Constitutional or Unconstitutional?

The constitution grants the power to coin money over to congress not for congress to grant authority to banks, and only allows for Gold and Silver as currency. Art. I Sec. 10 Cl. 1

[No State shall ...] make (honor) any Thing but gold and silver Coin a Tender in Payment of Debts; ... This was the law of the land when the Roman empire came into effect and only silver was used as coinage. By the time of Rome's collapse the silver had been diluted to greater than 1/1000th of its' original composition.

Thomas Jefferson stated succinctly the dangers of central banking:

"I consider the foundation of the Constitution as laid on this ground: That all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people." [XIIth amendment.][2] To take a single step beyond the boundaries thus specially drawn around the powers of Congress, is to take possession of a boundless field of power, no longer susceptible of any definition.

The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution."

and debated viciously against Alexander Hamilton on the issue who stated that: "No society could succeed which did not unite the interest and credit of rich individuals with those of the state"

"Wilson, signed the Federal Reserve Act on December 23, 1913 just two days before Christmas with some Congressmen already home for the holidays and with the average citizen's attention clearly elsewhere." While still a professor prior to his ascendancy Woodrow Wilson stated that "trouble could be averted if we appointed a committee of six or seven public-spirited men like J. P. Morgan to handle the affairs of our country" This due to a financial panic that he himself started by spreading rumors that the Knickerbocker bank of New York was insolvent. This sparked a run on that bank that sparked runs on other banks. This is the same JP Morgan that was a known monopolist in the fields of agriculture, freight, etc.. at the time

The "federal reserve" (private dispensary. Germany learned this the hard way attempted to reserve tens of billions of dollars in gold there only to be told the gold wasn't available upon request) on paper hands over to banks the authority to print money in secret. Each of the banks at the time received a percentage of voting authority on how much of the public's money should be printed up in secret and whom should be receiving it. Of course the largest monopolies did nothing but eat up the other banks and this can been observed by taking into consideration a few noteworthy studies such as senate committee on governmental affairs entitled structure of corporate concentration which stated that: "financial institutions, part of or extensively interrelated with the Morgan-Rockefeller coplex, are the dominant force in the economy."

http://www.youtube.com/watch?v=ol3mEe8TH7w (Greenspan: fed is above law 7:38)

http://www.youtube.com/watch?v=g32ObW8PoOg (fed is ponzi scheme expained on msnbc)

http://www.youtube.com/watch?v=cJqM2tFOxLQ (cspan footage: General Inspector unaware of 9 trillion dollars of off balance transactions made by federal reserve)

Highlighting the ability to simply print money in secret are the disclosures through the Supreme Court which unveiled the fact that on top of the "federal reserve"'s printing of 700 billion dollars at the behest of congress in order for certain banks to stay in business therefore delivering inflation to the population in exchange for the survival of defunct business and the destruction of the invisible hand, another 16 trillion was printed up in secret. Here's a report on how 3.3 trillion "federal reserve notes" went to foreign banks in secret.

https://www.youtube.com/watch?v=HWk1fhvyyc4

If you want a brief rundown of what I got out of reading Ron Paul's "end the fed" it's that the "central bank" artificially lower's interest rates thereby artificially lowering risk then when banks have made mistakes "there's a sudden realization (not sudden)" it's the responsibility of "the fed" to paper over those mistakes. He also said this allows the political system to be manipulated perpetually. I could probably read the book again. There's a lot I'm sure I missed. He lists intermediate through advanced reading material in the back as well.

That means not one state in the United States. That's actually taking it further by dismissing future arguments that perhaps it could be constitutional in the future to have inflationary currency here or there. However, this does not address the constitutionality of central banking and wasn't meant to. I second Thomas Jefferson as to that.

Constitutional. The argument has been settled since McCulloch v. Maryland in 1819. The Constitution gives Congress the power to "coin money" and to regulate its value. The term, coin, meant back in the late 1700s, to create. The Constitution also gives Congress the power to make all laws that are necessary for carrying out any of the other powers granted to Congress under the Constitution. Through the Federal Reserve Act, Congress has delegated its power to create money and to regulate its value to the Federal Reserve.

Executive Order 11110 does NOT do what the other poster claims that it does. That is obvious be simply reading the executive order. For more information, see either my answer or the selected best answer at http://answers.yahoo.com/question/index?qid=201301...

As for the claim that only gold and silver can be money, the clause of the Constitution that says that begins with two words, "NO STATE". That clause only applies to the states and not to the federal government which is obvious to anyone that doesn't have a problem with reading comprehension.

EDIT: That clause begins with NO STATE. Which refers to the states only. The federal government is NOT restricted by anything within that clause which is obvious since the clause also mentions entering into treaties and it is ridiculous to think the federal government cannot be a party to a treaty between nations. It is especially ridiculous to think that since the U.S. entered into many treaties after the ratification of the Constitution when the people who actually wrote the Constitution were still alive and many were members of Congress.

In addition, while the Federal Reserve Act was signed on Christmas Eve, most of Congress was NOT on vacation. Congress stayed late that year in order to pass important legislation, much like they have done several times since. Also, the Constitution requires that a majority of all members be present in order to even conduct business such as voting on a bill. So the claim is obviously wrong.

Of course, the anti-Fed crowd has a problem with reading comprehension and common sense and they love to take quotes completely out of context or cannot even understand simple spoken English.

EDIT for the dense: The states are not the ones making federal reserve notes legal tender, THE FEDERAL GOVERNMENT IS. The federal government has the power and is exercising that power. The federal government is NOT restricted from making things other than gold and silver as money. Just like the federal government is not restricted from entering into treaties. When the federal government makes something legal tender, then that can be used to make payments all across the country. Of course, the truly dense don't understand this simple concept.

Article I gives congress the authority to (1)print money and manage it. (2) Elastic clause gives them the power to do whatever they want to accomplish that. Was THE big political fight of 1800. Split jefferson and The New York Bankers led by Hamilton and Jay. Created the Whig Party (currently the republican one) that wanted the Fed reserve (called Bank of US), and the Democratic Republicans ( currently the Democrats)

Congress can do whatever it wants, set up whatever it wants to do it with. right there in the constitution.

The Actual Consitution is slent on the matter however we have/ as have other countries have before issued a ofical mondetry supply. And the realy the only law applical law on accual curracy produced by the govt is that is you give the govt the money it pays the taxes owed. Other buisness are allowed to accept whatever form a payment they'd like

Unconstitutional. The constitution states only Gold and Silver are to be used as money.

"No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

Executive Order 1110 gave the US the ability to create its own money backed by silver.