Art 1, Sec 10 of the Constitution clearly says states cannot coin money. Only the feds can do that. So what state right is involved? This seems like much ado about nada.
What you say? You NUTS!
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any”
Tell me where the “F” do you see where they cant coin money?
“make any Thing but gold and silver Coin a Tender in Payment of Debts;”
So..Now..they can coin money as long as it is Gold and Silver..or currency backed by gold and silver. They cant coin any type of currency OTHER than Gold and Silver..or money backed by it.
Lately I've been trying to understand how States are able to issue bonds. While a bond has a maturity date, in "all" the other important ways (represents a promise of value, can be traded for other items, has a relatively inelastic value, etc) there doesn't seem to be much difference between bonds and reserve notes.