perpetual blog | Join Stubby's mailing list | articles by Stubby | poet! ...poet? | favorite quotes | books Stubby has read | chuckles

Warm welcome message
Who is Stubby?

Is Stubby a capitalist?
Stubby writes for LaptopAmerica!

Meet the average
small investor

Panic Along With Stubby!
Federal Reserve
Fiat Fate
Hyperinflation
National Debt
Peak Oil
Pension Crisis
Realty Bubble
Social (in)Security

The Mogambo is right.
The dollar really is freakin' doomed!!!
Buy Gold!






 

So what did you expect to find on a Home page?


 

Stubby says:  'The following information is so critically important to the preservation of economic liberty (without which there can be no condition of general liberty) that each year since the founding of this nation the gubmint has made it a specific point to teach these principles to each and every citizen while still in their young, formative years and (mostly) attending government public school. The next time you find yourself at a barbecue, cocktail party or machine gun shoot, make it a point to ask those around you, 'Hey, what year did they teach you this stuff?' Then write to Stubby and let me know. I'm still trying to find anyone the gubmint taught this to.'

Madison's Notes On The Federal Convention

The delegates from the American colonies who met in Philadelphia during the unusually hot summer of 1787 were sent with the sole and specific authority delegated to them by their respective colonial legislatures to 'make better' the existing Articles of Confederation.

They did nothing of the sort.

With George Washington presiding, they immediately barred the doors, shuttered the windows and took a solemn oath amongst themselves that nothing in print or writing of what transpired during the entire convention would ever be released until the last participant had died, whereupon they proceeded to create an entirely new form of government, spending not a minute on the original Articles.

As providence would have it, the last delegate to die was James Madison who passed on in 1835.

As secretary of the convention, Madison had taken minute-to-minute notes in his own hand, as best he could, of everything that was said during the entire convention. Today we would call this "shorthand.'

After his death, his wife Dolly Madfison sold his notes, then known as 'Madison's Notes On the Federal Convention' to the government of France, and to the U.S. Congress, for a pension.

Madison's Notes show without doubt or debate the exact intent of the delegates in crafting what was to become the Supreme Law of the United States.

Throughout the entire summer, each concept, each phrase, even each word was debated, often heatedly, sometimes near to the point of fisticuffs!

At one point, Benjamin Franklin, the convention's greatly venerated senior statesman, rose to say a prayer that God guide the convention and things calmed down after that.

Remembering that 'the intent of the law is the force of the law', and with the foregoing facts in mind, we turn to the question of whether or not the convention ever intended that the Congress be granted the power to make laws permitting the printing of paper money, called in the parlance of the day, 'to emit bills of credit.'

Bear in mind that the Continental Dollar had recently crashed, causing misery all around, and our nation's Founders were not willing to allow this sort of 'mischief' to recur. As we will see from this small segment of Mr. Madison's notes, the nation's first lawmakers denied the power to print paper money to the Congress, voting to strike out the three words 'and emit bills.'

All bold emphasis in the following is our own.

~~~

Thursday August 16, 1787

In Convention of the Whole

Mr. Govr Morris moved to strike out "and emit bills on the credit of the U. States" -- If the United States had credit such bills would be unnecessary: if they had not unjust & useless.

Mr Butler, 2ds. the motion.

Mr. Madison, will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.

Mr. Govr. Morris. striking out the words will leave room still for notes of a responsible minister which will do all the good without the mischief. The Monied interest will oppose the plan of Government, if paper emissions be not prohibited.

Mr. Ghorum was for striking out, without inserting any prohibition. if the words stand they may suggest and lead to the measure.

Col Mason had doubts on the subject. Congs. he thought would not have the power unless it were expressed. Though he had a mortal hatred to paper money, yet as he could not foresee all emergences, he was unwilling to tie the hands of the Legislature. He observed that the late war could not have been carried on, had such a prohibition existed.

Mr Ghorum-- The power as far as it will be necessary or safe, is involved in that of borrowing.

Mr Mercer was a friend to paper money, though in the present state & temper of America, he should neither propose nor approve of such a measure. He was consequently opposed to a prohibition of it altogether. It will stamp suspicion on the Government to deny it a discretion on this point. It was impolitic also to excite the opposition of all those who were friends to paper money. The people of property would be sure to be on the side of the plan, and it was impolitic to purchase their further attachment with the loss of the opposite class of Citizens

Mr. Elseworth thought this a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By withholding the power from the new Governt. more friends of influence would be gained to it than by almost any thing else - Paper money can in no case be necessary - Give the Government credit, and other resources will offer- The power may do harm, never good.

Mr. Randolph, nothwithstanding his antipathy to paper money, could not agree to strike out the words, as he could not foresee all the occasions that might arise.

Mr Wilson. It will have a most salutary influence on the credit of the U. States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered. And as long as it can be resorted to, it will be a bar to other resources.

Mr. Butler. remarked that paper was a legal tender in no Country in Europe. He was urgent for disarming the Government of such a power.

Mr Mason was still averse to tying the hands of the Legislature altogether . If there was no example in Europe as just remarked it might be observed on the other side, that there was none in which the Government was restrained on this head.

Mr. Read, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations.

Mr. Langdon had rather reject the whole plan than retain the three words "(and emit bills").

On the motion for striking out

N. H. ay- Mas. ay. Ct. ay. N-J. no. Pa. ay. Del. ay. Md. no. Va. ay.8 N. C- ay. S. C. ay. Geo. ay. Ayes -- 9; noes -- 2.]

The clause for borrowing money, agreed to nem. con.