On the record
The States are prohibited to issue “bills of credit”; but there is no such prohibition on the National Government, which may do in the premises what the States cannot do.
Source
gutenberg.orgEditor's note · Context
Sumner points out that while states cannot issue bills of credit, the National Government has the authority to do so.
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Nay, more,--if it would be criminal in these several clusters of States to reëstablish the Institution of War as Arbiter of Justice, then is it criminal in the Commonwealth of Nations to continue it.
More precious far at that moment the consolation that he had labored for his fellow-men, and the joyous confidence that all his cares had helped the Progress of his race!
I am in favor of a tariff for revenue, such a one as will yield a sufficient amount to the treasury to defray the expenses of the government, economically administered.
In this contest, we may borrow from the ancient Greek, who, when his hands were cut off, fought with his stumps, and even with his teeth.
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