The Constitution for the United States of America
Article 1
Section 8 - Paragraph 2
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To borrow money on the credit of the United States: |
At this point in time, the Federal Government had no credit, it was brand new and struggling. It had no real income base that would instill confidence in anyone who could, or would, lend money to the Federal Government. The term "United" in this case has to refer to the uniting together of the several States and lumping their credit in order to allow the Federal Government to borrow money.
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