Article 1, Section 8, Clause 5 grants only to Congress the power "To coin Money [and] regulate the Value thereof", with no provision for such power to be delegated to any other group.Money functions as both a medium of exchange and a symbol of a nation's morality.
Congress began immediately to fulfill this obligation with the Mint Act of 1792, establishing a US Mint for producing Gold and Silver based coin, prescribing the value and content of each coin, and affixing the penalty of death to those who debase such currency.
Article 1, Section 10: "No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts".
Thus, the Constitution forbade the States from accepting or using anything other than a Gold and Silver based currency.
The Founding Fathers established a system of "coin" money that was designed to prohibit the "improper and wicked" manipulation of the nation's medium of exchange while guaranteeing the power of the citizens' earnings.
The federal government has departed from the principle of "coin" money as defined by the U.S. Constitution and the Mint Act of 1792 and has granted unconstitutional control of the nation's monetary and banking system to the private Federal Reserve System.
The Constitution Party recommends a substantive reform of the system of Federal taxation. In order for such reform to be effective, it is necessary that these United States:
- Return to the money system set forth in the Constitution;
- Repeal the Federal Reserve Act, and reform the current Federal Reserve banks to become clearing houses only; and
- Prohibit fractional reserve banking.