Money of The American Constitution
The comments below are an edited and abridged synopsis of an article by James Turk, Free Gold Money Report
James Turk’s article “Money of The American Constitution” delves into the foundational principles of US currency, contrasting the original constitutional money with the modern Federal Reserve dollar. He argues that the Constitution envisioned money as a specific weight of gold or silver, a standard that has been eroded over time.
Following the American Revolution, the new states sought to establish a unified currency system. The Constitution granted the federal government the authority to coin money, aiming to create a stable and consistent monetary system. However, the term ‘dollar’ was not initially defined by weight, leading to ambiguities in its application.
Turk highlights the historical context of the Articles of Confederation, which lacked a strong central authority, leading to economic instability. The subsequent Constitution aimed to rectify these issues by granting the federal government specific powers, including the coining of money. Despite this, the definition of money remained vague, contributing to the current complexities in understanding the true nature of the dollar.
The article critiques the establishment of the Federal Reserve, viewing it as a departure from constitutional principles. Turk suggests that the Federal Reserve operates outside the original intent of the Constitution, introducing a form of currency that is not backed by tangible assets like gold or silver.
In conclusion, Turk calls for a return to the constitutional definition of money, advocating for a system where currency is backed by tangible assets, ensuring stability and trust in the monetary system. He emphasizes the importance of understanding the historical context to address current economic challenges.
