Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: COBOL2Java; FreeKeys; MrB
Article I
Section. 8.
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

To borrow Money on the credit of the United States;

....

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States; ....

Article I
Section 10.

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

....

Note that it does not say the state can make gold and silver a legal tender, but rather specifically says gold and silver Coin a legal tender. So the state has the constitutional authority to make gold and silver coin legal tender for payment of debts, but does not have any authority to produce the coins or to set the value thereof. So you can use your $5.00 gold coin as legal tender to buy $5.00 worth of goods and services or to discharge $5.00 worth of debt. (Good luck getting a $5.00 gold coin for a cost south of several hundred dollars.)
37 posted on 04/06/2011 2:37:23 PM PDT by VRWCmember (Veritas vos Liberabit)
[ Post Reply | Private Reply | To 2 | View Replies ]


To: VRWCmember
...the state has the constitutional authority to make gold and silver coin legal tender for payment of debts, but does not have any authority to produce the coins or to set the value thereof.

I argued that very point til I was blue in the face with someone here, a couple of weeks back. The meaning of the words, and the grammar in Article I Section 10 are perfectly clear to me, but not so much to those who aren't all that proficient in the language.

72 posted on 04/06/2011 4:59:25 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
[ Post Reply | Private Reply | To 37 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson