Congress Doesn't Give a Fiat!
From: "Art Robinson for Congress" <info@artforcongress.com>
Date: Apr 25, 2012 6:14 PM
Subject: Congress Doesn't Give a Fiat!
The Constitution is clear that Congress has the authority to coin money.
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Common Sense in 2012: Sound Money
Below we have included an excerpt for Art Robinson's new book Common Sense in 2012 from the chapter entitled “Sound Money”. If you would like to read the whole chapter please click here.
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The Congress shall have Power . . . To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Article I, Section 8, Part 5
The Constitution is clear that Congress has the authority to coin money. The Constitution mentions only gold and silver coins. The section in which the authorization to coin money appears also mentions that Congress has the right to fix the standard of weights and measures.
The Founding Fathers did not call for paper money, because all of them had been through a disastrous period of American history with respect to paper money inflation during the War for Independence.
The war was partially financed by the printing press. The Continental government was unable to collect sufficient taxes from the states, so it printed money and, for a time, imposed price controls.
So, the army had difficulty buying supplies because the paper money had declined rapidly in value, and price controls made it difficult for farmers and other suppliers to deliver goods to the Army. At a low point during the war, George Washington could not buy food for his soldiers because farmers would not accept the printed money of the Continental Congress.
Our country is now repeating this experiment with paper money and getting the same result. Inflation has destroyed 95% of the value of the dollar since I was a boy.
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The Federal Reserve System
In the final days of 1913, when many in Congress had returned home for the Christmas vacation, the remaining House and Senate members passed the Federal Reserve Act, and President Wilson signed it into law within hours. That law delegated congressional control over American money to the Federal Reserve System, which is controlled by a committee of the Federal Reserve Bank.
As the American dollar has come to be used as currency throughout the world, the Federal Reserve Bank has become the most powerful bank in the world.
The Federal Reserve Bank became so powerful that Congress dared not even audit its activities. In principle, the “Fed” is supposed to supply Americans with honest and reliable money. Yet, there is not a single example in history where men were given the power to print money or debase coinage and did not abuse that power. The Fed has proved to be no exception.
The Fed should be completely audited – not just partially – and Congress should assert its constitutional authority to assure that Americans have a sound currency that is not inflated. If the Fed cannot do this – a goal that it has completely failed to meet so far and is unlikely ever to achieve – the Fed should be ended.
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We have made the whole “Sound Money” chapter available for you to read online, please click here if you’d like to read more.
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