Comment: Have you ever read about the

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Republicae's picture

Have you ever read about the

Have you ever read about the early history of money in this country, that is after the Constitution was ratified. How was money created at the Mint? Well, there were several ways, but one was that people brought their gold and silver to the mint and for a very small fee the Mint would Mint coins and hand them back to the owner of the gold and silver. But additionally, there were other ways that the Mint of the Treasury would produce coinage, none of which gave the government control over the money itself. In fact, until 1858 there were no real legal tender laws and coinage of several countries was exchanged in this country.

The Constitution is very specific about the role of government, it becomes evident in several of the early monetary Acts passed by Congress in the late 1700s and early 1800s. The Congress was delegated narrow authority to coin money and regulate the value through the use of weights and measures. An once of gold minted here in this country would easily be exchanged in another country and vice-versa. The government didn't control the supply, it didn't claim title to the money and it didn't manipulate the rate of interest. The market determined the actual value of the money itself, the supply of gold and silver, being commodities would wax and wane, but all in all, the purchase value of the gold and silver currency remained very, very stable for decades.

Which way will I have it...I will have it the Constitutional Way, of course.

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"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun