Everything That Dazzles
Many folks are under the false impression that the US Constitution grants the federal gummint and/or Federal Reserve Bank [sic] the exclusive right to coin and issue money. Article I, Section 8 of the US Constitution says, “The Congress shall have Power […] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.” There is no exclusive right to coin money, only to set the exchange rate between the States, and determine weights and measures, and the “dollar” is a weight and measure, by definition.
In fact, anyone can produce a dollar, provided it meets the congressionally approved definition of a “dollar”. It gets tricky, though, because the evil federalist dictator Abraham Lincoln destroyed the de jure Republic, and the Federal Reserve Act of 1913 mucked around with the definition of a dollar, and then the despicable statist Richard Nixon, citing executive power under the Gold Reserve Act of 1934, completely trashed it, so that today a dollar is defined as a unit of itself.
The Gold Reserve Act, enacted by the evil Socialist Franklin Roosevelt, gave the US Treasury exclusive possession of all US minted gold coins and gold certificates (warehouse receipts). The Coinage Act of 1965, enacted by the insane drunkard Lyndon Johnson, finished real dollars by removing the link to silver.
The Coinage Act of 1792 established the U.S. dollar as a specific weight of silver, with one dollar equaling 371.25 grains of pure silver or 24.75 grains of gold. A grain is defined as 1 grain = 0.0648 grams, and 480 grains equals 1 troy ounce.
The origin of the term “dollar” further tells the tale.
“Dollar” comes from the 16th century
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.