Founding Fathers and the Monetary System

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Presentation transcript:

Founding Fathers and the Monetary System

Constitution Article 1 Section 8 The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; To borrow money on the credit of the United States; To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes; To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States; 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;

Limited Government Monetary controls given to the government (congress) in the constitution include; Borrowing money Regulate commerce between nations (Tariffs) Laws on bankruptcy, and fraud Regulation of a GOLD based monetary system Provide punishment for fraud and counterfiting

Brief History of The Gold Standard Bimetallism: Before 1875 Classical Gold Standard: 1875-1914 Interwar Period: 1915-1944 Bretton Woods System: 1945-1972 The Flexible Exchange Rate Regime: 1973-Present

Apply the previous dates to this graph

Founding Father’s Perfect Economy Limited Government Control Gold Standard Punish Fraud and Dishonesty No Central Bank No Fractional Reserve Lending

Thomas Jefferson on Central Banking "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance[with the people]. This issuing power should be taken from the banks and restored to the people to whom it properly belongs.” Thomas Jefferson (stated in 1811 when President Jefferson refused to renew the charter for the First Bank of the United States (the 2nd central bank chartered by Congress in 1791))