The National Currency and Banking System

Michael S. Rozeff, on April 25, 2010, published part seven of his brilliant story on America’s decline into unconstitutional money, entitled "The U.S. Constitution and Money".

Rozeff's mission is to summarize one of my favorite monetary books of all time, Edwin Vieira’s Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution. Part seven below is about the national banking system and Rozeff states, "A monetary revolution occurred between 1861 and 1864 with the introduction of several kinds of unconstitutional paper monies by the U.S. government and the buildout of the National Banking System and its National Currency. The focus here is on these monies, this system, and the revolutionary corporative state that was born at that time in the monetary sector, as we continue our trip through Edwin Vieira Jr.’s Pieces of Eight. This article also analyzes the infamous logic of Charles Evans Hughes in a gold seizure case in 1935. Coming up next is the Federal Reserve System."

The U.S. Constitution and Money, Part 1 and Part 2, can be found here.

The U.S. Constitution and Money, Part 3 and Part 4, can be found here.

The U.S. Constitution and Money, Part 5, can be found here.

The U.S. Constitution and Money, Part 6, can be found here.

The U.S. Constitution and Money: The National Currency and Banking System (Part 7)


The U.S. Constitution and Money, Part 8, can be found here.

Michael S. Rozeff is a retired Professor of Finance living in East Amherst, New York. He is the author of the free e-book Essays on American Empire.