Page:The Records of the Federal Convention of 1787 Volume 2.djvu/419

 RECOKDS OF THE FEDERAL CONVENTION Saturda MADISON ,4 ugtst to pay them. The use of the term shall will beget specula- tions and increase the pestilent practice of stock-jobbing. There was a great distinction between original creditors & those who purchased fraudulently of the ignorant and dis- tressed. He did not mean to include those who have bought Stock in open market. He was sensible of the difficulty of drawing the line in this case, but He did not wish to preclude the attempt. Even fair purchasers, at 4, 5, 6, 8 for I did not stand on the same footing with the first Holders, supposing them not to be blameable. The interest they receive even in paper is equal to their purchase mone 7. What he particularly wished was to leave the door open for buying up the securities, which he thought would be precluded by the term "shall" as requiring nominal payment, & which was not inconsistent with his ideas of public faith. He was afraid also the word "shall," might extend to all the old continental paper. Mr Langdon wished to do no more than leave the Creditors in statu quo. Mr. Gerry said that for himself he had no interest in the question being not possessed of more of the securities than would, by the interest, pay his taxes. He would observe however that as the public had received the value of the lit- eral amount, they ought to pay that value to some body. The frauds on the soldiers ought to have been foreseen. These poor & ignorant people could not but part with their securi- ties. There are other creditors who will part with any thing rather than be' cheated of the capital of their advances. The interest of the States he observed was different on this point, some having more, others less than their proportion of the paper. Hence the idea of a scale for reducing its value had arisen. If the public faith would admit, of which he was not clear, he would not object to a revision of the debt so far as to compel restitution to the ignorant & distressed who have been defrauded. As to Stock-jobbers he saw no reason for the censures thrown on them- They keep up the value of the paper. Without them there would be no market. Mr. Butler said he meant neither to increase nor diminish the security of the Creditors.

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