Bills of attainder, ex post facto laws, and laws impairing the obligation of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. …
Very properly therefore have the Convention added this constitutional bulwark in favor of personal security and private rights; … The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and with indignation, that sudden changes and legislative interferences in cases affecting personal rights, become jobs in the hands of enterprizing and influential speculators; and snares to the more industrious and less informed part of the community. They have seen, too, that legislative interference, is but the first link of a long chain of repetitions; every subsequent interference being naturally produced by the effects of the preceding. They very rightly infer, therefore, that some thorough reform is wanting which will banish speculations on public measures, inspire a general prudence and industry, and give a regular course to the business of society.
This is a hill to die on; not only is it horrible policy (for the reasons I stated, which have been repeated by Michael Lewis, Tyler Cowan, and others), but it really does smell to high heaven of bannana-republic warlordism.