From: The Deviant <deviant@pooh-corner.com>
Date: Tue, 12 Nov 1996 18:12:25 -0800 (PST)
To: jim bell <jimbell@pacifier.com>
Subject: Re: Not. [Was Re: Federal Reserve Bank is ILLEGAL?]
In-Reply-To: <199611121840.KAA04414@mail.pacifier.com>
Message-ID: <Pine.LNX.3.94.961113020845.1226A-100000@random.sp.org>
MIME-Version: 1.0
Content-Type: text/plain


On Tue, 12 Nov 1996, jim bell wrote:

> At 11:57 PM 11/11/96 -0500, Michael Froomkin - U.Miami School of Law wrote:
> >On Tue, 12 Nov 1996, Doug Renner wrote:
> >
> >> article nearly head-on.  However is it true that what you are saying is 
> >> that two fundamental premises in the article you refer to as "rabid" are 
> >> incorrect?  Namely:
> >> 
> >> "ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES THAT CONGRESS SHALL HAVE
> >> THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF.
> >
> >The above is a true statement.  Note however that "congress" cannot
> >operate the mint.  It must -- **MUST** -- delegate this duty to the
> >executive branch (or someone outside the legislative branch, cf. Chadha
> >v. U.S.) if it wants it done. Congress is free to select the type
> >of agent it wants to do this.  Indeed, if Congress chose to license
> >private mints, that would, IMHO be legal.  The point here is that the
> >states don't have the power to coin money.
> 
> But, apparently, during the 1800's states (?) and individual banks did 
> indeed print their own currency.
> 
> The way I see it, a positive statement in the Constitution that the Feds 
> have the power to coin money does not necessarily exclude other 
> people/banks/states/foreign countries from doing likewise.
> 

Hrmm.. One might point out that the only thing required for someone to
"mint" (and I use this term loosely) money is for popular belief that the
money is worth something.  What do you think a cashier's check is?  Other
notable versions are (and I'm sure somebody is going to say "but its
represintative of the US Dollar", even though its all dealing with money
that really isn't there) is AmEx, MasterCard, Visa, etc.

> 
> Jim Bell
> jimbell@pacifier.com
> 

 --Deviant
        "Evil does seek to maintain power by suppressing the truth."
        "Or by misleading the innocent."
                -- Spock and McCoy, "And The Children Shall Lead",
                   stardate 5029.5.