Fiscal and Monetary Powers – Article I Section 8, Clause 5 and 6 of the Constitution

The United States Constitution

The Fiscal and Monetary Powers Clause are two of Congress’ enumerated powers found in the Constitution of the United States, Article. I. Section. 8., clause 5 and clause 6:

(Clause 5 – 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;

(Clause 6 – Counterfeiting)

[The Congress shall have Power] To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
 
 


The World Leader in Counterfeiting: Lima’s Fake Dollars

 
 
From the U.S. Senate web site:

These clauses permit Congress to coin money and to issue paper currency. By extension, under its ability to enact laws “necessary and proper” to carry out these powers (as stated at the end of Article 1, Section 8), Congress created the Federal Reserve System to regulate the nation’s monetary supply.

 
 


What is the Gold Standard? – Learn Liberty

 
 

Article I, section 8 authorizes Congress to borrow funds and to coin money and regulate its value. The Constitution neither expressly grants nor precludes congressional power to establish a national banking system, to emit bills of credit that can be used to pay debts to the national government, to promote a paper‐money currency by making such bills of credit legal tender for all public and private debts or to control the value of that currency. By the 1930s the Supreme Court found all these to be implied powers.

Fiscal and Monetary Powers, by James May, Answers.com
 
 

The Value of United States Currency in Circulation
The Value of United States Currency in Circulation, from Visual Economics

 
 
Currency in Circulation: Value – From The Federal Reserve
 
 

The Secret Service Division was created on July 5, 1865 in Washington, D.C., to suppress counterfeit currency. Chief William P. Wood was sworn in by Secretary of the Treasury Hugh McCulloch.

Secret Service History
 
 


Confessions: Master Counterfeiter Prints a Fortune – ABC News

 
 

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