Posts Tagged ‘Second Bank of the United States’

The Second Bank of the United States, Philadel...

Those seeking to abolish the Federal Reserve private banking cartel on the grounds that it is unconstitutional are faced with the U.S. Supreme Court precedence of McCulloch v. Maryland (1819).

At issue was the constitutionality of the Second Bank of the United States, a private central bank chartered by the United States Congress in 1816.

The state of Maryland had imposed a tax on all banks operating in the state that weren’t chartered by it. At the time, the only such bank was the Second Bank of the United States.

In McCulloch v. Maryland, the U.S. Supreme Court ruled unanimously in a 7-0 decision that Congress had the constitutional power to charter a private central bank on the basis of the “necessary and proper” clause of the U.S. Constitution in furthering its enumerated powers of taxing and spending.

Therefore, the only feasible way to abolish the Federal Reserve is through Congress and not through the courts, as the Federal Reserve banksters can point to this important precedent during the living memory of some of the Framers of the Constitution as an argument for the Fed’s constitutionality.

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