There is NO "GOLD STANDARD" in the
Eric Haubert June 27, 2004 (June 12) page 4
A certain local writer (R.J. Villella) has made a claim that "the
gold standard" ... "is mandated by the Constitution." It took
me about 5 minutes to find out that this claim is TOTALLY
On the subject of money, the U.S. Constitution says that: "The
Congress shall have power" ... "To borrow money on the credit
of the United States" ... "To coin money, regulate the value
thereof, and of foreign coin, and fix the standard of weights and
"No state shall" ... "coin money, emit bills of credit," (or) "make
anything but gold and silver coin a tender in payment of debts."
The only reference to "gold" is to "gold AND SILVER." Silver is
NO LESS a standard of money than gold. The so-called "gold
standard," EXCLUDING SILVER, was a subject being debated
about a hundred years AFTER the Constitution was written.
The reference to "gold and silver" is a restriction on the
STATES, and NOT a restriction on the federal government.
The only point of dispute is whether the legislature is permitted
to create a bank, or a monetary agency. Notice that Alan
Greenspan, a past proponent of the "gold standard," says
nothing about it these days; NOR has he recently denounced
the Federal Reserve banking system, on Constitutional
The power to "borrow money," to "regulate the value thereof,"
and to "fix the standard of weights and measures" means that
there is NOTHING RESEMBLING a "gold standard" ...
"mandated by the Constitution."
You'll notice that, on this web site, I claim "copyright" on things I write. This is not meant to scare anyone.
Feel free to copy and distribute anything you want, just as long you
GIVE CREDIT WHERE CREDIT IS DUE.
I want to get the proper credit for whatever I write, and I want everyone else to get credit for what THEY write.
COPYRIGHT is a very complicated legal issue, for which I would need legal representation beyond
what I can afford at the moment, in order to fully understand it or fully explain it. In any case, a copyright
notice such as this is just a standard "boiler plate" thing you are supposed to attach to whatever you write. It
is not meant to stop ordinary people from using my work in ordinary ways, but just in case somebody thinks
they can make a million dollars off of something I wrote, without cutting ME in for "A Piece of the Action."
Everything on this web site is COPYRIGHT (c) ERIC HAUBERT
unless it belongs to somebody else.