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Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver

 
seeker12
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02/20/2011 11:42 PM
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Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
Right now 12 states are considering if they should start printing (which is not allowed by the Federal Government) their own money backed by the gold and silver.

[link to www.cnbc.com]

Why are so many state legislators beginning to call for issuance of a form of gold money?

The Constitution prohibits states from coining money but allows them make “gold and silver Coin a Tender in Payment of Debts….” By prohibiting everything except “gold and silver Coin” the Constitution clearly contemplates this as legitimate.

Legislators in a dozen states are looking at legislation about gold or silver-based currency, including, right now, Utah, South Carolina, Virginia and New Hampshire. States haven’t issued money for over a hundred years. So … why now? There is disgust by state legislators with the federal government’s promiscuously printing money. This reflects the views of those who wrote and adopted the United States Constitution.

The transcript of the debates in the original Constitutional Convention shows the attitude of the Founders toward paper money was one of disgust. In debate one delegate, Roger Sherman, called for the insertion of an absolute prohibition against states issuing their own paper money.

Mr. Wilson and Mr. Sherman moved to insert after the words 'coin money' the words 'nor emit bills of credit, nor make any thing but gold and silver coin a tender in payment of debts' making these prohibitions absolute…

Mr. Sherman thought this a "favourable" crisis for crushing paper money.

The Founders voted to adopt Sherman’s “crushing” of state-based paper money.

As for the federal government, the original draft of the Constitution included language permitting the federal government to issue unbacked paper money. The Founders objected strongly to this power. The objections were summed up by delegate Oliver Ellsworth:

Mr. Elsesworth thought this a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By witholding the power from the new Governt. more friends of influence would be gained to it than by almost any thing else. Paper money can in no case be necessary. Give the Government credit, and other resources will offer. The power may do harm, never good.

Those who wrote the Constitution decisively stripped the federal government of the power to issue inconvertible paper money. And stripped it stayed… until, temporarily, during the Civil War. Saving the Union was of transcendent importance. A strong constitutional argument exists for the legitimacy of paper money as an expedient. But it set a bad precedent.

"The American people are patient but we are not stupid.”

Ralph Benko
Senior Advisor, American Principles Project

For most of American history dollars were convertible into gold or sometimes silver. It is a 20th century innovation to have inconvertible money. FDR suspended domestic convertibility. And then… Richard Nixon’s 1971 suspension of the convertibility of the dollar into gold put the final nail into the dollar’s coffin. President Nixon announced this as a temporary suspension.

President Nixon made certain promises to America when he suspended convertibility of the dollar. August 15, 1971:

“I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold ….

Now, what is this action--which is very technical--what does it mean for you?

Let me lay to rest the bugaboo of what is called devaluation....

[link to www.cnbc.com]

-------------------

I'm afraid we might just have our riots over here like other countries due to money issues. The teacher's riots in Wisconsin may just be the tip of the iceberg.
Anonymous Coward
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02/20/2011 11:50 PM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
bumphf
Tanz

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02/21/2011 03:27 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
bump
proxy

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02/21/2011 03:33 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
Right now 12 states are considering if they should start printing (which is not allowed by the Federal Government) their own money backed by the gold and silver.
 Quoting: seeker12


Well, you ANSWERED your own post, of course!!!

And it's the CONSTITUTION, not 'the Federal Government' actually!!






.
There are 2 kinds of people in this world.

ME, and everyone else!!
Anonymous Coward
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02/21/2011 03:46 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
It is Constitutional for States to issue their own money in the form of gold and silver coins.

The States have done this before on a routine basis (though it has been many years) and the States may have to do this again.

Always remember that the American People existed before there were States and the States existed before there was a Federal Government.

We, the People, should not fear doing what is a Constitutional right.
Anonymous Coward
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02/21/2011 03:58 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
This is big and only 3 stars....for the first time in 5 years I will give stars....5
Anonymous Coward
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02/21/2011 04:00 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
This is how civil war will start.
Anonymous Coward
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02/21/2011 04:04 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
This is how civil war will start.
 Quoting: Anonymous Coward 1272434


I had the same thougt...maybe, just maybe this idea of coining by the states is what the US needs to get back to its senses...
Anonymous Coward
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02/21/2011 04:23 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
Is Texas on the list?
Anonymous Coward
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02/21/2011 04:24 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
Dammit, Texas! Not on the list.
jeeves
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02/21/2011 04:48 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
At this point states should print money. However it should not be hinged to gold. The international bankers own tons of gold. They own all the gold. They will control any currency hinged to gold. As long as states have limits on printing it doesn't have to be backed by anything.
Anonymous Coward
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02/21/2011 04:51 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
just like the government to wait till gold and silver are at all time highs to buy and coin silver and gold....LOL....
Anonymous Coward
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02/21/2011 04:53 AM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
That's why the next big disaster will be on 9-12.
Anonymous Coward
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03/09/2011 02:54 PM
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Re: Twelve (12) States Consider Printing Their Own Money Back By Gold and Silver
UTAH ON THE LIST...ENDGAME FOR SALT LAKE:


FEDS WILL START MONITORING PERSONALITY TYPES WITHIN THE GRAMMAR SCHOOLS AND PULLING IN RECRUITS AS YOUNG AS TEN TO TELL THEM ABOUT MOMMY'S DRUG USE....

MOMMY WILL GET A VISIT
THEN SIGNS PAPERWORK IN LIEU OF TEN YEARS IN PRISON THAT SAYS SHE WILL ONLY USE FED NOTES...


THEY WILL BEGIN TO BUILD A RESISTANCE WITHIN THE OUTSKIRTS
AMONG THOSE WHO ARE COMPLIANING ABOUT THE NEW CURRENCY'S SCARCITY...

DEMONSTRATION MARSHALLS WILL BE NEEDED TO THWART INSTIGATORS

THE NEW CURRENCY SUPPLIERS WILL END ISOLATED, SUSPICIOUS OF EACH OTHER, AND JUST ONE ASSASSINATION WILL DRIVE THE SHEEP INTO THEIR OLD FED RESERVE NOTES.



SOUTH CAROLINA




VIRGINIA



NEW HAMPSHIRE...SAME STORY

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