Thomas Jefferson: “Opinion on the Constitutionality of a National Bank”

Glossary

• acts of distribution rules allowing for the transfer of a person’s property if there is no will; typically, states allowed property to go to surviving blood relatives
• bills of exchange exchange instruments allowing a merchant to receive goods by providing a note promising full payment at a later date in a currency chosen by the seller; occasionally circulated as a money substitute
• circulating medium money or money substitute, such as banknotes, specie, or promissory notes of public debt, being used to facilitate economic exchange
• commercial balance the amount owed to a seller or group of sellers
• enumerated powers those areas of authority specifically listed in a constitution
• forfeiture and escheat the transfer of a person’s property to the government if he or she dies intestate (without a will) or without legal heirs
• laws of Alienage restrictions under English common law whereby foreigners could not own or inherit land because they were not under the jurisdiction of the king
• laws of Monopoly rules regulating enterprises that do not have competition; early corporations were often granted monopoly status to encourage economic development
• laws of Mortmain regulations regarding property held by corporate entities, which by definition never die, or figuratively possess a main mort, French for “dead hand”
• paper (as a currency medium) a fiat currency whereby a government may print currency notes irrespective of specie or other holdings to back it; the currency becomes legal tender owing to the “fiat” of the state
• plenary and sovereign authority complete power over a particular matter
• treasury orders promissory notes issued by treasury officials stipulating payment with interest at a future date