Latest From Wayne Allyn Root | May 24, 2012 |
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Outside The Asylum | |||||
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Analysis | |||||
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Personal Liberty News | |||||
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Ageless Wisdom Of The Founders | |||||
Brutus' Warning Most the Framers and Ratifiers of the U.S. Constitution feared paper money. For that reason, Article I, Section 8, which deals with credit, commerce and coinage, was a much-discussed section. As the consensus moved toward restricting the issuance of paper money and establishing a sound money policy, the Framers pondered what to do about the government's debt. Many argued that, without the ability to print money, there was no way to discharge the debt. But the Framers knew from experience that printing money led to inflation. So Clause 5 — which restricted money to coins — was inserted to negate the effects of fiat money. Clause 2 of the section, which gives Congress the power to "borrow money on the credit of the United States," was finally settled upon, though not without objection. More » |
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