electing them; they were representative rather of
the propertied upper class. This circumstance has given rise to the
charge that the Constitution was framed and adopted by men who were
interested in the protection of property, in the maintenance of the
value of government securities, and in the payment of debts which had
been incurred by the individual States in the course of the Revolution.
Property holders were unquestionably assisted by the mere establishment
of a strong government. The creditor class seemed to require some
special provision and, when the powers of Congress were under
consideration in the Federal Convention, several of the members argued
strongly for a positive injunction on Congress to assume obligations
of the States. The chief objection to this procedure seemed to be based
upon the fear of benefiting speculators rather than the legitimate
creditors, and the matter was finally compromised by providing that
all debts should be "as valid against the United States under
this Constitution asunder the Confederation." The charge that the
Constitution was framed and its adoption obtained by men of property and
wealth is undoubtedly true, but it is a mistake to attribute unworthy
motives to them. The upper classes in the United States were generally
people of wealth and so would be the natural holders of government
securities. They were undoubtedly acting in self-protection, but the
responsibility rested upon them to take the lead. They were acting
indeed for the public interest in the largest sense, for conditions in
the United States were such that every man might become a landowner
and the people in general therefore wished to have property rights
protected.

In the autumn of 1788 the Congress of the old Confederation made
testamentary provision for its heir by voting that presidential electors
should be chosen on the first Wednesday in January, 1789; that these
electors should meet and cast their votes for President on the first
Wednesday in February; and that the Senate and House of Representatives
should assemble on the first Wednesday in March. It was also decided
that the seat of government should be in the City of New York until
otherwise ordered by Congress. In accordance with this procedure,
the requisite elections were held, and the new government was duly
installed. It happened in 1789 that the first Wednesday in March was
the fourth day of that month, which thereby became the date for the
b