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Posts Tagged ‘Edwin Vieira’

Edwin VieiraDr. Edwin Vieira, who is touted in the libertarian community as a constitutional authority on money and is a holder of four degrees — including a PhD and JD from Harvard — should know better about what the U.S. Constitution says about legal tender.

In his 2011 presentation, “What is Constitutional Money?,” he says, in reference to Article 1, Section 10, clause 1 of the Constitution regarding the States (at 13:57):

There’s a reserve power and actually a duty to make gold and silver coin a tender in payment of debts.

That clause says that no State shall “make any Thing but gold and silver Coin a Tender in Payment of Debts.”

From the context of the entire clause, it is clear that it is saying what is prohibited to the States. Therefore, to say that they shall not make anything but gold and silver coin a tender in payment of debts is to say that if they choose to exercise their power of enacting legal tender laws, then they are required to make only gold and silver coins a tender in payment of debts.

The same clause allows restricts the States from imposing duties on imports and exports, unless they have the permission of Congress. Therefore, if they do have such permission, then they can do what is permitted, and in the case of legal tender laws, they are permitted to enact them, and then and only then are they required to make gold and silver coin a tender in payment of debts.

I give a further analysis of this clause in my article, The U.S. Constitution doesn’t say money should be gold or silver coin.

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