eclaration of Independence does
not recognize Parliament at all, except indirectly, when it
says the King "has combined with others" to do the wrongs
which are complained of.

_Third:_ In 1752 the whole country was overrun with paper
money. Mr. Sherman published in that year a little pamphlet,
entitled, "A Caveat Against Injustice, or An Inquiry Into
the Evil Consequences of a Fluctuating Medium of Exchange."
He stated with great clearness and force the arguments which,
unhappily, we have been compelled to repeat more than once
in later generations. He denounced paper money as "a cheat,
vexation, and snare, a medium whereby we are continually cheating
and wronging one another in our dealings and commerce." He
adds, "So long as we import so much more foreign goods than
are necessary, and keep so many merchants and traders employed
to procure and deal them out to us: a great part of which
we might as well make among ourselves; and another great part
of which we had much better be without, especially the spiritous
liquors, of which vast quantities are consumed in the colony
every year, unnecessarily, to the great destruction of estates,
morals, healths and even the lives of many of the inhabitants,--
I say, so long as these things are so, we shall spend a great
part of our labor and substance for that which will not profit
us. Whereas, if these things were reformed, the provisions
and other commodities which we might have to export yearly,
and which other governments are dependent upon us for, would
procure us gold and silver abundantly sufficient for a medium
of trade. And we might be as independent, flourishing and
happy a colony as any in the British Dominions."

He lived to move in the Convention, and to procure its insertion
in the Constitution, the clause that no State should make
anything but gold and silver legal tender.

_Fourth:_ Mr. Sherman took his seat in the Federal Convention
May 30, 1787. Mr. Randolph's resolution, submitted on the
29th day of May, being before the Convention the next day,
included the proposition that the National Legislature ought
to be empowered to enjoy the legislative rights vested in
Congress by the confederation, "and moreover to legislate
in all cases in which the separate States are incompetent,"
--the question being whether the clause authorizing Congress
to legislate in all cases in which the separate States are
incompetent should be retained, every State in the Con