Article 1, Section 8, Clause 2
James Madison, The Bank Bill, House of Representatives2 Feb. 1791Papers 13:376
The second clause to be examined is that, which empowers Congress to borrow money.
Is this a bill to borrow money? It does not borrow a shilling. Is there any fair construction by which the bill can be deemed an exercise of the power to borrow money? The obvious meaning of the power to borrow money, is that of accepting it from, and stipulating payment to those who are able and willing to lend.
To say that the power to borrow involves a power of creating the ability, where there may be the will, to lend, is not only establishing a dangerous principle, as will be immediately shewn, but is as forced a construction, as to say that it involves the power of compelling the will, where there may be the ability, to lend.
The Founders' Constitution
Volume 2, Article 1, Section 8, Clause 2, Document 7
The University of Chicago Press
The Papers of James Madison. Edited by William T. Hutchinson et al. Chicago and London: University of Chicago Press, 1962--77 (vols. 1--10); Charlottesville: University Press of Virginia, 1977--(vols. 11--).