Article 1, Section 8, Clause 2
Records of the Federal Convention
[2:144; Committee of Detail, IV]
Power to borrow Money--
[2:168; Committee of Detail, IX]
. . . To borrow Money, and emit Bills on the Credit of the United States; . . .
[2:182; Madison, 6 Aug.]
To borrow money, and emit bills on the credit of the United States;
[2:303; Journal, 16 Aug.]
It was moved and seconded to strike the words "and emit bills" out of the 8. clause of the 1 section of the 7 article
which passed in the affirmative. [Ayes--9; noes--2.]
[2:569, 594; Committee of Style]
Sect. 1. The Legislature shall have power . . . To borrow money on the credit of the United States;
. . . . .
Sect. 8. The Congress . . . shall have power . . . (b) To borrow money on the credit of the United States.
Farrand, Max, ed. The Records of the Federal Convention of 1787. Rev. ed. 4 vols. New Haven and London: Yale University Press, 1937.
© 1987 by The University of Chicago