Keith N. McKenna wrote:
Bob Estes wrote:
John W Kennedy wrote:
On May 10, 2008, at 7:44 AM, Bob Estes wrote:
Jerry Feldman wrote:
On Wed, 07 May 2008 15:47:48 -0400 John W Kennedy
<[EMAIL PROTECTED]> wrote:
Note that the New York Stock Exchange continued to trade in 1/8ths
of a dollar until just a few years ago.
Let's bring back pieces of 8 :-)
Let's bring back real currency. (i.e. gold & silver coin as
specified in the U.S. Constitution.)
Let's not use this mailing list as a forum for political lies. The US
Constitution does not and never did make any such specification,
as can be readily ascertained merely by taking the time to read
it.
Article I, Section 10: "No State shall ... make any Thing but gold
and silver Coin a Tender in Payment of Debts;..."
And all that says is that no State may lawfully substitute anything
else. It does not expressly forbid the Federal government from using
paper currency or anything else. If you read the entire Article 1
section 10 it deals exclusively with what the states may not do. Try
researching your "facts" before you try to pass them off as
constitutional gospel.
Regards
Keith
Keith, you are absolutely right. Article I, Section 10 places limitations
on the states, but the implication is that the founders wanted only gold
and silver coin to be legal tender. Additionally, Article I, Section 8
grants to the Federal government the power to "coin" money. It doesn't say
anything about "printing" money. Modern usage has blurred the difference
between coining and printing money, but in 1789 there was a distinct
difference. Also, the Tenth Amendment states, "The powers not delegated to
the United States by the Constitution, nor prohibited by it to the states,
are reserved to the states respectively, or to the people." The
constitution does not specifically grant the power of printing money to the
U. S. Government, but it does prohibit the states from doing so.
Therefore, the argument can be made that the U.S. Government does NOT have
the power to print money. As to how the Supreme Court would rule on the
issue, it would depend on the make up of the court. Conservative justices
like Justice Thomas would probably agree with the position that the U.S.
Government does NOT have the power to "print" money, but liberal justices
like Justice Ginsberg would probably disagree.
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