295. See below, p. 205.

296. Rowland, The Life of George Mason, Vol. I, pp. 48 ff., 55 ff.

297. Ibid., I, p. 56.

298. Rowland, The Life of George Mason, Vol. I, p. 58.

299. Ibid., I, p. 60.

300. Ibid., I, pp. 117, 154.

301. Ibid., I, p. 119.

302. Ibid., I, p. 270.

303. Ibid., Vol. II, p. 368.

304. Ms. Treasury Department: Ledger A, Funded 6% Stock, 1790, folio 130; see Loan Office Virginia, 1790–1793, folio 132. The Index gives references to other volumes not found, Vols. 41, 43, 45, folios 93, 15, and 18 respectively.

305. Elliot, Debates (1836 ed.), Vol. III, pp. 528–529.

306. Ibid., p. 529.

307. Duyckinck, Cyclopœdia of American Literature (1855 ed.), Vol. I, p. 283.

308. Ms. Treasury Department: Ledger A, Funded 6% Stock, 1790, folio 18.

309. Ibid., Loan Office: Register of Subscriptions, Virginia (1791), see date, no folio given.

310. Dunlap’s Daily Advertiser, October 23, 1791.

311. Magazine of American History, Vol. VII, p. 104.

312. Steiner, The Life and Correspondence of James McHenry, p. 2.

313. Hamilton Mss., Library of Congress, Vol. XXIII, p. 156.

314. T. Montgomery, History of the Insurance Company of North America, p. 142.

315. Ms. Treasury Department: Ledger E, Treasury, 3%, Vol. 45, folio 22.

316. State Papers: Finance, Vol. I, p. 8.

317. Census of 1790—Heads of Families, Maryland, p. 41.

318. Ms. Treasury Department: Loan Office Maryland, 1790–1797, 3%, folios 72, 135, and other loan office records of that state, passim.

319. McMaster and Stone, Pennsylvania and the Federal Constitution, p. 701.

320. The American Museum, Vol. II, p. 248.

321. Ms. Treasury Department: Pa. Loan Office Certificates, 1788, folio 45.

322. Ibid.: Ledger C, 3% Stock, Pa., folio 48. John F. Mifflin was a holder of paper to the amount of several thousand dollars funded in 1790. Ibid., Loan Office, Pa., 1790–1791, folio 6; Ledger C, 3% Stock, Pa., folio 6.

323. Roosevelt, G. Morris, pp. 1, 24.

324. Ibid., p. 167.

325. Oberholtzer, Robert Morris, p. 4.

326. Ibid., p. 108.

327. For his multifarious operations see Oberholtzer, Robert Morris; Sumner, The Financier and the Finances of the American Revolution, 2 vols.

328. Library of Congress: Morris Mss. Consult the Index to the three volumes of Morris’ Letter Books of Private Correspondence for references, under “James Marshall.” Only by turning over this enormous mass of correspondence can one gain a correct notion of the ramifications of Morris’ interests and the number of prominent men involved in his schemes.

329. Hamilton Mss., Library of Congress, Vol. XXII, p. 179; two minor illustrations of his operations may be given: January 1, 1791, $7588.78, July 1, 1792, $26,408.66. See also the enormous transactions in the name of Willing and Morris scattered through the books of nearly every state. Ms. Treasury Department: Ledger C, 3%, Pa., folio 334; Register of Certificates of Public Debt Presented: Auditor of Treasury; folios not given. Consult Index to holders of old securities in the Treasury Department.

330. Op. cit., pp. 237 ff.

331. L. Elmer, The Constitution and Government of New Jersey, p. 77.

332. American Historical Review, Vol. III, p. 312.

333. Calendar of Madison Correspondence, Library of Congress. Mss.

334. Herring, National Portrait Gallery, Vol. IV.

335. Census of 1790—Heads of Families, S.C., p. 33.

336. Speaking of the nature of the practice in Charleston just after the Revolution, Charles Fraser says, in Reminiscences of Charleston, p. 71: “It was stated by the Duc de Liancourt, who was well acquainted with most or all of the gentlemen named, that General Pinckney, Mr. Rutledge, Mr. Pringle, and Mr. Holmes, made from eighteen to twenty-three thousand dollars a year.... The extensive commercial business of Charleston at that time opened a wide field of litigation. Our courts were constantly employed in heavy insurance cases—in questions of charter party, foreign and inland bills of exchange, and in adjusting foreign claims. There was also a good deal of business in admiralty, and, occasionally, a rich prize case.”

337. Ms. Treasury Department: Loan Office, S.C., 1791–1797, folio 38. For other entries, Loan Office, S.C., folio 70; a later entry of $8721.53 in trust for Mary Pinckney, ibid., folio 152.

338. Census of 1790—Heads of Families, S.C., p. 34.

339. Ms. Treasury Department: Loan Office, S.C., 1791–1797, folio 221.

340. Madison Mss., Library of Congress, under date of March 28, 1789.

341. M. Conway, Edmund Randolph, p. 48.

342. Ibid., p. 372.

343. Ibid., p. 384.

344. Ms. Treasury Department: Current Accounts, Va., 1791–1796, folios 6, 13, 21; Ledger B, Assumed Debt, Va., folio 87.

345. Hamilton Mss., Library of Congress, Vol. XX, p. 57.

346. Sanderson, Biography of the Signers (1831 ed.), Vol. III, p. 351.

347. W. T. Read, Life of George Read, p. 575.

348. History of the Bank of North America, p. 147.

349. Ms. Treasury Department: Loan Office, Delaware, 1777–1784, passim. His mother and daughter bore the name of “Mary.” J. W. Reed, The Reed Family, pp. 433 and 436.

350. Ibid., Ledger E, Treasury, 3%, Vol. 45, folio 202. The Index gives references to several other volumes which were not found.

351. Herring, National Portrait Gallery, Vol. IV.

352. Flanders, Lives of the Chief Justices, Vol. I, p. 551.

353. Census of 1790—Heads of Families, S.C., p. 42.

354. When Roger Sherman resided in Park Lane and ran a store in New Milford, Connecticut, he lost money through the depreciation of bills of credit, and he thereupon declared a war on paper money which he continued to the end of his days. Proceedings of the American Antiquarian Society, 1906–1907, pp. 214 ff.

355. Sanderson, Lives of the Signers, Vol. II, p. 66.

356. Ms. Treasury Department: Loan Office: Connecticut, Ledgers A, B, and C, Threes and Sixes, folio 28 in each; January, 1792.

357. Farrand, Records, Vol. III, p. 95.

358. Census of 1790—Heads of Families, N.C., p. 130.

359. Ms. Treasury Department: Ledger E, Treasury, 3%, Vol. 45, folio 308.

360. Encyclopædia of National Biography, Vol. I, p. 110.

361. Massachusetts Historical Society Proceedings, 1791–1835, Vol. I, pp. 290 ff.

362. Ms. Treasury Department: Mass. Loan Office, 1791, Vol. III, item No. 1284.

363. Sparks, Life of Washington, Appendix, No. IX.

364. W. C. Ford, The Federalist, p. xi, note 3.

365. Bancroft, History of the Constitution (1882 ed.), Vol. II, p. 411.

366. D. Hosack, Biographical Memoir of Hugh Williamson, p. 18.

367. Ms. Treasury Department: Loan Office, N.C., 1791, folio 3.

368. Hamilton Mss., Library of Congress, Vol. XXIV, pp. 70 ff.

369. Documentary History of the Constitution, Vol. IV, p. 678.

370. Hosack, op. cit., p. 85.

371. Simpson, Eminent Philadelphians, p. 966.

372. Oberholtzer, Robert Morris, p. 108.

373. History of the Insurance Company of North America, p. 146.

374. State Papers: Public Lands, Vol. I, p. 141.

375. Yazoo Land Companies, p. 83.

376. Ms. Treasury Department: Ledger C, 3% Stock, Pa., folio 195.

377. Sanderson, Biography of the Signers (1831 ed.), Vol. IV, pp. 172 ff.

378. Ms. Treasury Department: Loan Office: Register of Subscriptions, Va., 1791, see date. Also Ledger A, Assumed Debt, Va., folio 32.

379. Appendix to the Secret Proceedings and Debates of the Federal Convention (1821, Albany).

380. Records of the New York Loan Office in the Treasury Department.

381. See above, p. 75, n. 3.

382. See above, p. 124. Livingston’s holdings are problematical.

383. The fact that a few members of the Convention, who had considerable economic interests at stake, refused to support the Constitution does not invalidate the general conclusions here presented. In the cases of Yates, Lansing, Luther Martin, and Mason, definite economic reasons for their action are forthcoming; but this is a minor detail.

384. A great deal of this valuable material has been printed in the Documentary History of the Constitution, Vols. IV and V; a considerable amount has been published in the letters and papers of the eminent men of the period; but an enormous mass still remains in manuscript form. Fortunately, such important papers as those of Washington, Hamilton, Madison, and others are in the Library of Congress; but they are not complete, of course.

385. From this point of view, the old conception of the battle at Philadelphia as a contest between small and large states—as political entities—will have to be severely modified. See Professor Farrand’s illuminating paper on the so-called compromises of the Constitution in the Report of the American Historical Association, 1903, Vol. I, pp. 73 ff. J. C. Welling, “States’ Rights Conflict over the Public Lands,” ibid. (1888), pp. 184 ff.

386. The Federalist, No. 73.

387. See J. A. Smith, The Spirit of American Government.

388. See Noah Webster’s consideration of the subject of government and property; Ford, Pamphlets on the Constitution, pp. 57 ff.

389. Farrand, Records, Vol. II, p. 203.

390. This view was set forth by Madison in a letter to Jefferson in 1788. “Wherever the real power in a Government lies, there is the danger of oppression. In our Governments the real power lies in the majority of the Community, and the invasion of private rights is chiefly to be apprehended, not from acts of Government contrary to the sense of its constituents, but from acts in which the Government is the mere instrument of the major number of the constituents. This is a truth of great importance, but not yet sufficiently attended to, and is probably more strongly impressed upon my mind by facts, and reflections suggested by them, than on yours which has contemplated abuses of power issuing from a very different quarter. Wherever there is an interest and power to do wrong, wrong will generally be done, and not less readily by a powerful and interested party than by a powerful and interested prince.” Documentary History of the Constitution, Vol. V, p. 88.

391. The Federalist, No. 48.

392. Ibid., No. 49.

393. The Federalist, No. 51.

394. Ibid., No. 51.

395. Ibid., No. 60.

396. Beard, The Supreme Court and the Constitution. See also the criticisms of this work by Professor W. F. Dodd, in the American Historical Review for January, 1913.

397. Number 78.

398. American Historical Association Report (1899), Vol. I, p. 108.

399. Farrand, Records, Vol. II, pp. 123–124.

400. Ibid., pp. 201 ff.

401. Ibid., p. 216.

402. Farrand, Records, Vol. II, p. 121.

403. Ibid., pp. 121–122.

404. Debate in Farrand, Records, Vol. II, pp. 123–124.

405. See above, pp. 65 ff. The members of the Convention could not foresee the French Revolution which was to break out just as the new federal government was being put into operation in 1789.

406. It was a curious turn of fortune that this provision prevented the agrarians and populists in 1894 from shifting a part of the burden of taxes to the great cities of the East. Thus the Zweck im Recht is sometimes reversed.

407. Clark, The Records of North Carolina, Vol. XX, p. 778.

408. The Federalist, Number 12.

409. The Federalist, No. 4.

410. Ibid.

411. The Federalist, No. 11.

412. Washington’s farewell address which was partially written by Hamilton is one of the most ingenious partisan documents ever written. It, too, has its economic interpretation.

413. The Federalist, No. 11.

414. Ibid., No. 21.

415. The Federalist, No. 43.

416. Ibid., No. 35.

417. See the entire letter of Blount, Spaight, and Williamson, cited above, p. 169.

418. No. 11.

419. J. C. Welling, “States’ Rights Conflict over the Public Lands,” Report of the American Historical Association (1888), pp. 174 ff.

420. Farrand, Records, Vol. II, p. 371.

421. Ibid., p. 371.

422. There are, of course, some restrictions on Congress laid down in the Constitution; but the powers of the national legislature are limited and the restrictions are not of the same significance. Radical action on the part of the national legislature was anticipated in the structure of the government itself, but specific provision had to be made against the assaults of popular majorities in state legislatures on property rights.

423. Writings of James Madison (1865), Vol. I, p. 350. This entire letter deserves careful study by anyone who would understand the Constitution as an economic document.

424. The Federalist, No. 44.

425. Ms. Library of Congress: Treasury Department Letters, 1789–1790 (Washington Papers), folio 297.

426. The American Museum, Vol. I, p. 118.

427. See below, p. 295.

428. Ogden v. Saunders, 12 Wheaton, pp. 213 ff.

429. The Federalist, No. 6.

430. The Federalist, No. 3.

431. Ibid., No. 5.

432. Ibid.

433. Ibid., No. 6.

434. The Federalist, No. 4.

435. Ibid., No. 6.

436. Ibid., No. 7.

437. A few whose views were not ascertained are omitted.

438. Farrand, Records, Vol. I, p. 469.

439. Above, p. 65.

440. Farrand, Records, Vol. I, p. 100.

441. Farrand, Records, Vol. I, p. 421.

442. Ibid., Vol. II, p. 32.

443. Ibid., Vol. II, p. 33.

444. Ibid., Vol. II, p. 390.

445. Ibid., Vol. I, p. 144.

446. Ibid., p. 529.

447. Ibid., p. 562.

448. Ibid., p. 605.

449. Ibid., Vol. II, p. 300.

450. Sanderson, op. cit., p. 168.

451. Ibid., p. 169.

452. Farrand, Records, Vol. I, p. 593.

453. Ibid., Vol. I, p. 542.

454. Farrand, Records, Vol. III, p. 350.

455. McRee, Life and Correspondence of James Iredell, Vol. II, pp. 161, 168.

456. Peele, Lives of Distinguished North Carolinians, p. 75. Davie’s great collection of papers was destroyed in Sherman’s raid. Ibid., p. 78.

457. Farrand, Records, Vol. I, p. 86.

458. Ibid., Vol. II, p. 202.

459. Farrand, Ibid., Vol. II, p. 207.

460. H. J. Ford, Rise and Growth of American Politics, p. 113.

461. Farrand, Records, Vol. II, pp. 57, 58, 63, 101, 108, 111.

462. Ibid., Vol. II, p. 73.

463. Ibid., Vol. II, p. 207.

464. Beard, The Supreme Court and the Constitution, pp. 71–72.

465. Farrand, Records, Vol. II, p. 201.

466. Ibid., pp. 362, 529, 589.