Article I, Section 8 of the Constitution specifically gives Congress power to “borrow money” and also power to “coin money and regulate the value” of both U.S. and foreign coins, and regulate interstate commerce, but does not explicitly and unambiguously grant Congress the power to print paper money or make it legal ...
Section 8 permits Congress to coin money and to regulate its value . ... Section 10 denies states the right to coin or to print their own money. The framers clearly intended a national monetary system based on coin and for the power to regulate that system to rest only with the federal government.
What does the US Constitution say about money?
The Congress shall have Power * * * To coin Money, regulate the Value thereof, and of foreign Coin , and fix the Standard of Weights and Measures. * * * To provide for the Punishment of counterfeiting the Securities and current Coin of the United States.
Is the dollar unconstitutional?
The value of the dollar is fixed , because it is a known quantity incorporated by reference into the constitutional text. Congress has no power to alter the value of the dollar. Only a constitutional amendment could do that.
What does Article 1 Section 8 of the Constitution say?
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises , to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; 1 Taxing Power. ...
Does the Constitution allow paper money?
Article I, Section 8 of the Constitution specifically gives Congress power to “borrow money” and also power to “coin money and regulate the value” of both U.S. and foreign coins, and regulate interstate commerce, but does not explicitly and unambiguously grant Congress the power to print paper money or make it legal ...
Is money mentioned in the Constitution?
Here is all the Constitution says about the money power of the government. From Article I, Section 8 , there is “Congress shall have Power...to coin Money, regulate the Value thereof, and of foreign Coin.” And from Section 10, “no state... ... Congress can coin money and specify what its denomination is.
What are the 6 money powers that Congress has?
These include the power to declare war, coin money, raise an army and navy, regulate commerce, establish rules of immigration and naturalization , and establish the federal courts and their jurisdictions.
What does it mean for Congress to coin money?
The power to coin money and regulate the value thereof has been broadly construed to authorize regulation of every phase of the subject of currency. Congress may charter banks and endow them with the right to issue circulating notes , 1 . McCulloch v. Maryland, 17 U.S. (4 Wheat.)
What kind of power is Congress right to print money?
There are 27 expressed congressional powers listed in Article I, Section 8 of the Constitution. A few of these powers include imposing taxes , printing money, declaring war, and maintaining armed forces. Congress also has the power to regulate interstate and foreign commerce, which is known as the commerce power.
Who can issue paper money?
A banknote is a “bill” or form of currency that one party can use to pay another party. In the U.S., only the Federal Reserve Bank is allowed to print banknotes for money.
What does Article 1 Section 7 of the Constitution mean?
Article I, Section 7 of the Constitution creates certain rules to govern how Congress makes law . Its first Clause—known as the Origination Clause—requires all bills for raising revenue to originate in the House of Representatives. ... Any other type of bill may originate in either the Senate or the House.
What is Article 9 of the US Constitution?
Article I, Section 9 specifically prohibits Congress from legislating in certain areas . ... The ban is intended to prevent Congress from bypassing the courts and denying criminal defendants the protections guaranteed by other parts of the Constitution.
What is Article 1 Section 9 of the Constitution?
No Title of Nobility shall be granted by the United States : And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.
How much paper money does the US have?
There is about $1.2 trillion dollars of U.S. currency in circulation.
Who is on paper money in the US?
United States currency notes now in production bear the following portraits: George Washington on the $1 bill , Thomas Jefferson on the $2 bill, Abraham Lincoln on the $5 bill, Alexander Hamilton on the $10 bill, Andrew Jackson on the $20 bill, Ulysses S. Grant on the $50 bill, and Benjamin Franklin on the $100 bill.
