Send a Quote Enter a brief message. SendOk2 “Madison, agreeing with the journal of the convention, records that the grant of power to emit bills of credit was refused by a majority of more than four to one. The evidence is perfect; no power to emit paper money was granted to the legislature of the United States.” ~ George Bancroft (1800-1891) American historian, U.S. Secretary of the Navy (1845-1846), established the United States Naval Academy at Annapolis in 1845Source: A Plea for the Constitution (1886)