The sense of the convention which framed the constitution is clear, from the account given by Mr. Madison of what took place when the power toemit bills of credit was stricken from the reported draft.
The Chief Justice goes into the history of the paper money evil that caused the framers of the Constitution to forbid the States to "emit bills of credit.
To 'emit bills of credit' conveys to the mind the idea of issuing paper intended to circulate through the community, for its ordinary purposes, as money, which paper is redeemable at a future day.
Thus is it that the States have usurped the power to regulate commerce and currency, and to emit bills of credit, in defiance of the prohibition of the Federal Constitution.
From the proceedings of the National Convention it appears that a clause in the first draught of the Constitution empowering Congress to “emit bills on the credit of the United States” was after discussion struck out.
There is no silence with regard to the States, which are expressly prohibited to “emit bills of credit,” or “make anything but gold and silver coin a tender in payment of debts.
The Federal Constitution forbids any state legislature to emit bills of credit, coin money, or pass laws impairing the obligation of contracts.
They may not coin money, emit bills of credit, or make anything but gold and silver coin legal tender.
These two provisions are industriously followed up and completed by denying to the States all power to emit bills of credit, or to make any thing but gold and silver a tender in the payment of debts.
It takes from the States the right to coin money and to emit bills of credit.
Let us apply the same rule of construction to the restriction of the right of the States to emit bills of credit.
All these high powers are expressly prohibited to the states and also the incidental power to emit bills of credit, and to make anything but gold and silver a legal tender.
The constitutional authority to emit bills of credit has also been exercised in a qualified and limited manner.
The above list will hopefully provide you with a few useful examples demonstrating the appropriate usage of "emit bills" in a variety of sentences. We hope that you will now be able to make sentences using this group of words.
