Any Ohio folks willing to write to him and ask him what he thinks about entities other than the Government creating money--whether he thinks it only applies to silver dollars, or maybe was intended to encompass any other form that money might take in the future, whether paper, plastic or computer-number?
Based on what I've read that you've written, I think you have a misconception about what the Constitution says about money. It doesn't say that the no entity but the federal government can coin money. It says that the Federal Government can coin money, and it gives the FG the power to punish counterfeiters of that money, and it specifically says that the several States cannot issue coin, but there is no prohibition against a bank or small community issuing their own money.
What the banks are doing is not counterfeiting. It's not issuing alternative currencies. They are not, in any legal sense, issuing more US$. I'm pretty sure such things have been challenged and knocked down in the courts here many, many times.
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branchandroot
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Date: 2011-04-25 07:02 pm (UTC)Based on what I've read that you've written, I think you have a misconception about what the Constitution says about money. It doesn't say that the no entity but the federal government can coin money. It says that the Federal Government can coin money, and it gives the FG the power to punish counterfeiters of that money, and it specifically says that the several States cannot issue coin, but there is no prohibition against a bank or small community issuing their own money.
In fact several small communities create their own alternate currencies (the list on Wiki is not exhaustive) perfectly legally.
What the banks are doing is not counterfeiting. It's not issuing alternative currencies. They are not, in any legal sense, issuing more US$. I'm pretty sure such things have been challenged and knocked down in the courts here many, many times.