well that they cannot raise one shilling but by the consent of the representatives of the people. Money bills do not even originate in the Senate; they originate solely in the other house. Every appropriation must be by law. We know, therefore, that no executive magistrate or officer can appropriate a shilling, but as he is authorized by law. With respect to paper money, the gentleman has acted and spoken with great candor. He was against paper money from the first emission. There was no other way to satisfy the late army but by paper money, there being not a shilling of specie in the state. There were other modes adopted by other states, which did not produce such inconveniences. There was, however, a considerable majority of that assembly who adopted the idea, that not one shilling more paper money should be made, because of the evil consequences that must necessarily follow. The experience of this country, for many years, has proved that such emissions involve us in debts and distresses, destroy our credit, and produce no good consequences; and yet, contrary to all good policy, the evil was repeated.
With respect to our public security and paper money, the apprehensions of gentlemen are groundless. I believe this Constitution cannot affect them at all. In the 10th section of the 1st article, it is provided, among other restrictions, "that no state shall emit bills of credit, make any thing but gold and silver coin a tender in payment of debts, or pass any law impairing the obligation of contracts." Now, sir, this has no retrospective view. It looks to futurity. It is conceived by many people, that the moment this new Constitution is adopted, our present paper money will sink to nothing. For my part, I believe that, instead of sinking, it will appreciate. If we adopt, it will rise in value, so that twenty shillings of it will be equal to two Spanish milled dollars and a half. Paper money is as good as gold and silver where there are proper funds to redeem it, and no danger of its being increased. Before the late war, our paper money fluctuated in value. Thirty-six years ago, when I came into this country, our paper money was at seven shillings to the dollar. A few years before the late war, the merchants of Great Britain remonstrated to the ministry of that country, that they lost much of their debts by paper money losing its value. This
