4786. LOANS, Power to negotiate.—[continued].
I wish it were possible
to obtain a single amendment to our Constitu
tion. I would be willing to depend on that
alone for the reduction of the administration
of our government to the genuine principles
of its Constitution; I mean an additional
article, taking from the Federal Government
the power of borrowing. I now deny their
power of making paper money, or anything
else, a legal tender. I know that to pay all
proper expenses within the year, would, in
case of war, be hard on us. But not so hard
as ten wars instead of one. For wars could
be reduced in that proportion; besides that the
State governments would be free to lend
their credit in borrowing quotas.—
To John Taylor. Washington ed. iv, 260.
Ford ed., vii, 310.
(M.
Nov. 1798)
