"No State shall enter into any treaty, alliance, or confederation; grant letters of marquee and reprisal; coin money; emit letters 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." (Article I, Section 10) --THE CONSTITUTION OF THE UNITED STATES OF AMERICA "Emitting bills of credit, or the creation of [fiat] money by private corporations, is what is expressly forbidden by Article 1, Section 10 of the U.S. Constitution." --U.S. Supreme Court, Craig v. Missouri, 4 Peters 410. "Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." (letter to J. Bowen, Rhode Island, Jan. 9, 1787) "If ever again our nation stumbles upon unfunded paper, it shall surely be like death to our body politic. This country will crash." --George Washington "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance." --Thomas Jefferson, at the Constitutional Convention (1787) "All the perplexities, confusion and distress in America arise not from defects in the Constitution or Confederation, not from a want of honor or virtue so much as from downright ignorance of the nature of coin, credit and circulation." --John Adams, at the Constitutional Convention (1787)
Posted on: Mon, 07 Oct 2013 04:34:39 +0000
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