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Originally posted by D-res Awww beaten to the punch by a communist.

he's not a communist.

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Originally posted by D-res Care to add a diatribe about the the lack of tin-foil hats in this thread?

not every example of people complaining about government activities counts as an outrageous conspiracy theory.

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Originally posted by pkcRAISTLIN he's not a communist.

Comrade!

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Originally posted by Communist Key words, "No state"...Misrepresentation of the constitution FTL...

Only Congress, according to the Constitution, had the authority to coin money, not a central bank. And that States, I quote again can not "make anything but gold and silver coin a tender in payment of debts". Which is why Jefferson was against the First Bank of the US and paper money. It was and still is, simply unConstitutional.

Jefferson ftw!

Last edited by DOOMBOT on Sep-26-2009 at 14:32

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Originally posted by pkcRAISTLIN im no US constitutional expert

I can tell.

Funny that the part that you highlighted clearly states "COIN MONEY", which doesn't mean, running a printing press.

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Originally posted by DOOMBOT Funny that the part that you highlighted clearly states "COIN MONEY", which doesn't mean, running a printing press.

So we're all literalists now? Jesus.

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Originally posted by Lebezniatnikov So we're all literalists now? Jesus.

Wow.

james, I always understood the text regarding states and coins to mean that states could not start making their own currency independent of the US. I think that's what your friends in thsi thread are trying to point out to you

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Originally posted by DOOMBOT Only Congress, according to the Constitution, had the authority to coin money, not a central bank.

That is a flat out lie. Here's the truth.

All coins minted are minted by the United States Mint under the administration of the Department of the Treasury. All paper currency is printed by the Bureau of Engraving and Printing which is another agency under the Department of the Treasury. The Treasury prints the currency, the Federal Reserve buys and sells it through its open market operations. Congress does print and coin money but has delegated the task of monetary policy to the Federal Reserve. Do you honestly want Congress determining monetary policy? Such a belief is rooted in idiocy.

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And that States, I quote again can not "make anything but gold and silver coin a tender in payment of debts". Which is why Jefferson was against the First Bank of the US and paper money. It was and still is, simply unConstitutional.

We'r talking about a national central bank. Why are you injecting passages out of the Constitution about states' rights? As I laid out above, the Treasury prints and coins the currency, and the Federal Reserve carries out monetary policy. No where in that system is there anything unconstitutional. If there is, by all means, take it the Supreme Court. Wait, it already has...

McCulloch v. Maryland - granted the Federal government working through the First National Bank to issue bank notes without interference of the states.

Legal Tender Cases - a series of US Supreme Court cases which affirmed the constitutionality of paper money and established that the federal government had the power to define money in a manner necessary and proper to the execution of its enumerated powers.

Milam v. United States - reinforced the precedent set by the Legal Tender Cases in which the federal government could determine what is defined as money, and that definition does not require the defined money to be backed by a precious metal.

Additionally, monetary policy is conducted by independent government functionaries such as the Federal Reserve Board of Governors (appointed by US President) and the Federal Open Market Committee (a Federally mandated committee).

So clearly, the United States monetary system is very much constitutional.

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Originally posted by Guest james, I always understood the text regarding states and coins to mean that states could not start making their own currency independent of the US. I think that's what your friends in thsi thread are trying to point out to you

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make anything but gold and silver coin a tender in payment of debts

What this means is that states are not allowed to accept payment in anything but gold and silver.

It's just that simple, which is why The US Constitution is regarded as one of, if not, the greatest documents ever written.

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Originally posted by DOOMBOT What this means is that states are not allowed to accept payment in anything but gold and silver. It's just that simple, which is why The US Constitution is regarded as one of, if not, the greatest documents ever written.

The Legal Tender Cases established the constitutionality of the authority of the Federal Government to determine what is legal tender and what is not, irrespective of precious metal backing.

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Originally posted by Communist That is a flat out lie. Here's the truth. All coins minted are minted by the United States Mint under the administration of the Department of the Treasury. All paper currency is printed by the Bureau of Engraving and Printing which is another agency under the Department of the Treasury. The Treasury prints the currency, the Federal Reserve buys and sells it through its open market operations. Congress does print and coin money but has delegated the task of monetary policy to the Federal Reserve. Do you honestly want Congress determining monetary policy? Such a belief is rooted in idiocy.

I was simply explaining the meaning of the section of the US Constitution that I quoted. I wasn't talking about how it is operated today.

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We'r talking about a national central bank. Why are you injecting passages out of the Constitution about states' rights?

Because Clovis got me all fired up about the Constitution and I figured I'd post a couple of my favorite sections from it. Sorry if that bothered you a little.

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Originally posted by Communist The Legal Tender Cases established the constitutionality of the authority of the Federal Government to determine what is legal tender and what is not, irrespective of precious metal backing.

It clearly states gold and silver. Why do you think many, including Jefferson, were highly opposed to a national central bank and paper money?