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To: jd777
What's the difference between "coining" and "issuing" currency?

Coining is a process whereby the owner of coinable metal asks the "coining" authority to convert the form of that metal from its current form into one of several standardized coins. "Issuing currency" (i.e., creating from nothing a medium with the capacity to discharge "current" obligations) requires the force of the state. Not only does Congress have no constitutional authority to do this but there is also an implied prohibition against it. Namely, states were expressly prohibited from "emitting bills of credit" (i.e. issuing currency in the parlance of the day). If the states had no such right, they could hardly have ceded such a function to the Federal Government.

However, there was no bank named "The Bank of the US" nor was ANY bank ever empowered to issue currency prior to the Federal Reserve. Indeed, those who foisted it upon us did so based on the fiction that we needed a lender (i.e. money creator) of last resort.

92 posted on 04/12/2003 3:47:59 PM PDT by Deuce
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To: Deuce
Are you against paper money?
94 posted on 04/12/2003 4:42:18 PM PDT by jd777
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To: Deuce
Even a cursuory review of history will show you that many banks issued currency prior to the Fed. Ever hear of "wildcat banking?"
114 posted on 04/14/2003 2:34:19 PM PDT by justshutupandtakeit (RATS will use any means to denigrate George Bush's Victory.)
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