for I presume no state can, on an emergency, produce, without the aid of individuals, a sum sufficient for that purpose; but the United States can borrow, on the credit of the funds arising from their power of laying taxes, such sums as will be equal to the emergency.
There will be always credit given, where there is good security. No man, who is not a miser, will hesitate to trust where there is a respectable security; but credulity itself would not trust where there was no kind of security, but an absolute certainty of losing. Mankind wish to make their money productive; they will therefore lend it where there is a security and certainty of recovering it, and no longer keep it hoarded in strong boxes.
This power is essential to the very existence of the government. Requisitions are fruitless and idle. Every expedient proposed as an alternative, or to qualify this power, is replete with inconvenience. It appears to me, therefore, upon the whole, that this article stands much better, as it is, than in any other manner.
Mr. IREDELL. Mr Chairman, I do not presume to rise to discuss this clause, after the very able, and, in my opinion, unanswerable arguments which have been urged in favor of it; but merely to correct an error which fell from a respectable member (Mr. M'Dowall) on the other side.
It was, that Congress, by interfering with the mode of elections, might continue themselves in office. I thought that this was sufficiently explained yesterday. There is nothing in the Constitution to empower Congress to continue themselves longer than the time specified. It says, expressly, that the House of Representatives shall consist of members chosen for two years, and that the Senate shall be composed of senators chosen for six years. At the expiration of these terms, the right of election reverts to the people and the states; nor is there any thing in the Constitution to warrant a contrary supposition. The clause alluded to has no reference to the duration of members in Congress, but merely as to the time and manner of their election.
Now that I am up, I beg leave to take notice of a suggestion, that Congress could as easily borrow money when they had the ultimate power of laying taxes, as if they possessed it in the first instance. I entirely differ from that
