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Old April 28th, 2010, 01:32 AM   #16
Yota Bill
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Join Date: 08-24-08
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More along these lines, but on a slightly different subject?

Have any legal money on hand? I doubt it.

In Article I, Section 8, Clause 5 and Article I, Section 10, Clause 1, the Constitution adopts silver and gold coin exclusively as the money of the United States.

In Article I, Section 8, Clause 2 and Article I, Section 10, Clause 1, the Constitution prohibits explicitly or implicitly the emission of any form of what was called in those days "bills of credit". Today we would call that paper money.

Now the standard in this system is the dollar, and, if you know nothing else about the monetary system of the United States constitutionally, learn what a dollar is. A dollar is a silver coin containing 371-1/4 grains of silver. That word is mentioned twice in the Constitution: in Article I, Section 9 and in the Seventh Amendment, guaranteeing the right to jury trial.

In the system that the founding fathers devised, the legal value of all the silver coinage must be proportional to the weight of silver they contain, and the legal value of all the gold coinage must be proportional to the weight of gold that the coins contain in relationship to the exchange value between silver and gold at the prevailing free market exchange rate.

All silver and gold coins may be legal tender for the values of silver and gold they actually contain, and Congress has the authority to, as the Constitution says, regulate the value according to these principles.

Article I, Section 10, Clause 1 also disables the states from imposing on unwilling creditors anything but gold and silver coin as a tender in payment of debts — which, of course, reflects the inherent disability of Congress to declare anything other than gold and silver coin a legal tender

quotes from:

It doesnt take much to realize that the founding fathers knew corrupt people would eventually be in high places in this country, or people with less then adequate understanding. They did not want a country that issued paper (representational) money, or notes, backed by gold, which they could then control the value of, by either printing more money or selling off the gold.
Apparently, Lincoln disagreed.
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