Wednesday, May 27, 2009

The Value of a Dollar

In 1788, the Congress of the United States was given power to coin our currency by the U.S. Constitution, specifically Article 1, Section 8:

"Congress shall have power... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;" ~Article 1, Section 8, U.S. Constitution

"No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts;" ~Article 1, Section 10, U.S. Constitution

The Revolutionary War's "Continental Dollar" was the paper currency invented by the states for more war funding, but became notoriously worthless, thus bringing about the above clause to the law of the land.

The Mint Act of 1792 set the value of a dollar at approximately .05 ounces of gold, or at less than an ounce of silver.

The War of Southern Independence saw the first blatant lack of Constitutionality in the U.S.'s currency with Lincoln's greenbacks, which were openly backed in no precious metal at all.

The advent of paper used as de facto currency, and the U.S. Government's legitimization thereof, literally destroyed all hope of maintaining a free and safe currency.

We no longer have legitimate dollars, and have been using Federal Reserve Notes, denominated in supposed dollars, but they are basically worthless, only holding value as long as people accept them.

We haven't had a true dollar in this country since they stopped minting gold and silver coins as legal tender, just fake Federal Reserve Notes.

8 comments:

Son3 said...

"They say the Constitution is just a ^*&-%$# piece of paper. I say the same about their money! :D"

~Adam S

Son3 said...

Absolutely! Thanks for the comment!

(Sorry I had to edit and re-post your comment, see my comment policy at the bottom of my page.)

AdamS said...

I most humbly apologise Son. Blame it on my vulgar secular upbringing. lol :)

Son3 said...

Don't give it another thought, it's truly fine!

You were quoting someone else, anyway.

(A "Christian", no less... honest! Never mind his unrepentant involvement with death cults, Bush is a Christian, you fool!) :D

Johann Van De Leeuw said...

Amen to your post!

Johann Van De Leeuw said...

I'm a silverite myself, and find the concept of greenbacks as disgusting as deficit spending.

Son3 said...

Thank you!

Yes, silver is the way to go. Gold, too, but silver is "poor man's gold".

Blogger said...

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