31 Fascinating Facts On The Early History Of The US Dollar

Tyler Durden's picture

Today, we all know the U.S. dollar as an iconic currency that is recognizable to people around the world.

And while Visual Capitalist's Jeff Desjardin has previously looked at the buying power of the U.S. dollar over time, as well as important events like the Great Depression, we have not looked at the history of the dollar itself.

How and why was it conceived, and why do we call it a “dollar” or a “buck”? How did the dollar’s early history help to shape today’s world?

Courtesy of: The Money Project

Before the Dollar

For the early colonists, currency was a bit of a free-for-all.

Officially, cash was denominated in pounds, shillings, and pence, but in reality things were a different story. Cash was often scarce, and colonists needed to be innovative to fulfill transactions. At various points in time, they used tobacco, beaver skins, and wampum in the place of money. Some colonies even tried to issue their own fiat currencies – many of which went bust.

As it turned out, the Spanish dollar was often the most abundant form of cash – and this is what led to U.S. currency eventually being denominated in dollars.

The Revolution

During the American Revolution in 1775, the Continental Congress issued a money known as the Continental Currency to try and fund the war. The government printed too many, and the value of a Continental diminished rapidly.

Just five years later, after runaway inflation, the Continental was worth 2.5% of its face value. Benjamin Franklin rightly noted that the depreciation of the Continental had, in fact, acted as a tax to pay for the war. Holders of the currency – everyday people – were punished by losing massive amounts of buying power. Interestingly, this is where we get the phrase “Not worth a Continental”.

Birth of the Dollar

The failure of the Continental Currency must have been top of mind during the writing of the Constitution. A clause was even added, under Article 1, Section 10, to make sure such a failure would never happen again. It was written that states were not permitted to “coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts.”

And so, the Coinage Act of 1792 created the U.S. dollar as a standard unit of currency. The U.S. Mint was authorized to oversee coinage, and the Act also established a penalty of death for debasing coinage issued by the Mint.

The Almighty Buck

In the 19th Century, a new slang term emerged for the dollar.

Especially in the Great Lakes area, different amounts of money were equated with animal skins. One particular reference showed that in Ohio in 1851, the skin of a muskrat was worth $0.25, and that of a doe was worth $0.50. Meanwhile, the skin of a buck was equal to the “almighty dollar” – and hence, the word “buck” became synonymous with the U.S. dollar.

The Civil War

Leading up to the Civil War, private banks around the country issued their own paper currencies.

With 10,000 or so of these currencies in circulation as the war broke out, governments soon found it very cumbersome to try and pay debts with many different types of notes. As a result, the $10 Demand Note was the first official paper currency issued in 1861 by the government to help finance the war.

The North began paying debts with a fiat currency called the “greenback”, while Confederate states issued their own paper currency as well. The latter was worthless by the time the Confederacy lost the war.

The Counterfeiting Problem

Around this time, counterfeiting was a widespread problem with greenbacks and all the private notes that were circulating. More than 1/3 of bills were fake at this time.

Sophisticated counterfeit operations were happening in British Canada, and some bank engravers would even moonlight as counterfeiters, using the same plates and dyes they had from their day job.

To deal with the problem, the Secret Service was formed in 1865.

The Modern Dollar

Counterfeiting measures have come a long way since the late 19th century. Today, it’s estimated that less than 0.01% of notes are fake.

Learn more about the modern U.S. dollar in the next part of this series.

*  *  *

The Money Project is an ongoing collaboration between Visual Capitalist and Texas Precious Metals that seeks to use intuitive visualizations to explore the origins, nature, and use of money.

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cheka's picture

today's dollar has a (steadily rising) variable in the denominator

how value it?

Quantum Bunk's picture

No it doesn't. Value it against gold or Euro's. Or any creditor currency. 

 

The USD is the fundamentally worst currency in the world. Period. 

techpriest's picture

It seems they missed the "National Currency" period, where the Fed was one of a handful of banks authorized to print dollars. The Fed dollar was later made the standard in the 30s.

Four chan's picture

i didnt read it, did it name the fucking jew?

Pairadimes's picture

Which brings us to today, when it is all counterfeit. 

chumbawamba's picture

This is a nice summary of the Wikipedia entry on the history of the dollar.

I am Chumbawamba.

zhandax's picture

+1 Chumbblez; you the only other one to notice?

Déjà view's picture

I've tried to give a dollar and 25 cents in work for every dollar paid me.

~Casey Stengel

https://www.brainyquote.com/quotes/quotes/c/caseysteng756156.html?src=t_...

meta-trader's picture

you can add an extra 1500/USD week after week in your income just working on the internet for a couple of hours each day... check this link... http://bit.ly/2jdTzrM

CHX13's picture

According to MSM in a falling silver "price"... 

Yen Cross's picture

  Does this lesson include Confederate $'s?

LetThemEatRand's picture

I was running the vacuum the other day and intentionally sucked up two pennies rather than bending over to pick them up (I'm 50 with high miles so that's a reasonable decision).  As evidence of how twisted my mind has become from spending too much time on ZH, I thought about how wasting two pennies would have been a horrible idea a hundred years ago.

gold rubeberg's picture

You bet ... a hundred years ago they would have been made of copper.

Agstacker's picture

lol I always check my pennies, if they are copper I keep em.

 

Greshams Law

A. Boaty's picture

Was the transition date from copper to zinc 1981 or 1982?

Zero-Hegemon's picture

That's about right, one of those years you had both full (mostly) copper and copper-coated zinc versions, I forget which one, probably 1981.

JackT's picture

I think we're all guilty of something similar. It
Is a shame. Our parents and grandparents had silver (and possibly gold) in their pockets. Now we can't even be bothered to pick the coins up off the floor.

zhandax's picture

A hundred years ago, they would have bought at least a loaf of bread each.

Zero-Hegemon's picture

"Not worth a federal reserve note."

East Indian's picture

32. The present FRN are also redeemable for clear, fresh, thin air, at any branch of your choice.

Conax's picture

The article didn't mention that the 'dollar' has depreciated to about 3 cents circa 1913.  We don't have dollars, which are units of silver, we have FRNs which are more-or-less slave scrip.

any_mouse's picture

Bingo. Winner!

Conax gets it. The Federal Reserve Note is a national version of Rockefeller's mining company script.

Slaves. You have entertainment, a job, food, and shelter, and so do penal prisoners. You make FRNs and redeem them in the prison commissary.

Slave scrip. Company town. Too big and same time too subtle for human perception. Illusion. Deception. Distraction. Spy craft.

They who control the spies control the kings and the kings control the people. Leverage.

Try to hoard value outside of the system and they will raid your cell. Confiscate your obviously ill gotten gains with random (they get a loyal dog to finger you) searches as you move around the prison.

Leave the plantation permanently and leave your assets behind.

Cursive's picture

Nominated for all-time greatest comment on ZH.

Chupacabra-322's picture

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."
- Andrew Jackson

Worse than the bankers rigging gold and silver prices and not having the gold that they sold you (or selling gold that they don't have via fraudulent COMEX Futures contracts) is the fact that we don't even have MONEY today.  Therefore all financial transactions and economic numbers predicated on the existence of money are FRAUD and FORGERIES presently.

Electronic digits and paper fiat currencies in use today are NOT money, according to the law of the country that issues the reserve currency of the world, the US Dollar (Article 1, Section 10 of the US Constitution); or by the tenets of the science of Economics (i.e., fiat currencies are not money because they are not a store of value nor a unit of account due to the fact that NOT ONE fiat currency's value is actually determined or stipulated in concrete legal terms).  Dollars and Euros and Yens are not even lawfully DEFINED as to what they all are exactly; what their economic worth and transactional value is. Hence, fiat currencies simply cannot constitute the legal foundation of any lawful contract!

(Also, there cannot be either inflation nor deflation in the ABSENCE of money.  Both inflation and deflation are monetary events which cannot take place where there literally is no money.

What we have today is massive GLOBAL FRAUD mascarading as a monetary system based on the (fraudulent) US dollar because all fiat currencies are basically only a derivative of the US dollar, including the Euro, the Yen, the Yuan, the Rouble, the Shekel and the Riyal.

Furthermore,

Why do a few people get the right to print fake fiat money out of nothing and buy your goods and  services with it whereas you have to WORK to obtain the same worthless money created out of nothing?

THAT is the question at the heart of the matter.  That the bankers manipulate interest rates or the price of gold via fraudulent Futures trading (by selling gold that they don't have) with fiat money is a moot point.
To put it differently: why do the bankers get to have anything that they want without working for it and you, you don't?

All this talk about market rigging, monetary theory and fraudulent (paper) gold trading is a cover-up for INJUSTICE.

The US Constitution FORBIDS the use of debt as money; the US Constitution proscribes (debt) notes which is what the US dollar is presently.  Think, all other currencies are just another name for the US Dollar.

What passes for money today is a CRIME, no more no less.
 ?People,

You are all aiding and abetting this crime every time you buy, sell, pay or get paid.
And then you ask, Why our leaders, the politicians, the bankers, and our military men and women are EVIL?

The answer is, because they are just like YOU. They are your sons and daughters.

East Indian's picture

Technically, money is only to match your needs with what others have to offer, therefore, even imaginary digital ones and zeroes can do fine.

Provided

The "right" to create that money is not entrusted to any humans, or human-owned machines, who will certainly abuse this privilege sooner or later

and

The quantity of money created is not arbitrary but related in some rational and transparent way to the demand for that money

and

The advantages of having first access to this newly created money ('Cantillon Effect') are somehow uniformly spread over all the users

and

The losses that occur when such a money has to be retired are also somehow uniformly spread over all the users.

A very tall order indeed.

Easier to mint gold coins!

 

P.S: I understand that at present it is possible to create a cryptocurrency (elastic, both + and - PoS, with a fee for the ledger-keepers) that fulfills almost all the above conditions. I doubt anyone interested in such an extremely altruistic project, but I am ready to support any such attempt.

Likstane's picture

Comment removed
Figure it out

Yen Cross's picture

 I'm fascinated with the fact that a group of kids knows more about fake money than paper money, and why paper money has perceived value?

King of Ruperts Land's picture

The Spanish dollar was silver and there were other somewhat similar silver coins in Europe, back to roman coinage, with some periods of debasement by reducing silver content. It was the same right up through the time Kennedy was president, then bang it all went to crap. Now we don't really have money we have a con game.

Joe A's picture

13. Death penalty for debasing gold and silver coins. How about that for debasing the dollar?

Golden Showers's picture

K, well, the dollar hasn't affected my sperm count. So I don't even give a fuck (or I do, I'm not sure). In point of fact the farther the dollar falls the more swimmy and agile my little tadpoles get. So say as I age like wine even though I may have one left it's like Hancock and you know where that goes.

I'm a step father of two children and have a good 6 to ten years to antique my genes on this timeline. It's neither a promise nor a threat. However, you have to understand this, I ain't pumping out ten or six or 4 or even 3 kids like it used to be. I worry about that one like Hoop Dreams.

It's a real issue. I'm a real asshole. There are days I look at these kids like a used car. No lie. It's very strange. Like practice. I'm doing my best working 3 jobs to be me. I take care of my business. I'm happy like the sound of music. I choose this and it's fucking awesome. Not only do I have a purpose in life, I'm no longer a point in space, I'm seeing this amazing shit every day. Every minute of the day it's just out of control how fascinating living with children is. Every day is just another day to me. I don't give a damn about holidays or weekends. But there's these pupae, or tadpoles, or some kind of goos here and it's the coolest, like, the most weird, confusing, schmoo.

So point of fact. My main thesis is that the value of a dollar doesn't affect biology. What it does is crush how much of it and that's one thing. If pressure and time makes a diamond, good.

The only other concern I have is bringing a pure soul into this shit hole of a world. It's a gnostic issue. Is it better to die out than feed the King of Earth?

Let's... just because I'm pulling this out of my ass... let's just break it down. What is "Fiat"?

Here is a definition of Fiat online you can read:

http://www.thefreedictionary.com/fiat

Here is another:

http://www.learnersdictionary.com/definition/fiat

Fiat is bullshit. That's my definition. It's as good and fair as any other online definition you can find. Listen, not even the Pope's canon law can stop biology. Only the Pope's Inquisition can clean it. While I have a cell that divides and a heart beat, it's not because of some fuckwit trustifarian fish hat bitch in some city state in rome. It's becasue the one true creator whos name I don't know gives me the right by god to be assertive. This MIC, this inquisition. Can't fade me.

Fiat is the dictionary definition of "Straight up made up." By decree. It's fucking magick. It's glamour. It's a spell. Ok. I have, and you have, more in your ball sack than the fed can print on a good day so fuck the FED and Fuck the money Changers and be you. You are all my friends and simply put we may disagree but we're the same animal.

forgeron1's picture

This story is not correct, because there was no such thing as a Spanish dollar. There was a Spanissh Peso and other widely circulated coins in the 17th and 18th century were Dutch minted silver Daalders and Riksdaalders. Now it is easy to see where Daalders became to be Dollars isn't it?
And the Dutch Daalder was derived from the Austrian/German Thaler, that's why you see passing a certain village on the motorway in Austria, a sign reading Geburtsplatz der Dollar, Birthplace of the Dollar.

onmail1's picture

Dollar will go
some day

FedFunnyMoney's picture

Most hard money in circulation in the US, until 1857, was in the form of Spanish colonial and Mexican Republic reales. The Currency Act of 1857 began the gradual changeover.

Anarchyteez's picture

Just a bunch of Jew bankers fucking humanity.

...and it rolls on.

buttmint's picture

.....this article wins the ZH Darwin award for the shittiest, most unreadable graphics since the early Macintosh's.

Please, fire the azzhat that came up with the vomit green volour scheme!

learnofjesuits's picture

Vatican masonic order of jesuits Illuminati rule the world for centuries, they are building theirs New World Order - one government, one religion, global socialism-technocracy, depopulation(because overpopulation destroying biosphere) - check Georgia Guidestones also who has funded it, "order out of chaos"- they create a crisis and than they resolve it towards NWO.

Important people in a society works for them, they are giving careers for obedience, we are living in a social pyramid system managed by jesuit masonic order.

Just learn why jesuits were suppressed for 200 years in western countries and were allowed to return only a few decades ago - also in USA (there is pattern easy to recognize). They escaped to Russia and Columbia and created in an underground Illuminati masonic sect.

Society of Jesus was the most powerful intelligence agency - of Vatican - and they still are, all national intelligence agencies are controlled by jesuits, rest is a theater and actors.

First Rothschild Nathan was rescued by jesuits from a camp and they made him theirs banker, he was not a smart Jew that become extremely rich, but he was just working for most powerful intelligence agency, also Soros is Christian Knight of Malta same as Rothschilds, Rockefeller, Brzezinski..., and Bush and Clinton are Skull and Bones - it is also an jesuit organisation and jesuit symbol.

Jesuit masonic order works by an undercover organisatios in order to hide.

learnofjesuits's picture

Bill Hughes, "The Secret Terrorists and The Enemy Unmasked

"The Rothschilds were Jesuits who used their Jewish background as cover their sinister activities.

The Jesuits, hands Rothschilds and financier Nicholas Biddle, sought to take control over the banking system of the United States. "

 

Napoleon Bonaparte; 1769-1821; emperor of the Frence

“The Jesuits are a MILITARY organization, not a religious order. Their chief is a general of an army, not the mere father abbot of a monastery. And the aim of this organization is power – power in its most despotic exercise – absolute power, universal power, power to control the world by the volition of a single man [i.e., the Black Pope, the Superior General of the Jesuits]. Jesuitism is the most absolute of despotisms [sic] – and at the same time the greatest and most enormous of abuses…”

 

Abraham Lincoln (1809-1865; 16th President of the United States

“The war [i.e., the American Civil War of 1861-1865] would never have been possible without the sinister influence of the Jesuits.”

 

Marquis de LaFayette (1757-1834; French statesman and general. He served in the American Continental Army under the command of General George Washington during the American Revolutionary War.)

“It is my opinion that if the liberties of this country – the United States of America – are destroyed, it will be by the subtlety of the Roman Catholic Jesuit priests, for they are the most crafty, dangerous enemies to civil and religious liberty. They have instigated MOST of the wars of Europe.”

 

Edmond Paris (Author of the book The Secret History of the Jesuits)

“The public is practically unaware of the overwhelming responsibility carried by the Vatican and its Jesuits in the starting of the two world wars – a situation which may be explained in part by the gigantic finances at the disposition of the Vatican and its Jesuits, giving them power in so many spheres, especially since the last conflict.”

 

R. W. Thompson (Ex-Secretary, American Navy)

“[The Jesuits] are the deadly enemies of civil and religious liberty.

 

Fyodor Dostoyevsky (1821-1881; famous Russian novelist)

“The Jesuits…are simply the Romish army for the earthly sovereignty of the world in the future, with the Pontiff of Rome for emperor…that’s their ideal. …It is simple lust of power, of filthy earthly gain, of domination – something like a universal serfdom with them [i.e., the Jesuits] as masters – that’s all they stand for. They don’t even believe in God perhaps.”

 

"The Jesuit Order, therefore, stands before us as the embodiment of a system which aims at temporal political domination through temporal political means, embellished by religion, which assigns to the head of the Catholic religion - the Roman Pope - the role of a temporal overlord, and under shelter of the Pope-King, and using him as an instrument, desires itself to attain the dominion over the whole world."

Count von Hoensbroech, 1911, German Noble and ex-Jesuit

 

Pope Clement XIV (Who had “forever” abolished the Jesuit Order in 1773)

“Alas, I knew they [i.e., the Jesuits] would poison me; but I did not expect to die in so slow and cruel a manner.” (1774)

 

“Above all I have learned from the Jesuits. And so did Lenin too, as far as I recall. The world has never known anything quite so splendid as the hierarchical structure of the [Roman] Catholic Church. There were quite a few things I simply appropriated from the Jesuits for the use of the [Nazi] Party.

Adolph Hitler (1889-1945; Nazi leader and chancellor of Germany from 1933-1945)

 

"The Fuhrer had come to power, thanks to the votes of the Catholic Zentrum, only five years before, but most of the objectives cynically revealed in 'Mein Kampf were already realized; this book, an insolent challenge to the western democracies, was written by the Jesuit Father Staempfle and signed by Hitler. For—as so many ignore the fact—it was the Society of Jesus which perfected the famous Pan-German programme as laid out in this book, and the Fuhrer endorsed it."

Edmond Paris, 1965 French Historian The Secret History of the Jesuits. Page 138

 

“The Jesuits wrote the first 25 rites of Scottish Freemasonry in then College de Clermont in Paris in 1754”

The True origin of Scottish Rite Freemasonry According to the Masonic 

Quiz Book: Ask Me Another, Brother by William Peterson

 

en.wikipedia.org/wiki/Adolfo_Nicolás

Obedience to Rome

After receiving a message from Pope Benedict asking the Society of Jesus to affirm its fidelity to the magisterium and the Holy See, the Congregation presided over by Nicolás responded, "The Society of Jesus was born within the Church, we live in the Church, we were approved by the Church and we serve the Church. This is our vocation... [Unity with the pope] is the symbol of our union with Christ. It also is the guarantee that our mission will not be a 'small mission,' a project just of the Jesuits, but that our mission is the mission of the Church."

datbedank's picture

Great info article. I am quite enjoying the writings of the new Tyler that's around. Keep up the good word!

Maestro Maestro's picture

**Since neither the Americans, the Russians nor the Europeans can even issue their own (national) currencies; none of you are sovereign countries, that is, free peoples. You are all the bankers' witting slaves. The manipulation of gold's price lower is the principal method used by the bankers to hide this fact in plain sight. If gold is not money (alongside whatever else) than you are a slave, period. Read on.**

Worse than the bankers rigging gold and silver prices and not having the gold that they sold you (or selling gold that they don't have via fraudulent COMEX Futures contracts) is the fact that we don't even have MONEY today.  Therefore all financial transactions and economic numbers predicated on the existence of money are FRAUD and FORGERIES presently.

Electronic digits and paper fiat currencies in use today are NOT money, according to the law of the country that issues the reserve currency of the world, the US Dollar (Article 1, Section 10 of the US Constitution); or by the tenets of the science of Economics (i.e., fiat currencies are not money because they are not a store of value nor a unit of account due to the fact that NOT ONE fiat currency's value is actually determined or stipulated in concrete legal terms).  Dollars and Euros and Yens are not even lawfully DEFINED as to what they all are exactly; what their economic worth and transactional value is. Hence, fiat currencies simply cannot constitute the legal foundation of any lawful contract!

(Also, there cannot be either inflation nor deflation in the ABSENCE of money.  Both inflation and deflation are monetary events which cannot take place where there literally is no money.)

What we have today is massive GLOBAL FRAUD mascarading as a monetary system based on the (fraudulent) US dollar because all fiat currencies are basically only a derivative of the US dollar, including the Euro, the Yen, the Yuan, the Rouble, the Shekel and the Riyal.

Furthermore,

Why do a few people get the right to print fake fiat money out of nothing and buy your goods and  services with it whereas you have to WORK to obtain the same worthless money created out of nothing?

THAT is the question at the heart of the matter.  That the bankers manipulate interest rates or the price of gold via fraudulent Futures trading (by selling gold that they don't have) with fiat money is a moot point.

To put it differently: why do the bankers get to have anything that they want without working for it and you, you don't?

All this talk about market rigging, monetary theory and fraudulent (paper) gold trading is a cover-up for INJUSTICE.

The US Constitution FORBIDS the use of debt as money; the US Constitution proscribes (debt) notes which is what the US dollar is presently.  Think, all other currencies are just another name for the US Dollar.

What passes for money today is a CRIME, no more no less.

 
People,

You are all aiding and abetting this crime every time you buy, sell, pay or get paid.

And then you ask, Why our leaders, the politicians, the bankers, and our military men and women are EVIL?

The answer is, because they are just like YOU. They are your sons and daughters.

any_mouse's picture

All FRNs are fake.

They are exchanged because of the global greater force for the Dollar.

Nations that try to circumvent the USD are thrown into chaos and looted.

The Fasces on the US dime's obverse.

Symbol of power. Force of law. Fiat.

Truth and Justice is what we say it is.

Roman Empire II. Aka Holy Roman Empire, NA reboot.

How much effect has global opium trade had on world history?

Opium is both a cash commodity and a control tool.

French Indochina and the Golden Triangle.

Was opium trade with the West involved in Afghanistan's drift from the Soviet orbit precipitating the Soviet invasion?

Noriega's interference in the flow of cocaine between Colombia and the USA precipitated Operation Just Cause, the invasion of Panama.

9/11 and the Taliban.

And here we are discussing whether we are being saved or played by Trump.

Ignore the people behind the curtain. They are beyond the Law. They never see a subpoena. They are kept beyond Public perception.

As long as we argue about Clinton and Trump, etc., we are not discussing the real power.

Silver Savior's picture

I think the most crazy thing is the dollar and even the cent used to be able to buy something! I can't wait for this currency to drop dead and join the other worthless currencies. 

The other thing I find funny is a dollar in itself is worth next to nothing but people do take them if you have many of them. Ha ha ha! I mean what is the difference?

Maestro Maestro's picture

Exactly! Just more zeros marked on one than the other piece of paper or computer screen. People are stupid.

gm_general's picture

The part about the local fiat currencies in colonial America seems to leave out things to suit the agenda of the article. There were several well managed colonial scrips such as in Pennsylania, where because of it, there was prosperity, full employment and basically no inflation for over 50 years. In fact, these scrips worked so well vs. the inflation ridden system in Britain that the British banned it. The colonies were supposed to be a source of cheap goods to the British, and the scrip was foiling that. When the colonies had the English money forced on them, the result was economic hardship - this is the real reason for the war. As to "not worth a continental", the British were counterfeiting it to crash its value. Almost any system of money can be subject to counterfeiting, even using precious metals. I collect ancient coins, sometimes there is a offer to buy a "fouree", which is an ancient counterfeit where the coin was fake and only plated in the precious metal. So counterfeiting has been going on for thousands of years.

ConnectingTheDots's picture

Good to read a comment by someone who knows real history, not that which the bankers want us to read.

A great book that provides much more detail on the colonial period is "Web of Debt", by Ellen Brown.

Once you read that book and your eyes are opened, you will never look at money the same way.

indio007's picture

The US can not directly issue bills of credit.

The language permitting it was in the wording of the Constitution and specifically removed by vote.

Notes of Debates in the Federal Convention of 1787
by James Madison
Thursday, August 16

http://teachingamericanhistory.org/convention/debates/0816.html#8

Mr. Govr. MORRIS moved to strike out “and emit bills on the credit of the U. States”-If the United States had credit such bills would be unnecessary: if they had not, unjust & useless.
Mr. BUTLER, 2ds. the motion.

etc….

On the motion for striking out

N. H. ay. Mas. ay. Ct ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay. N. C. ay. S. C. ay. Geo. ay.