofsuspendingthewritofhabeascorpusbeappointed，andthemotionprevailed。ThecommitteeMr。Giles，chairman
reportedabillforthispurpose。Thebillpassedthesenate，andwasrejectedinthehouseofrepresentativesbyavoteof113fortherejection，against19initsfavour。See3SenateJournal，22dJanuary，1807，p。127；Id。
130，131。5Journ。ofHouseofRepresentatives，26thJanuary，1807，p。
550，551，552。
22。Martinv。Mott，12Wheat。
R。19。Seealso1Tuck。Black。Comm。App。292；1Kent’sComm。Lect。12，2dedit。p。262to265。
23。2Woodeson’sLawLect。625。
24。Fletcherv。Peck，6Cranch，R。138；S。C。2Peters’sCond。R。322；1Kent’sComm。Lect。19，p。382。
25。4Coke。Inst。36，37。
26。2Woodeson’sLect。623，624。
27。2Woodeson’sLect。624。
28。Dr。Paleyhasstronglyshownhisdisapprobationoflawsofthissort。Iquotefromhimashortbutpregnantpassage。\"thisfundamentalruleofciviljurisprudenceisviolatedinthecaseofactsofattainderorconfiscation，inbillsofpainsandpenalties，andinallexpostfactolawswhatever，inwhichparliamentexercisesthedoubleofficeoflegislatureandjudge。Andwhoevereitherunderstandsthevalueoftheruleitself，orcollectsthehistoryofthoseinstances，inwhichithasbeeninvaded，willbeinduced，Ibelieve，toacknowledge，thatithadbeenwiserandsafernevertohavedepartedfromit。Hewillconfess，atleast，thatnothingbutthemostmanifestandimmediateperilofthecommonwealthwilljustifyarepetitionofthesedangerousexamples。
Ifthelawsinbeingdonotpunishanoffender，lethimgounpunished；
letthelegislature，admonishedofthedefectofthelaws，provideagainstthecommissionorfuturecrimesofthesamesort。Theescapeofonedelinquentcanneverproducesomuchharmtothecommunity，asmayarisefromtheinfractionofarule，uponwhichthepurityofpublicjustice，andtheexistenceofcivilliberty，essentiallydepend。\"
29。See1Tucker’sBlack。Comm。App。
292，293；RawleonConst。ch。10，p。119。SeeCooperv。Telfair，4Dall。R。14。？Mr。Woodsson，inhisLawLectures，Lect。41，hasdevotedawholelecturetothissubject，whichisfullofinstruction，andwillrewardthediligentperusalofthestudent。2Woodeson’sLawLect。621。？DuringtheAmericanrevolutionthispowerwasusedwithameetunsparinghand；andithasbeenamatterofregretinsucceedingtimes，howevermuchitmayhavebeenapplaudedflagrantebello。
30。Mr。JusticeJohnson’sOpinioninSatterleev。Mathewson，2Peters’sR。416，andnote，id。App。681，&；c。；2Elliot’sDebates，353；4Wheat。R。578，note；Ogdenv。Saunders，12Wheat。R。286。
31。SeeCalderv。Bull，3Dall。
386；Fletcherv。Peck，6Cranch，138；S。C。1Peters’sCond。R。
172；2Peters’sCond。R。308；TheFederalist，No。44，84；Journ。ofConvention，Supp。p。431；2Amer。Mus。536；2Elliot’sDebates，343，352，354；Ogdenv。Saunders，12Wheat。R。266，303，329，330，335；1Kent。Comm。Lect。
19，p。381，382。
32。Fletcherv。Peck，6Cranch，138；S。C。2Peters’sCond。R。322。
33。Ibid。
34。RawleonConstitution，ch。10，p。
119；1Tuck。Black。Comm。App。293；1Kent。Comm。Lect。19，p。381，382；
SergeantonConstitution，ch。28[ch。30]；Calderv。Bull，3Dall。
R。386。
35。JournalofConvention。219，328，345，358，378。
36。1Tuck。Black。Comm。App。362to364。
37。TheFederalist，No。84。
38。1Tuck。Black。Comm。App。295，296；
RawleonConstitution，ch。10，p。119，120。
39。RawleonConstitution，ch。p。10，120。
JosephStory：CommentariesontheConstitutionoftheUnitedStates：
Book3Chapter33CHAPTERXXXIII。PROHIBITIONSONTHESTATES。§；1347。THEtenthsectionofthefirstarticletowhichwearenowtoproceedcontainstheprohibitionsandrestrictionsupontheauthorityofthestates。Someofthese，andespeciallythose，whichregardthepoweroftaxation，andtheregulationofcommerce，havealreadypassedunderconsideration；andwill，therefore，behereomitted。
Theotherswillbeexaminedintheorderofthetextoftheconstitution。
§；1348。Thefirstclauseis，\"Nostateshallenterintoanytreaty，alliance，orconfederation；grantlettersofmarqueorreprisal；coinmoney；emitbillsofcredit；makeanythingbutgoldandsilvercoinatenderinpaymentofdebts；passanybillofattainder，expostfactolaw，orlawimpairingtheobligationofcontracts，orgrantanytitleofnobility。\"1
§；1349。Theprohibitionagainsttreaties，alliances，andconfederations，constitutedapartofthearticlesofconfederation，2andwasfromthencetransferredinsubstanceintotheconstitution。Thesoundpolicy，nay，thenecessityofit，forthepreservationofanynationalgovernment，issoobvious，astostrikethemostcarelessmind。Ifeverystatewereatlibertytoenterintoanytreaties，alliances，orconfederacies，withanyforeignstate，itwouldbecomeutterlysubversiveofthepowerconfidedtothenationalgovernmentonthesamesubject。Engagementsmightbeenteredintobydifferentstates，utterlyhostiletotheinterestsofneighbouringordistantstates；andthustheinternalpeaceandharmonyoftheUnionmightbedestroyed，orputinjeopardy。Afoundationmightthusbelaidforpreferences，andretaliatorysystems，whichwouldrenderthepoweroftaxation，andtheregulationofcommerce，bythenationalgovernment，utterlyfutile。
Besides；theintimatedangerstotheUnionoughtnottobeoverlooked，bythusnourishingwithinitsownbosomaperpetualsourceofforeigncorruptinfluence，whichintimesofpoliticalexcitementandwar，mightbewieldedtothedestructionoftheindependenceofthecountry。This，indeed，wasdeemed，bytheauthorsoftheFederalist，toocleartorequireanyillustration。4Thecorrespondingclausesintheconfederationwerestillmorestrong，direct，andexact，intheirlanguageandimport。
§；1350。Theprohibitiontograntlettersofmarqueandreprisalstandsuponthesamegeneralground；forotherwiseitwouldbeinthepowerofasinglestatetoinvolvethewholeUnioninwaratitspleasure。Itistrue，thatthegrantingoflettersofmarqueandreprisalisnotalwaysapreliminarytowar，ornecessarilydesignedtoprovokeit。Butinitsessence，itisahostilemeasureforunredressedgrievances，realorsupposed；andthereforeismostgenerallytheprecursorofanappealtoarmsbygeneralhostilities。ThesecurityashasbeenjustlyobservedofthewholeUnionoughtnottobesufferedtodependuponthepetulanceorprecipitationofasinglestate。5Undertheconfederationtherewasalikeprohibitioninamorelimitedform。Accordingtothatinstrument，nostatecouldgrantlettersofmarqueandreprisal，untilafteradeclarationofwarbythecongressoftheUnitedStates。6Intimesofpeacethepowerwasexclusivelyconfidedtothegeneralgovernment。Theconstitutionhaswisely，bothinpeaceandwar，confidedthewholesubjecttothegeneralgovernment。Uniformityisthussecuredinalloperations，whichrelatetoforeignpowers；andanimmediateresponsibilitytothenationonthepartofthose，forwhoseconductthenationisitselfresponsible。7
§；1351。Thenextprohibitionistocoinmoney。Wehavealreadyseen，thatthepowertocoinmoney，andregulatethevaluethereof，isconfidedtothegeneralgovernment。Undertheconfederationaconcurrentpowerwasleftinthestates，witharestriction，thatcongressshouldhavetheexclusivepowertoregulatethealloy，andvalueofthecoinstruckbythestates。8Inthis，asinmanyothercases，theconstitutionhasmadeagreatimprovementupontheexistingsystem。Whilstthealloyandvaluedependedonthegeneralgovernment，arightofcoinageintheseveralstatescouldhavenoothereffect，thantomultiplyexpensivemints，anddiversifytheformsandweightsofthecirculatingcoins。Thelatterinconveniencewoulddefeatonemainpurpose，forwhichthepowerisgiventothegeneralgovernment，viz。uniformityofthecurrency；andtheformermightbeaswellaccomplishedbylocalmintsestablishedbythenationalgovernment，ifitshouldeverbefoundinconvenienttosendbullion，oroldcoinforre—coinagetothecentralmint。9Suchaneventcouldscarcelyoccur，sincethecommoncourseofcommercethroughouttheUnitedStatesissorapidandsofree，thatbullioncanwithaveryslightexpensebetransportedfromoneextremityoftheUniontoanother。Asinglemintonlyhasbeenestablished，whichhashithertobeenfoundquiteadequatetoallourwants。Thetruthis，thattheprohibitionhadahighermotive，thedangerofthecirculationofbaseandspuriouscoinconnivedatforlocalpurposes，oreasilyaccomplishedbytheingenuityofartificers，wherethecoinsareveryvariousinvalueanddenomination，andissuedfromsomanyindependentandunaccountableauthorities。Thissubjecthas，however，beenalreadyenlargedoninanotherplace。10
§；1352。Theprohibitionto\"emitbillsofcredit\"cannot，perhaps，bemoreforciblyvindicated，thanbyquotingtheglowinglanguageoftheFederalist，alanguagejustifiedbythatofalmosteverycontemporarywriter，andattestedinitstruthbyfacts，fromwhichthemindinvoluntarilyturnsawayatoncewithdisgustandindignation。
\"Thisprohibition，\"saystheFederalist，\"mustgivepleasuretoeverycitizeninproportiontohisloveofjustice，andhisknowledgeofthetruespringsofpublicprosperity。Theloss，whichAmericahassustainedsincethepeacefromthepestilenteffectsofpapermoneyonthenecessaryconfidencebetweenmanandman；onthenecessaryconfidenceinthepubliccouncils；ontheindustryandmoralsofthepeople；andonthecharacterofrepublicangovernment，constitutesanenormousdebtagainstthestates，chargeablewiththisunadvisedmeasure，whichmustlongremainunsatisfied；orratheranaccumulationofguilt，whichcanbeexpiatednootherwise，thanbyavoluntarysacrificeonthealtarofjusticeofthepower，whichhasbeentheinstrumentofit。Inadditiontothesepersuasiveconsiderations，itmaybeobserved，thatthesamereasons，whichshowthenecessityofdenyingtothestatesthepowerofregulatingcoin，provewithequalforce，thattheyoughtnottobeatlibertytosubstituteapapermedium，insteadofcoin。
Hadeverystatearighttoregulatethevalueofitscoin，theremightbeasmanydifferentcurrencies，asstates；andthustheintercourseamongthemwouldbeimpeded。Retrospectivealterationsinitsvaluemightbemade；andthusthecitizensofotherstatesbeinjured，andanimositiesbekindledamongthestatesthemselves。Thesubjectsofforeignpowersmightsufferfromthesamecause；andhencetheUnionbediscreditedandembroiledbytheindiscretionofasinglemember。Nooneofthesemischiefsislessincidenttoapowerinthestatestoemitpapermoney，thantocoingoldorsilver。\"11
§；1353。Theevilsattendantupontheissueofpapermoneybythestatesafterthepeaceof1783，herespokenof，areequallyapplicable，andperhapsapplywithevenincreasedforcetothepaperissuesofthestatesandtheUnionduringtherevolutionarywar。Public，aswellasprivatecredit，wasutterlyprostrated。12Thefortunesofmanyindividualsweredestroyed；andthoseofallpersonsweregreatlyimpairedbytherapidandunparalleleddepreciationofthepapercurrencyduringthisperiod。Intruth，thehistoryofthepapercurrency，whichduringtherevolutionwasissuedbycongressalone，isfullofmelancholyinstruction。Itisatoncehumiliatingtoourpride，anddisreputabletoournationaljustice。CongressatanearlyperiodNovember，1775，directedanemissionofbillsofcredittotheamountofthreemillionsofdollars；
anddeclaredonthefaceofthem，that\"thisbillentitlesthebearertoreceive？Spanishmilleddollars，orthevaluethereofingoldorsilver，accordingtoaresolutionofcongress，passedatPhiladelphia，November29th，1775。\"Andtheyapportionedataxofthreemillionsonthestates，inordertopaythesebills，toberaisedbythestatesaccordingtotheirquotasatfuturedesignatedperiods。Thebillsweredirectedtobereceivableinpaymentofthetaxes；andthethirteencolonieswerepledgedfortheirredemption。13Otheremissionsweresubsequentlymade。Thedepreciationwasanatural，andindeedanecessaryconsequenceofthefact，thattherewasnofundtoredeemthem。Congressendeavouredtogivethemadditionalcreditbydeclaring，thattheyoughttobeatenderinpaymentofallprivateandpublicdebts；andthatarefusaltoreceivethetenderoughttobeanextinguishmentofthedebt，andrecommendingthestatestopasssuchtenderlaws。Theywentevenfarther，andthoughtpropertodeclare，thatwhoevershouldrefusetoreceivethispaperinexchangeforanyproperty，asgoldandsilver，shouldbedeemed\"anenemytothelibertiesoftheseUnitedStates。\"14Thiscourseofviolenceandterror，sofarfromaidingthecirculationofthepaper，ledontostillfartherdepreciation。Newissuescontinuedtobemade，untilinSeptember，1779，thewholeemissionexceededonehundredandsixtymillionsofdollars。Atthistimecongressthoughtitnecessarytodeclare，thattheissuesonnoaccountshouldexceedtwohundredmillions；
andstillheldouttothepublicthedelusivehopeofanultimateredemptionofthewholeatpar。Theyindignantlyrepelledtheidea，inacircularaddress，thattherecouldbeanyviolationofthepublicfaith，pledgedfortheirredemption；orthattheredidnotexistamplefundstoredeemthem。Theyindulgedinstillmoreextraordinarydelusions，andventuredtorecommendpapermoney，asofpeculiarvalue。\"Letitberemembered，\"
saidthey，\"thatpapermoneyistheonlykindofmoney，whichcannotmaketoitselfwingsandflyaway。\"15
§；1354。Thestatesstillcontinuedtofailincomplyingwiththerequisitionsofcongresstopaytaxes；andcongress，notwithstandingtheirsolemndeclarationtothecontrary，increasedtheissueofpapermoney，untilitamountedtotheenormoussumofupwardsofthreehundredmillions。16Theideawasthenabandonedofanyredemptionatpar。InMarch，1780，thestateswererequiredtobringinthebillsatfortyforone；andnewbillswerethentobeissuedinlieuofthem，bearinganinterestoffivepercent，redeemableinsixyears，tobeissuedonthecreditoftheindividualstates，andguaranteedbytheUnitedStates。17Thisnewschemeoffinancewasequallyunavailing。Fewoftheoldbillswerebroughtin；andofcoursefewofthenewwereissued。Atlastthecontinentalbillsbecameofsolittlevalue，thattheyceasedtocirculate；
andinthecourseoftheyear1780，theyquietlydiedinthehandsoftheirpossessors。18Thuswereredeemedthesolemnpledgesofthenationalgovernment！19Thus，wasapapercurrency，whichwasdeclaredtobeequaltogoldandsilver，sufferedtoperishinthehandsofpersonscompelledtotakeit；
andtheveryenormityofthewrongmadethegroundofanabandonmentofeveryattempttoredressit！
§；1355。Withoutdoubtthemelancholyshadesofthispictureweredeepenedbytheurgentdistressesoftherevolutionarywar，andthereluctanceofthestatestoperformtheirproperduty。Andsomeapology，ifnotsomejustificationoftheproceedings，maybefoundintheeventfultransactionsandsufferingsofthosetimes。Butthehistoryofpapermoney，withoutanyadequatefundspledgedtoredeemit，andrestingmerelyuponthepledgeofthenationalfaith，hasbeeninallagesandinallnationsthesame。Ithasconstantlybecomemoreandmoredepreciated；
andinsomeinstanceshasceasedfromthiscausetohaveanycirculationwhatsoever，whetherissuedbytheirresistibleedictofadespot，orbythemorealluringorderofarepublicancongress。ThereisanabundanceofillustrativefactsscatteredoverthehistoryofthoseoftheAmericancolonies，whoventureduponthisperniciousschemeofraisingmoneytosupplythepublicwants，duringtheirsubjectiontotheBritishcrown；
andintheseveralstates，fromthedeclarationofindependencedowntothepresenttimes。EventheUnitedStates，withalmostinexhaustibleresources，andwithapopulationof9，000，000ofinhabitants，exhibitedduringthelatewarwithGreat—Britainthehumiliatingspectacleoftreasurynotes，issuedandpayableinayear，remainingunredeemed，andsunkbydepreciationtoabouthalfoftheirnominalvalue！
§；1356。Ithasbeenstatedbyaveryintelligenthistorian，thatthefirstcaseofanyissueofbillsofcreditinanyoftheAmericancolonies，asasubstituteformoney，wasbyMassachusettstopaythesoldiers，whoreturnedunexpectedlyfromanunsuccessfulexpeditionagainstCanada，in1690。Thedebt，thusduetothesoldiers，waspaidbypapernotesfromtwoshillingstotenpoundsdenomination，whichnotesweretobereceivedforpaymentofthetax，whichwastobelevied，andallotherpaymentsintothetreasury。20Itisadded，thattheyhadbettercreditthanKingJames’sleathermoneyinIrelandaboutthesametime。Butthenotescouldnotcommandmoney，noranycommoditiesatmoneyprice。21Beingofsmallamount，theyweresoonabsorbedinthedischargeoftaxes。
Atsubsequentperiodsthegovernmentresortedtosimilarexpedients。In1714，therebeingacryofascarcityofmoney，thegovernmentcaused£；50，000
tobeissuedinbillsofcredit，andin1716，£；100，000tobelenttotheinhabitantsforalimitedperiod，uponlandsmortgagedbythem，assecurity，andinthemeantimetopassasmoney。22Thesebillswerereceivableintothetreasuryindischargeoftaxes，andalsoofthemortgagedebtssocontracted。Otherbillswereafterwardsissued；
and，indeed，weareinformed，that，foraboutfortyyears，thecurrencyoftheprovincewasinmuchthesamestate，asif£；100，000sterlinghadbeenstampedonpiecesofleatherorpaper，ofvariousdenominations，anddeclaredtobethemoneyofthegovernment，receivableinpaymentoftaxes，andindischargeofprivatedebts。23Theconsequencewasaverygreatdepreciation，sothatanounceofsilver，which，in1702，wasworthsixshillingsandeightpence，was，in1749，equaltofiftyshillingsofthispapercurrency。24Itseems，thatalltheothercolonies，exceptNovaScotia，atdifferenttimesandforvariouspurposes，authorizedtheissueofpapermoney。25Therewasauniformtendencytodepreciation，whereveritwaspersistedin。26
§；1357。Itwouldseemtobeobvious，that，asthestatesareexpresslyprohibitedfromcoiningmoney，theprohibitionwouldbewhollyineffectual，iftheymightcreateapapercurrency，andcirculateitasmoney。But，asitmightbecomenecessaryforthestatestoborrowmoney，theprohibitioncouldnotbeintendedtopreventsuchanexerciseofpower，ongivingtothelenderacertificateoftheamountborrowed，andapromisetorepayit。
§；1358。What，then，isthetruemeaningofthephrase\"billsofcredit\"intheconstitution？Initsenlarged，andperhapsinitsliteralsense，itmaycomprehendanyinstrument，bywhichastateengagestopaymoneyatafuturedayandofcourse，forwhichitobtainsapresentcredit；andthusitwouldincludeacertificategivenformoneyborrowed。Butthelanguageoftheconstitutionitself，andthemischieftobeprevented，whichweknowfromthehistoryofourcountry，equallylimittheinterpretationoftheterms。Theword\"emit\"isneveremployedindescribingthosecontracts，bywhichastatebindsitselftopaymoneyatafuturedayforservicesactuallyreceived，orformoneyborrowedforpresentuse。Norareinstruments，executedforsuchpurposes，incommonlanguagedenominated\"billsofcredit。\"Toemitbillsofcreditconveystothemindtheideaofissuingpaper，intendedtocirculatethroughthecommunityforitsordinarypurposes，asmoney，whichpaperisredeemableatafutureday。Thisisthesense，inwhichthetermsoftheconstitutionhavebeengenerallyunderstood。27Thephraseaswehaveseenwaswellknown，andgenerallyusedtoindicatethepapercurrency，issuedbythestatesduringtheircolonialdependence。
Duringthewarofourrevolutionthepapercurrencyissuedbycongresswasconstantlydenominated，intheactsofthatbody，billsofcredit；
andthelikeappellationwasappliedtosimilarcurrencyissuedbythestates。Thephrasehadthusacquiredadeterminateandappropriatemeaning。
Atthetimeoftheadoptionoftheconstitution，billsofcreditwereuniversallyunderstoodtosignifyapapermediumintendedtocirculatebetweenindividuals，andbetweengovernmentandindividuals，fortheordinarypurposesofsociety。
Suchamediumhasalwaysbeenliabletoconsiderablefluctuation。Itsvalueiscontinuallychanging；andthesechanges，oftengreatandsudden，exposeindividualstoimmenselosses，arethesourcesofruinousspeculations，anddestroyallproperconfidencebetweenmanandman。28Innocountry，morethanourown，hadthesetruthsbeenfeltinalltheirforce。Innonehadmoreintensesuffering，ormorewidespreadingruinaccompaniedthesystem。Itwas，therefore，theobjectoftheprohibitiontocutupthewholemischiefbytheroots，becauseithadbeendeeplyfeltthroughoutallthestates，andhaddeeplyaffectedtheprosperityofall。
Theobjectoftheprohibitionwasnottoprohibitthething，whenitboreaparticularname；buttoprohibitthething，whateverformornameitmightassume。Ifthewordsarenotmerelyemptysounds，theprohibitionmustcomprehendtheemissionofanypapermediumbyastategovernmentforthepurposesofcommoncirculation。29Itwouldbepreposteroustosuppose，thattheconstitutionmeantsolemnlytoprohibitanissueunderonedenomination，leavingthepowercompletetoissuethesamethingunderanother。Itcanneverbeseriouslycontended，thattheconstitutionmeanstoprohibitnames，andnotthings；todealwithshadows，andtoleavesubstances。Whatwouldbetheconsequenceofsuchaconstruction？Thataveryimportantact，bigwithgreatandruinousmischief，andonthataccountforbiddenbywordsthemostappropriateforitsdescription，mightyetbeperformedbythesubstitutionofaname。
Thattheconstitution，eveninoneofitsvitalprovisions，mightbeopenlyevadedbygivinganewnametoanoldthing。Callthethingabillofcredit，anditisprohibited。Callthesamethingacertificate，anditisconstitutional。30
§；1359。Butithasbeencontendedrecently，thatabillofcredit，inthesenseoftheconstitution，mustbesuchaone，asis，bythelawofthestate，madealegaltender。Buttheconstitutionitselffurnishesnocountenancetothisdistinction。Theprohibitionisgeneral；itextendstoallbillsofcredit，nottobillsofaparticulardescription。Andsurelynooneinsuchacaseisatlibertytointerposearestriction，whichthewordsneitherrequire，norjustify。Suchaconstructionisthelessadmissible，becausethereisinthesameclauseanexpressandsubstantiveprohibitionoftheenactmentoftenderlaws。If，therefore，theconstructionwereadmissible，theconstitutionwouldbechargeablewiththefollyofprovidingagainsttheemissionofbillsofcredit，whichcouldnot，inconsequenceofanotherprohibition，haveanylegalexistence。
TheConstitutionconsiderstheemissionofbillsofcredit，andtheenactmentoftenderlaws，asdistinctoperations，independentofeachother，whichmaybefrequentlyperformed。Bothareforbidden。Tosustaintheone，becauseitisnotalsotheother；tosay，thatbillsofcreditmaybeemitted，iftheyarenotmadeatenderinpaymentofdebts，is，ineffect，toexpungethatdistinct，independentprohibition，andtoreadtheclause，asifithadbeenentirelyomitted。31Noprincipleofinterpretationcanjustifysuchacourse。
§；1360。ThehistoryofpapermoneyintheAmericancoloniesandstatesisoftenreferredtoforthepurposeofshowing，thatoneofitsgreatmischiefswasitsbeingmadealegaltenderinthedischargeofdebts；andhencetheconclusionisattemptedtobeadduced，thatthewordsoftheconstitutionmayberestrainedtothisparticularintent。But，ifitweretrue，thattheevilsofpapermoneyresultedsolelyfromitsbeingmadeatender，itwouldbewhollyunjustifiableonthisaccounttonarrowdownthewordsoftheconstitution，uponamereconjectureofintent，notderivablefromthosewords。Aparticularevilmayhaveinducedalegislaturetoenactalaw；butnoonewouldimagine，thatitslanguage，ifgeneral，oughttobeconfinedtothatsinglecase。Theleadingmotiveforaconstitutionalprovisionmayhavebeenaparticularmischief；butitmayyethavebeenintendedtocutdownallothersofalikenature，leadingmoreorlessdirectlytothesamegeneralinjurytothecountry。
Thatthemakingofbillsofcreditatenderwasthemostperniciousoftheircharacteristics，willnotauthorizeustoconvertageneralprohibitionintoaparticularone。32
§；1361。Buttheargumentitselfisnotborneoutbythefacts。Thehistoryofourcountrydoesnotprove，thatitwasanessentialqualityofbillsofcredit，thattheyshouldbeatenderinpaymentofdebts；orthatthiswastheonlymischiefresultingfromthem。Billsofcreditwereoftenissuedbythecolonies，andbytheseveralstatesafterwards，whichwerenotmadealegaltender；butweremadecurrent，andsimplyreceivableindischargeoftaxesandotherduestothepublic。33Noneofthebillsofcredit，issuedbycongressduringthewholeperiodoftherevolution，weremadealegaltender；andindeeditisquestionable，ifthatbodypossessedtheconstitutionalauthoritytomakethemsuch。Atalleventstheyneverdidattemptit；butrecommended，ashasbeenseen，thatthestatesshouldmakethematender。34Theactofparliamentof24Geo。
2，ch。53，isequallystrongonthispoint。ItprohibitedanyoftheNew—Englandcoloniesfromissuinganynewpaperbills，or\"billsofcredit，\"exceptupontheemergenciespointedoutintheact；andrequiredthosecoloniestocallin，andredeemalltheoutstandingbills。Itthenproceededtodeclare，thatafterSeptember，1751，no\"papercurrencyorbillsofcredit，\"
issued，orcreatedinanyofthosecolonies，shouldbealegaltender，withaproviso，thatnothingthereincontainedshouldbeconstruedtoextendtomakeanyofthebills，thensubsisting，alegaltender。
§；1362。Anothersuggestionhasbeenmade；
thatpapercurrency，whichhasafundassignedforitsredemptionbythestate，whichauthorizesitsissue，doesnotconstitutionallyfallwithinthedescriptionof\"billsofcredit。\"Thelatterwordsitissaidappropriatelyimportbillsdrawnoncreditmerely，andnotbottomeduponanyrealorsubstantialfundfortheirredemption；andthereisamaterial，andwellknowndistinctionbetweenabilldrawnuponafund，andonedrawnuponcreditonly。35Inconfirmationofthisreasoning，ithasbeensaid，thattheemissionsofpapermoneybythestates，previoustotheadoptionoftheconstitution，were，properlyspeaking，billsofcredit，notbeingbottomeduponanyfundconstitutedfortheirredemption，butrestingsolely，forthatpurpose，uponthecreditofthestateissuingthesame。Butthisargumenthasbeendeemedunsatisfactoryinitsownnature，andnotsustainedbyhistoricalfacts。Allbillsissuedbyastate，whetherspecialfundsareassignedfortheredemptionofthemornot，areinfactissuedonthecreditofthestate。Ifthesefundsshouldfromanycausefail，thebillswouldbestillpayablebythestate。Ifthesefundsshouldbeappliedtootherpurposes，astheymaybebythestate，orwithdrawnfromthereachofthecreditor，thestateisnotlessliablefortheirpayment。Noexclusivecreditisgiven，inanysuchcase，tothefund。Ifabillorcheckisdrawnonafundbyaprivateperson，itisdrawnalsoonhiscredit，andifthebillisrefusedpaymentoutofthefund，thedrawerisstillpersonallyresponsible。Congresshas，undertheconstitution，powertoborrowmoneyonthecreditoftheUnitedStates。Butitwouldnotbelessborrowingonthatcredit，thatfundsshouldbepledgedforthere—paymentoftheloan；such，forinstance，astherevenuefromduties，ortheproceedsofthepubliclands。Ifthesefundsshouldfail，orbediverted，thelenderwouldstilltrusttothecreditofthegovernment。But，inpointoffact，thebillsofcredit，issuedbythecoloniesandstates，weresometimeswithadirectorimpliedpledgeoffundsfortheirredemption。Theconstitutionitselfpointsoutnodistinctionbetweenbillsoftheonesortortheother。Andtheactof94Geo。2d。ch。53requires，thatwhenbillsofcreditareissuedbythecoloniesintheemergenciesthereinstated，anampleandsufficientfundshall，bytheactsauthorizingtheissue，beestablishedforthedischargeofthesamewithinfiveyearsatthefarthest。So，thatthereispositiveevidence，thatthephrase，\"billsofcredit，\"wasunderstoodinthecoloniestoapplytoallpapermoney，whetherfundswereprovidedfortherepaymentornot。36
§；1363。Thissubjectunderwentanamplediscussioninalatecase。ThestateofMissouri，withaviewtorelievethesupposednecessitiesofthetimes，authorizedtheestablishmentofcertainloan—officestoloancertainsumstothecitizensofthatstate，forwhichtheborrowersweretogivesecuritybymortgageofrealestate，orpersonalproperty，redeemableinalimitedperiodbyinstalments。Theloansweretobemadeincertificates，issuedbytheauditorandtreasurerofthestate，ofvariousdenominations，betweentendollarsandfiftycents，allofwhich，ontheirface，purportedtobereceivableatthetreasury，oranyoftheloanofficesofthestate，inthedischargeoftaxesordebtsduetothestateforthesumof？withinterestforthesameattwopercentumperannum。Thesecertificateswerealsomadereceivableinpaymentofallsaltatthesaltsprings；andbyallpublicofficers，civilandmilitary，indischargeoftheirsalariesandfeesofoffice。Anditwasdeclared，thattheproceedsofthesaltsprings，theinterestaccruingtothestate，andallestatespurchasedunderthesameact，andalldebtsduetothestate，shouldbeconstitutedafundfortheredemptionofthem。
Thequestionmadewas，whethertheywere\"billsofcredit，\"withinthemeaningoftheconstitution。Itwascontended，thattheywerenot；theywerenotmadealegaltender，nordirectedtopassasmoney，orcurrency。
Theyweremereevidencesofloansmadetothestate，forthepaymentofwhichspecificandavailablefundswerepledged。Theyweremerelymadereceivableinpaymentoftaxes，orotherdebtsduetothestate。
§；1364。ThemajorityoftheSupremeCourtwereofopinion，thatthesecertificateswerebillsofcreditwithinthemeaningoftheconstitution。Thoughnotcalledbillsofcredit，theyweresoinfact。Theyweredesignedtocirculateascurrency，thecertificatesbeingtobeissuedinvariousdenominations，notexceedingtendollars，norlessthanfiftycents。Undersuchcircumstances，itwasimpossibletodoubttheirrealcharacterandobject，asapapercurrency。Theyweretobeemittedbythegovernment；andtheyweretobegraduallywithdrawnfromcirculationbyanannualwithdrawaloftenpercent。Itwaswhollyunnecessary，thattheyshouldbedeclaredtobealegaltender。Indeed，sofarasregardedthefeesandsalariesofpublicofficers，theywereso。37Theminoritywereofadifferentopinion，uponvariousgrounds。Onewas，thattheywereproperlytobedeemedaloanbythestate，andnotdesignedtobeacirculatingcurrency，andnotdeclaredtobesobytheact。Anotherwas，thattheyboreontheirfaceaninterest，andforthatreasonvariedinvalueeverymomentoftheirexistence，whichdisqualifiedthemfortheusesandpurposesofacirculatingmedium。Anotherwas，thatallthebillsofcreditoftherevolutioncontainedapromisetopay，whichthesecertificatesdidnot，butweremerelyredeemableindischargeoftaxes，&；c。Anotherwas，thattheywerenotissueduponthemerecreditofthestate；butfundswerepledgedfortheirredemption。
Anotherwas，thattheywerenotdeclaredtobealegaltender。Anotherwas，thattheircirculationwasnotenforcedbystatutoryprovisions。Nocreditorwasunderanyobligationtoreceivethem。Intheirnatureandcharacter，theywerenotcalculatedtoproduceanyoftheevils，whichthepapermoneyissuedintherevolutiondid，andwhichtheconstitutionintendedtoguardagainst。38
§；1365。Thenextprohibitionis，thatnostateshall\"makeanythingbutgoldandsilvercoin，atenderinpaymentofdebts。\"Thisclausewasmanifestlyfoundedinthesamegeneralpolicy，whichprocuredtheadoptionoftheprecedingclause。Thehistory，indeed，ofthevariouslaws，whichwerepassedbythestatesintheircolonialandindependentcharacteruponthissubject，isstartlingatoncetoourmorals，toourpatriotism，andtooursenseofjustice。Notonlywaspapermoneyissued，anddeclaredtobeatenderinpaymentofdebts；butlawsofanothercharacter，wellknownundertheappellationoftenderlaws，appraisementlaws，instalmentlaws，andsuspensionlaws，werefromtimetotimeenacted，whichprostratedallprivatecredit，andallprivatemorals。
Bysomeoftheselaws，theduepaymentofdebtswassuspended；debtswere，inviolationoftheverytermsofthecontract，authorizedtobepaidbyinstalmentsatdifferentperiods；propertyofanysort，howeverworthless，eitherrealorpersonal，mightbetenderedbythedebtorinpaymentofhisdebts；andthecreditorwascompelledtotakethepropertyofthedebtor，whichhemightseizeonexecution，atanappraisementwhollydisproportionatetoitsknownvalue。42Suchgrievances，andoppressions，andothersofalikenature，weretheordinaryresultsoflegislationduringtherevolutionarywar，andtheintermediateperioddowntotheformationoftheconstitution。Theyentailedthemostenormousevilsonthecountry；andintroducedasystemoffraud，chicanery，andprofligacy，whichdestroyedallprivateconfidence，andallindustryandenterprise。43
§；1366。Itismanifest，thatalltheseprohibitoryclauses，astocoiningmoney，emittingbillsofcredit，andtenderinganything，butgoldandsilver，inpaymentofdebts，arefoundeduponthesamegeneralpolicy，andresultfromthesamegeneralconsiderations。
Thepolicyis，toprovideafixedanduniformvaluethroughouttheUnitedStates，bywhichcommercialandotherdealingsofthecitizens，aswellasthemoniedtransactionsofthegovernment，mightberegulated。Foritmaywellbeasked，whyvestincongressthepowertoestablishauniformstandardofvalue，ifthestatesmightusethesamemeans，andthusdefeattheuniformityofthestandard，andconsequentlythestandarditself？Andwhyestablishastandardatallforthegovernmentofthevariouscontracts，whichmightbeenteredinto，ifthosecontractsmightafterwardsbedischargedbyadifferentstandard，orbythat，whichisnotmoney，undertheauthorityofstatetenderlaws？Alltheseprohibitionsare，therefore，entirelyhomogeneous，andareessentialtotheestablishmentofauniformstandardofvalueintheformationanddischargeofcontracts。Forthisreason，aswellasothersderivedfromthephraseologyemployed，theprohibitionofstatetenderlawswilladmitofnoconstructionconfiningittostatelaws，whichhavearetrospectiveoperation。44Accordingly，ithasbeenuniformlyheld，thattheprohibitionappliestoallfuturelawsonthesubjectoftender；andthereforenostatelegislaturecanprovide，thatfuturepecuniarycontractsmaybedischargedbyanything，butgoldandsilvercoin。45
§；1367。Thenextprohibitionis，thatnostateshall\"passanybillofattainder，expostfactolaw，orlawinpairingtheobligationofcontracts。\"Thetwoformerrequirenocommentary，beyondwhathasbeenalreadyoffered，underasimilarprohibitoryclauseappliedtothegovernmentoftheUnitedStates。Thesamepolicyandprinciplesapplytoeach。46Itwouldhavebeenutterlyuseless，ifnotabsurd，todenyapowertotheUnion，whichmightatthesametimebeappliedbythestates，topurposesequallymischievous，andtyrannical；andwhichmight，whenappliedbythestates，befortheverypurposeofsubvertingtheUnion。BeforetheconstitutionoftheUnitedStateswasadopted，everystate，unlessprohibitedbyitsownconstitution，mightpassabillofattainder，orexpostfactolaw，asageneralresultofitssovereignlegislativepower。Andsuchaprohibitionwouldnotbeimpliedfromaconstitutionalprovision，thatthelegislative，executive，andjudiciarydepartmentsshallbeseparate，anddistinct；thatcrimesshallbetriedinthecounty，wheretheyarecommitted；orthatthetrialbyjuryshallremaininviolate。Thepowertopasssuchlawswouldstillremain，atleastsofarasrespectscrimescommittedwithoutthestate。47Duringtherevolutionarywar，billsofattainder，andexpostfactoactsofconfiscation，werepassedtoawideextent；andtheevilsresultingtherefromweresupposed，intimesofmorecoolreflection，tohavefaroutweighedanyimaginedgood。
1。Intheoriginaldraftoftheconstitution，someoftheseprohibitoryclausesworenotinserted；and，particularly，thelastclause，prohibitingastatetopassanybillofattainder，expostfactolaw，orlawimpairingtheobligationofcontracts。Theformerpartwasinsertedbyavoteofsevenstatesagainstthree。Thelatterwasinsertedinthereviseddraftoftheconstitution，andadoptedatthecloseoftheconvention，whetherwith，orwithoutopposition，doesnotappear。3Itwasprobablysuggestedbytheclauseintheordinanceof1787，Art。2，whichdeclared，\"thatnolawoughttobemade，&；c。，thatshallinterferewith，oraffectprivatecontracts，orengagements，bonâ；fide，andwithoutfraud，previouslyformed。\"
2。Art。6。
3。JournalofConvention，p。227，302，377，379。
4。TheFederalist，No。44。
5。1Tucker’sBlack。Comm。App。310，311。
6。Article6。
7。TheFederalist，No。44；RawleonConstitution，ch。10，p。136。
8。Article9。
9。TheFederalist，No。44。
10。1Tuck。Black。Comm。App。311，312；
Id。261。Ante，Vol。3，p。16to20。
11。TheFederalist，No。44；2Elliot’sDebates，83。？SeeinMr。Webster’sSpeechesontheBankofUnitedStates，inSenate，25thand28thofMay，1832，somecogentremarksonthesamesubject。SeealsoMr。Madison’sLettertoMr。C。J。Ingersoll，2dofFebruary，1811。
12。SeeSturgisv。Crowninshield，4Wheat。R。204，205。
13。1JournalofCongress，1775，p。
186，280，304。
14。2JournalofCongress，11thJanuary，1776，p。21；14thJanuary，1777；3JournalofCongress，p。19，20；2Pitk。
Hist。ch。16，p。155，156。
15。See4JournalofCongress，9thDec。
1778，p。742，and5JournalorCongress，13thSept。1779，p。341to353；
2Pitk。Hist。ch。16，p。156，157。
16。IntheAmericanAlmanacfor1830，p。183，theaggregateamountisgivenat357，000，000oftheoldemission，and2，000，000ofthenewemission；uponwhichthewriteradds，\"therewasanaveragedepreciationoftwothirdsofitsoriginalvalue。\"Mr。Jeffersonhasgivenaninterestingaccountofthehistoryofpapermoneyduringtherevolution，inanarticlewrittenfortheEncyclopé；diaMé；thodique。
1Jefferson’sCorresp。398，401，411，412。
17。6JournalofConvention，18thMarch，1780，p。45to48。
18。2Pitkin’sHist。ch。16，p。156，157；1Jefferson’sCorresp。401，402，411，412。
19。Thetwelftharticleoftheconfederationdeclare，\"thatallbillsofcreditemitted，&；c。byorundertheauthorityofcongress，&；c。shallbedeemedandconsidered，asachargeagainsttheUnitedStates，forpaymentandsatisfactionwhereofthesaidUnitedStatesandthepublicfaithareherebysolemnlypledged。\"Whenwasthispledgeredeemed？Theactofcongressof1790，ch。61，fortheliquidationofthepublicdebt，directsbillsofcredittobeestimatedattherateofonehundreddollarsforonedollarinspecie。InMr。SecretaryHamilton’sReportonthepublicdebtandcreditinJanuary，1790，theunliquidatedpartofthepublicdebt，consistingchieflyofcontinentalbillsofcredit，wasestimatedattwomillionsofdollars。Whatwasthenominalamountofthebillsofcredit，whichthissumoftwomillionswasdesignedtocoveratitsspecievalue，doesnotappearintheReport。Butinthedebatesincongress，uponthebillfoundedonit，itwasasserted，thatitwascalculated，thattherewereabout78or80millionsofpapermoneythenoutstanding，valuedatadepreciationof40for1。3Lloyd’sDeb。282，283，288。
20。1Hutch。Hist。ch。3，p。402。
21。Ibid。
22。1Hutch。Hist。ch。3，p。403，note；
2Hutch。Hist。208，245，andnote；Id。380，381，403，404。
23。1Hutch。Hist。ch。3，p。402，403，andnoteibid。
24。Ibid。？Hutchinsonsays，that，in1747，thecurrencyhadsunktosixtyshillingsforanounceofsilver。
2Hutch。Hist。438。
25。1Hutch。Hist。ch。3，p。402403，andnoteibid。
26。4Peters’sSup。Ct。R。435。
27。Craigv。StateofMissouri，4Peters’sSup。Ct。R。410，432。
28。Craigv。StateofMissouri，4Peters’sSup。Ct。R。432，441，442。
29。Craigv。StateofMissouri，4Peters’sSup。Ct。R。432，441，442。
30。Id。432，433，441，442，443。Anactofparliamentwaspassed，24Geo。2，ch。53，regulatingandrestrainingtheissuesofpapermoneyandbillsofcreditintheNew—Englandcolonies，inwhichthelanguageuseddemonstrates，thatbillsofcreditwasaphraseconstantlyusedandunderstood，asequivalenttopapermoney。Theprohibitoryclausesforbidtheissueof\"anypaperbills，orbillsofcreditofanykind，ordenominationwhatsoever，\"&；c。，andconstantlyspeakof\"paperbillsorbillsofcredit，\"asequivalents。SeeDeeringv。Parker，4Dell。July1760，p。xiii。
31。Craigv。StateofMissouri，4Peters’sSup。Ct。R。433，434。
32。Craigv。StateofMissouri，4Peters’sSup。Ct。R。433，434。
33。ThebillsofcreditissuedbyMassachusettsin1690thefirsteverissuedinanycolonywereinthefollowingform：
\"No。？，10s。Thisindentedbilloftenshillings，duefromtheMassachusettsColonytothepossessor，shallbeinvalueequaltomoney，andshallbeaccordinglyacceptedbythetreasurer，andreceiverssubordinatetohim，inallpublicpayments，andforanystockatanytimeinthetreasury，Boston，inNew—England，Dec。the10th，1690。ByorderoftheGeneralCourt：
PeterTownsend，AdamWinthrop，Tim。Thornton，Committee。\"So，thatitwasnot，inanysense，atender，exceptindischargeofpublicdebts。3Mass。
Hist。Collections，2dseries，p。260，261。ThebillsofcreditofConnecticut，passedbeforetherevolution，wereofthesamegeneralcharacterandoperation。
Theywerenotmadeatenderinpaymentofprivatedebts。Theemissionofthemwasbegunin1709，andcontinued，atleast，fornearlyahalfcentury。
Theacts，authorizingtheemission，generallycontainedaclauseforraisingataxtoredeemthem。
34。Craigv。StateofMissouri，4Peters’sSup。Ct。R。434，435，436，442，443。
35。Craigv。StateofMissouri，4Peters’sSup。Ct。R。447。
36。See2Hutch。Hist。208，381。
37。Craigv。TheStateofMissouri，4Peters’sSup。Ct。R。410，425to438。
38。Someofthesegroundsapplyequallytosomeofthe\"billsofcredit，\"issuedbythecolonies。Infact，thesecertificatesseemtohavedifferedinfew，ifanyessentialcircumstances，fromthoseissuedbytheProvinceofMassachusettsin1714and1716，andhadthesamegeneralobjectsinviewbythesamemeans，viz。tomaketemporaryloanstotheinhabitantstorelievetheirwantsbyanissueofpapermoney。39Thebillsofcreditissuedbycongressin1780werepayablewithinterest。SowerethetreasurynotesissuedbycongressinthelatewarwithGreatBritain。Yetbothcirculatedandweredesignedtocirculateascurrency。Thebillsofcreditissuedbycongressintherevolutionwerenotmadealegaltender。40Ithasalsobeenalreadyseen，thatthefirstbillsofcrediteverissuedinAmerica，in1690，containednopromiseofpaymentbythestate，andweresimplyreceivableindischargeofpublicdues。41Mr。Jefferson，inthefirstvolumeofhisCorrespondence，p。401，402，
hasgivenasuccincthistoryofpapermoneyinAmerica，especiallyintherevolution。Itisasadbutinstructiveaccount。
39。1Hutch。History，402，403，andnote；2Hutch。History，208。
40。Ante，§；1361。
41。3Mass。Hist。Collection，2dseries
260，261。Ante，§；1353，1361。See4Mass。Hist。Coll。2dseries，
99。
42。3Elliot’sDebates，144。
43。SeeSturgisv。Crowninshield，4Wheat。R。204。
44。Ogdenv。Saunders，12WheatR。265，perWashingtonJ。
45。Ogdenv。Saunders，12Wheat。
R。265，269，288，289，305，306，328，335，336，339。
46。SeeTheFederalist，No。44，84。
47。Cooperv。Telfair，4DallR。14；S。C。1Peters’sCond。R。211。
JosephStory：CommentariesontheConstitutionoftheUnitedStates：
Book3Chapter34CHAPTERXXXIV。PROHIBITIONSONTHESTATES。？IMPAIRINGCONTRACTS。§；1368。Theremainingclause，astoimpairingtheobligationofcontracts，willrequireamorefullanddeliberateexamination。
TheFederalisttreatsthissubjectinthefollowingbrief，andgeneralmanner。\"Billsofattainder，expostfactolaws，andlawsimpairingtheobligationofcontractsarecontrarytothefirstprinciplesofthesocialcompact，andtoeveryprincipleofsoundlegislation。Thetwoformerareexpresslyprohibitedbythedeclarationsprefixedtosomeofthestateconstitutions；andallofthemareprohibitedbythespiritandscopeoftheirfundamentalcharacter。Ourownexperiencehastaughtus，nevertheless，thatadditionalfencesagainstthesedangersoughtnottobeomitted。Veryproperly，therefore，havetheconventionaddedthisconstitutionalbulwark，infavourofpersonalsecurity，andprivaterights，&；c。ThesoberpeopleofAmericaarewearyofthefluctuatingpolicy，whichhasdirectedthepubliccouncils。Theyhaveseenwithregretandindignation，thatsuddenchangesandlegislativeinterferencesincasesaffectingpersonalrightsbecamejobsinthehandsofenterprisingandinfluentialspeculators，andsnarestothemoreindustriousandlessinformedpartofthecommunity。