The Constitution for the United States of America
Section 8 - Paragraph 5
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures:
To coin Money,
Coin is just exactly what it says it is -- Coins. This provision, along with the provision in Section 10 of Article 1 that requires the States to use only gold and silver coin really establishes the basis of our monetary system. This has never been changed and so the real monetary system of the country is gold and silver coin.
regulate the Value thereof,
Certainly, if the Federal Government has the power to Coin Money, it must have the power to regulate the value of the money they coin.
and of foreign Coin,
This is not authority to fix the value of coins minted by Foreign Nations, only the power to establish an exchange rate betwen the coins minted by the Federal Government and those minted by the Foreign Nations.
and fix the Standard of Weights and Measures;
In order to effectively control the value of the coins that will be minted, and to be certain that each state is using the same standards of Weights and Measures so that trade between the States is based on a uniform scale, it is necessary that the Federal Government be given the power to fix the Standard of Weights and Measures.
The power to coin gold and silver Money is granted, but there is no provision for the printing of paper money.
The printing of paper money and the establishment of a Central Bank were discussed in the Federal Convention by our Founding Fathers. Neither of these powers appears in the Constitution. The printing of paper money may be justified if it can be exchangeable for gold and silver coin.
But, the Federal Government is not authorized to establish a Central Bank for the country, nor is it authorized to control and regulate the banking activities in the country. The actions of our Government in control banking and other financial marketplaces is strictly forbidden. They are clear violations of our right to the pursuit of Happiness. The private banks may form a central clearing house for bank items, but the government may not be involved.
Further, the actions of Congress in allowing the Federal Reserve Bank to be established are beyond the powers granted by We, the People. We never gave Congress the authority to assign any Government mandated functions - i.e., the minting of coins - to any individual, or group, especially not a private group owned by foreign elements. The Federal Reserve Bank is unconstitutional, and has been from its very inception, and the debt owed to the Federal Reserve Bank is null and void. All money coined, or printed, must be done by the government itself at its own mints.
We, the People, do not want "fiat" money. We restricted the governments ability to create money by merely "turning on the printing presses." All currency issued by the government must be tied to gold and silver reserves to guaranty the value of our coin and currency. The current system with the Federal Reserve is not beneficial to the needs and wants of the general public and must be abolished. Congress exceeded its Constitutional bounds by authorizing various powers granted to the government to be administered and controlled by private persons and corporations.
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