ARTICLE II.

A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

ARTICLE III.

No soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.

ARTICLE IV.

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.

ARTICLE V.

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or in public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any Criminal Case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

ARTICLE VI.

In all criminal prosecutions the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be con

fronted with the witnesses against him; to have compulsory process for obtaining Witnesses in his favor, and to have the Assistance of Counsel for his defence.

ARTICLE VII.

In suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.

ARTICLE VIII.

Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.

ARTICLE IX.

The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.

ARTICLE X.

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.1

ARTICLE XI.

The Judicial power of the United States shall not be construed to extend to any suit in law or equity, commenced or prosecuted against one of the United States by Citizens of another state, or by Citizens or Subjects of any Foreign State.

ARTICLE XII.

The Electors shall meet in their respective states, and vote by ballot for President and Vice-President, one of whom, at least, shall not be an inhabitant of the same state with themselves; they

1 The first ten amendments went into effect Nov. 3,.1791. — ED.

shall name in their ballots the person voted for as President, and in distinct ballots the person voted for as Vice-President, and they shall make distinct lists of all persons voted for as President, and of all persons voted for as Vice-President, and of the number of votes for each, which lists they shall sign and certify, and transmit sealed to the seat of the government of the United States, directed to the President of the Senate; - The President of the Senate shall, in presence of the Senate and House of Representatives, open all the certificates and the votes shall then be counted; The person having the greatest number of votes for President, shall be the President, if such number be a majority of the whole number of Electors appointed; and if no person have such majority, then from the persons having the highest numbers not exceeding three on the list of those voted for as President, the House of Representatives shall choose immediately, by ballot, the President. But in choosing the President, the votes shall be taken by states, the representation from each state having one vote; a quorum for this purpose shall consist of a member or members from two-thirds of the states, and a majority of all the states shall be necessary to a choice. And if the House of Representatives shall not choose a President whenever the right of choice shall devolve upon them, before the fourth day of March next following, then the Vice-President shall act as President, as in the case of the death or other constitutional disability of the President. The person having the greatest number of votes as Vice-President, shall be the Vice-President, if such number be a majority of the whole number of Electors appointed, and if no person have a majority, then from the two highest numbers on the list, the Senate shall choose the Vice-President; a quorum for the purpose shall consist of two-thirds of the whole number of Senators, and a majority of the whole number shall be necessary to a choice. But no person constitutionally ineligible to the office of President shall be eligible to that of Vice-President of the United States.1

No. 55. Hamilton's First Report on Public Credit

January 9, 1790

AUGUST 28, 1789, a memorial of certain public creditors of Pennsylvania was presented in the House, "praying the aid and interposition of Congress on behalf of the public creditors, by a permanent appropriation of adequate funds for the punctual payment of the interest of the public debt, or by the adoption of such other means as, in the wisdom of Congress, shall be best calculated to promote the public welfare, and render justice to the individuals who are interested." The memorial was referred to a committee, of which Madison was chairman, which reported on the 10th in favor of deferring action until the next session. On the 21st, after consideration of the report, it was resolved "that this House consider an adequate provision for the support of the public credit, as a matter of high importance to the national honor and prosperity," and "that the Secretary of the Treasury be directed to prepare a plan for that purpose, and to report the same to this House at its next meeting." January 14, 1790, the report on public credit, extracts from which follow, was sent in. The report was taken up Feb. 8, and considered in Committee of the Whole House until March 29, when eight resolutions, agreed to in committee, were reported. The first three resolutions, recommending payment of the foreign debt, together with principal and interest of the domestic debt, were agreed to; the fourth, in favor of the assumption of the State debts, was, by a vote of 29 to 27, recommitted; and the remaining resolutions were laid on the table. On the 30th, the last four resolutions were also recommitted. Consideration of the report in Committee of the Whole House was resumed, and April 26, by a vote of 32 to 18, the committee was discharged "for the present" from further consideration of so much of the report as related to assumption. The opposition to assumption which had by this time developed, strengthened by the arrival of members from North Carolina, bid fair to defeat the scheme. In the meantime, the plan for the location of the national capital had met with difficulty, owing to the rival interests of Pennsylvania and Virginia. Hamilton made use of Jefferson's influence to arrange a compromise, by which, in return for votes in favor of assumption, the capital was to be located at Philadelphia for ten years, and thereafter permanently on the Potomac. Acts of Aug. 4, 10, and 12, 1790, provided for the settlement of the public debt and for increased duties on imports, substantially as suggested by Hamilton.

REFERENCES. – Text in Amer. State Papers, Finance, I., 15-25. For the proceedings of the House, see the Journal, 1st Cong., 1st and 2d Sess.; for the discussions, see the Annals of Congress, or Benton's Abridgment, I. The memorial presented Aug. 28 is in the Annals; for resolutions and memorials against the act of Aug. 4, 1790, see Amer. State Papers, Finance, I., 76–81, 90, 91. A contemporary view of the funding system is in Carey's Amer.

Museum, VI., 91-98. On Hamilton's financial policy in general, see Lodge's Hamilton, chaps. 5, 6. See also Hamilton's Works (ed. 1851), V., 454-459; Jefferson's Works (ed. 1854), IX., 91-96; Madison's Writings (ed. 1865), I., 490-496, 501, 507-522.

TREASURY DEPARTMENT,

January 9, 1790.

The Secretary of the Treasury, in obedience to the resolution of the House of Representatives of the twenty-first day of September last, has, during the recess of Congress, applied himself to the consideration of a proper plan for the support of the public credit, with all the attention which was due to the authority of the House, and to the magnitude of the object. . . .

In the opinion of the Secretary, the wisdom of the House, in giving their explicit sanction to the proposition which has been stated, cannot but be applauded by all who will seriously consider and trace, through their obvious consequences, these plain and undeniable truths:

That exigencies are to be expected to occur, in the affairs of nations, in which there will be a necessity for borrowing; That loans in times of public danger, especially from foreign war, are found an indispensable resource, even to the wealthiest of them;

And that, in a country which, like this, is possessed of little active wealth, or, in other words, little moneyed capital, the necessity for that resource must, in such emergencies, be proportionably

urgent.

And as, on the one hand, the necessity for borrowing, in particular emergencies, cannot be doubted; so, on the other, it is equally evident, that, to be able to borrow upon good terms, it is essential that the credit of a nation should be well established. . . .

If the maintenance of public credit, then, be truly so important, the next inquiry which suggests itself is, By what means it is to be effected? The ready answer to which question is, by good faith: by a punctual performance of contracts. States, like individuals, who observe their engagements, are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct. . . .

While the observance of that good faith, which is the basis of