Article 1, Section 8, Clause 5 of the Constitution of the United States of America grants Congress the “power to coin money” and Article 1, Section 10, Clause 1 specifies that “No state shall… coin money: emit Bills of Credit; make anything but gold and silver coin a Tender in Payment of Debt.”
The Constitution clearly states that money is to be coined and that only gold and silver coin (I.E. real money) is a tender in payment of debt. Note that Congress was granted the power only to coin money, not to print it. They were granted the power to borrow money, not to loan it.
Silver characterizes all six aspects of real money. It is divisible, durable, convenient, consistent, and has utility value, and cannot be created by fiat. Silver is used as a medium of exchange and as a store of value. It is indispensable, has tangible value, and is in limited supply. Continue reading ‘Silver, The Affordable Real Money’ »