2] Had the states this power, it would be possible for any one of them to
involve the whole country in war.

[3] This provision secures the uniformity and reliability of our coinage.

[4] A state may borrow money and may issue bonds for the purpose. But
these bonds are not bills of credit, because they are not designed to
circulate as money.

The evils of state issuance of bills of credit we cannot appreciate, but
the framers of the constitution had experienced them, and based this
provision on that bitter experience.

[5] This has the same general purpose as the preceding.

It will be observed that there is no such prohibition on the United
States, and the implied power to emit bills of credit and to make things
other than gold and silver legal tender, has been exercised.

[6] Forbidden to the states for the same reason that they are forbidden to
the United States.

[7] The purpose is to preserve the legal obligation of contracts. "The
spirit of the provision is this: A contract which is legally binding upon
the parties at the time and place it is entered into by them, shall remain
so, any law of the states to the contrary notwithstanding." [Footnote:
Tiffany quoted by Andrews.]

Under this provision many questions have arisen. One of them is this: May
a state pass insolvent or bankrupt laws? It has been decided by the United
States Supreme Court that a state may pass insolvent laws upon _future_
contracts, but not upon _past_ contracts. But no state can pass a bankrupt
law.

_Clause 2.--Conditional Prohibitions._

No state shall, without the consent of the congress,[1] lay any imposts or
duties on imports or exports, except what may be absolutely necessary for
executing its inspection laws;[2] and the net produce of all duties and
imposts, laid by any state on imports or exports, shall be for the use of
the treasury of the United States;[3] and all such laws shall be subject
to the revision of the congress.[4] No state shall, without the consent of
congress, lay any duty of tonnage,[5] keep troops or ships of war in time
of peace,[6] enter into any agreement or compact with another state,[7] or
with a foreign power,[7] or engage in war, unless actually invaded, or in
such imminent danger as not to admit of delay.[8]_

[1] By implication, congress may give the states permission to do the
things enumerated in this paragraph. But it never has.

[2] The inspection laws are designed to secure to consumers qual