Monday, April 19, 2010

Unconstitutionality of Legal Tender Notes

Michael S. Rozeff, on April 17, 2010, published part six 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 six below is about the legal tender cases and Rozeff states, "What is legal tender? Why is Ron Paul’s drive to end legal tender laws so important? How did we get here? The legal-tender cases introduced government-controlled paper money into the American monetary system for the first time in 80 years, paving the way for today’s irredeemable legal tender Federal Reserve Notes. Find out why legal tender paper money is unconstitutional and what is constitutional. See how the government breached the Constitution. Read the stirring words of Justice Field’s dissents as he stood against the big government ideas of the Court’s majority. This article examines the thorough debates on this subject in Congress and the Supreme Court, as it continues to summarize Edwin Vieira’s work on the monetary powers and disabilities of the U.S. Constitution."

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: The Legal Tender Cases (Part 6)

The U.S. Constitution and Money, Part 7, 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.

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