ARTICLES OF CONFEDERATION OF JULY 9, 1778.

ARTICLE 9.

SEC. 5. The United States, in Congress assembled, shall have authority * to borrow money or emit bills on the credit of the United States, transmitting every half year to the respective States an account of the sums money so borrowed or emitted;

of

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SEC. 6. The United States, in Congress assembled, shall never engage in a war, * * * nor coin money, nor regulate the value thereof, * nor emit bills, nor borrow money on the credit of the United States, unless nine States assent to the same,

ARTICLE 12.

* * *

All bills of credit emitted, moneys borrowed, and debts contracted by or under the authority of Congress, before the assembling of the United States, in pursuance of the present confederation, shall be deemed and considered as a charge against the United States, for payment and satisfaction whereof the said United States and the public faith are hereby solemnly pledged.

1 Stat. L., 7.

1 Stat. L., 8.

1 Stat. L., 8.

1

THE CONSTITUTION OF THE UNITED STATES.

ARTICLE 1.

SEC. 8. The Congress shall have power

1 Stat. L., 13.

To lay taxes,

and provide for

fence and wel

To lay and collect taxes, duties, imposts, and excises, to pay the debts, and provide for the common defence and the common de general welfare of the United States; but all duties, im- fare. Duties to posts, and excises shall be uniform throughout the United States:

To borrow money on the credit of the United States: To regulate commerce with foreign nations, and among the several States, and with the Indian tribes:

be uniform.

To borrow

money.

To regulate

commerce.

To establish * of bankruptcies throughout the United States: To coin money, regulate the value thereof, and of for- To coln moneign coin, and fix the standard of weights and measures:

* uniform laws on the subject Bankruptcies.

ey. To fix the

standard of

weights and

measures.

To provide for the punishment of counterfeiting the To punish securities and current coin of the United States:

counterfeiters.

for carrying

all powers

To make all laws which shall be necessary and proper To make laws for carrying into execution the foregoing powers, and all into execution other powers vested by this Constitution in the govern- vested in Govment of the United States, or in any department or United States. officer thereof.

SEC. 10. No State shall * **; coin money; emit bills of credit; make any thing but gold and silver coin a tender in payment of debts;

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ACT OF JULY 31, 1789.

CHAP. V.-An act to regulate the collection of the duties imposed by law on the tonnage of ships or vessels, and on goods, wares and merchandises imported into the United States.

ernment of

1 Stat. L., 29.

eign coin and

SEC. 18. And be it further enacted, That all foreign Rates of forcoins and currencies shall be estimated according to the currency. following rates: Each pound sterling of Great Britain,

at four dollars forty-four cents; each livre tournois of

3

France, at eighteen cents and a half; each florin or guilder of the United Netherlands, at thirty-nine cents; each mark banco of Hamburgh, at thirty-three cents and one third; each rix dollar of Denmark, at one hundred cents; each rix dollar of Sweden, at one hundred cents; each ruble of Russia, at one hundred cents; each real plate of Spain, at ten cents; each milree of Portugal, at one dollar and twenty-four cents; each pound sterling of Ireland, at four dollars ten cents; each tale of China, at one dollar forty-eight cents; each pagoda of India, at one dollar ninety-four cents; each rupee of Bengal, at fifty-five cents and a half; and all other denominations of money in value as near as may be to the said Invoices to be rates; and the invoices of all importations shall be made the place from out in the currency of the place or country from whence portation the importation shall be made, and not otherwise.

in currency of

whence the im

comes.

Rates of coins for receiving

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*

*

SEC. 30. And be it further enacted, That the duties duties and fees. and fees to be collected by virtue of this act, shall be received in gold and silver coin only, at the following rates, that is to say, the gold coins of France, England, Spain and Portugal, and all other gold coin of equal fineness, at eighty-nine cents for every pennyweight. The Mexican dollar at one hundred cents; the crown of France at one dollar and eleven cents; the crown of England at one dollar and eleven cents; and all silver coins of equal fineness at one dollar and eleven cents per ounce.

*

Approved, July 31, 1789.

[Further provisions fixing the rates and status of foreign coins and currency are as follows: 1 Stat. L., 167, 173, 215, 262, 300, 539, 673, 680; 2 Stat. L., 121, 173, 374; 3 Stat. L., 322, 525, 645, 777, 779; 4 Stat. L., 593, 681, 699, 700; 5 Stat. L., 496, 607, 625, 740; 9 Stat. L., 14; 11 Stat. L., 163. Former acts making foreign coins a currency or legal tender, repealed, 11 Stat. L., 163; 12 Stat. L., 207; 17 Stat. L., 602 (secs. 3564-3565, R. S.)]

ACT OF SEPTEMBER 2, 1789.

1 Stat. L., 65. CHAP. XII.-An act to establish the Treasury Depart

Department designated.

ment.

SECTION 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of