At 11:57 PM 11/11/96 -0500, Michael Froomkin - U.Miami School of Law wrote:
On Tue, 12 Nov 1996, Doug Renner wrote:
article nearly head-on. However is it true that what you are saying is that two fundamental premises in the article you refer to as "rabid" are incorrect? Namely:
"ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES THAT CONGRESS SHALL HAVE THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF.
The above is a true statement. Note however that "congress" cannot operate the mint. It must -- **MUST** -- delegate this duty to the executive branch (or someone outside the legislative branch, cf. Chadha v. U.S.) if it wants it done. Congress is free to select the type of agent it wants to do this. Indeed, if Congress chose to license private mints, that would, IMHO be legal. The point here is that the states don't have the power to coin money.
But, apparently, during the 1800's states (?) and individual banks did indeed print their own currency. The way I see it, a positive statement in the Constitution that the Feds have the power to coin money does not necessarily exclude other people/banks/states/foreign countries from doing likewise. Jim Bell jimbell@pacifier.com