Who said it?
"Even the advocates of a strict literal construction of the phrase, 'to coin money & regulate the value thereof,' while insisting that it defines the material to be coined as metal, are compelled to concede to Congress large discretion in all other particulars.
"Even the advocates of a strict literal construction of the phrase, 'to coin money & regulate the value thereof,' while insisting that it defines the material to be coined as metal, are compelled to concede to Congress large discretion in all other particulars.
The Constitution does not ordain what metals may be coined, or prescribe that the legal value of the metals, when coined, shall correspond at all with their intrinsic value in the market.
... More than once in our history has the regulation been changed without any denial of
... More than once in our history has the regulation been changed without any denial of
the power of Congress to change it, and it seems to have been left to Congress to determine alike what metal shall be coined, its purity, and how far its statutory value, as money, shall correspond, from time to time, with the market value of the same metal as bullion."
Another:
"There is no question as to the power of the Congress to regulate the value of money -- that is, to establish a monetary system, and thus to determine the currency of the country....Public law gives to...coinage a value which does not attach as a mere consequence of
"There is no question as to the power of the Congress to regulate the value of money -- that is, to establish a monetary system, and thus to determine the currency of the country....Public law gives to...coinage a value which does not attach as a mere consequence of
intrinsic value. Their quality as legal tender is an attribute of law aside from their bullion value.
They bear therefore the impress of sovereign power which fixes value and authorizes their use in exchange."
They bear therefore the impress of sovereign power which fixes value and authorizes their use in exchange."
Third one:
"Federal law recognizes two types of legal tender in the US: “US coins” and “Federal reserve notes.” The Tsy Dept physically creates both.
However, while the Tsy Dept determines the supply of US coins, the Board [of Governors of the Fed] controls the supply of notes.
"Federal law recognizes two types of legal tender in the US: “US coins” and “Federal reserve notes.” The Tsy Dept physically creates both.
However, while the Tsy Dept determines the supply of US coins, the Board [of Governors of the Fed] controls the supply of notes.
The Board [of Governors of the Fed], like the U.S. Mint, is an agency of the United States. That the Board, unlike the Mint, is not also a bureau of the Treasury Department is of no legal significance here "
If you guessed SCOTUS, SCOTUS, and the 2nd Circuit, you'd be correct.
If you guessed SCOTUS, SCOTUS, and the 2nd Circuit, you'd be correct.
A special statutory shoutout to 31 USC 5112(k), the platinum coin provision behind #MintTheCoin. As Mint Director Diehl, who co-drafted the law, noted, "When we passed this law in 1996, it was with full knowledge that it was unprecedented in the history of US coinage"
Relatedly, while 31 USC 5112(k) is core of #MintTheCoin, other related laws are important too: 31 USC 5111(a) for ex, provides:
"The Sec of Tsy...shall mint & issue coins described in S. 5112 of this title in amounts the Sec.'y decides are necessary to meet the needs of the US"
"The Sec of Tsy...shall mint & issue coins described in S. 5112 of this title in amounts the Sec.'y decides are necessary to meet the needs of the US"
So remember kids, next time someone on the bird app or irl tells you that #MintTheCoin would require a thousand tons of platinum, or that the Treasury has not and cannot exercise discretion over coinage, remember they dont know what theyre talking about
<3 <3 <3
<3 <3 <3
• • •
Missing some Tweet in this thread? You can try to
force a refresh
