TABLE OF CONTENTS

CHAPTER I
MONEY AND THE DOLLAR IN THE U.S. CONSTITUTION
Introduction . . . . . . . 1
Vieira’s view of constitutional meaning. . . . 2
Arguments for original meaning . . . . 3
Living Constitution faulty . . . . . 4
Criticisms of judicial supremacy . . . . 5
Common law background . . . . . 7
Bills of credit . . . . . . 8
Regulating the value of coin and the Spanish dollar ...11
Constitution’s money provisions . . . .12
Meaning of money in the Constitution . . .13
Meaning of the dollar . . . . .14
Legal tender, borrowing, and counterfeiting . .17
Conclusion . . . . . . .19

CHAPTER II
COINAGE ACTS AND TREASURY NOTES: 1789-1860
Introduction . . . . . . .22
Hamilton’s report in 1791 . . . . .23
Coinage Act of 1792 . . . . .27
Coinage Acts of 1834, 1837, 1849, 1853, and 1857 ...29
Regulation of value: the floating solution . .31
Regulation of value: the fixed ratio method . .34
Fairness to creditors: example . . .36
Knox v. Lee on the Coinage Act of 1834 . . .37
Issuance of Treasury notes: 1812-1861 . . .42
Veazie Bank v. Fenno (1869) . . . .46
Conclusion . . . . . . .48

CHAPTER III
CASES ON STATE BILLS OF CREDIT
Prefatory remarks . . . . . .49
Introduction . . . . . .49
Craig v. Missouri (1830) . . . . .51
Briscoe v. Bank of Kentucky (1837) . . .59
Darrington v. Bank of Alabama (1851) . . .66
Woodruff v. Trapnall (1850) . . . .71
Furman v. Nichol (1869) . . . . .74
Houston & Texas Central Railroad v. Texas (1900) ...75
Conclusion . . . . . . .78

CHAPTER IV
FIRST AND SECOND BANKS OF THE UNITED STATES
Introduction . . . . . . .80
Original constitutional meaning and incorporation .81
Federal bills of credit? . . . . .85
Hamilton’s Report on a National Bank . . .87
Observations on Hamilton and the BUS . . .89
An early bubble . . . . . .91
Opinion of Alexander Hamilton on the constitutionality of a national bank . . . . . .93
Opinion of Thomas Jefferson on the constitutionality of a national bank . . . . . .98
Congressional debate on first BUS . . .100
Committee of Ways and Means report on second BUS ...106
The minority report . . . . . .115
Fractional-reserve banking . . . . .117
McCulloch v. Maryland (1819) . . . .119
Breaching the Constitution with a national bank . .128

CHAPTER V
THE BIMETALLIC SYSTEM, 1873-1900
Introduction . . . . . . .131
Brief review of the constitutional dollar . . .133
Brief review of the bimetallic system . . .136
The Coinage Act of 1873 . . . . .137
The Act of Feb. 28, 1878 . . . . .140
Congressional debates on the Act of 1878 . .142
Three more actions . . . . . .144
Act of July 4, 1890 . . . . . .146
Another three actions . . . . .148
The Coinage Act of 1900 . . . . .149
Insights from debates . . . . .150
Closing remarks . . . . . .154

CHAPTER VI
THE LEGAL-TENDER CASES
Introduction . . . . . . .156
Legal tender and the Constitution . . . .157
Borrowing money distinguished from issuing money as bills of credit . . . . . . .159
Demand notes, legal-tender notes, greenbacks . .161
Congressional debate on legal-tender paper currency .163
Intermediate court cases . . . . .171
Justice Strong’s opinion in Knox v. Lee . . .172
Justice Bradley’s opinion in Knox v. Lee . . .184
Chief Justice Salmon P. Chase’s dissent in Knox v. Lee...188
Justice Clifford’s dissent in Knox v. Lee . . .191
Justice Field’s dissent in Knox v. Lee . . .193
Juilliard v. Greenman (1884) . . . .197
Thompson v. Butler (1878) . . . .202
Summary and conclusion . . . . .202

CHAPTER VII
THE NATIONAL CURRENCY AND BANKING SYSTEM
Monetary revolution . . . . .205
New paper monies . . . . .208
Silver and gold certificates . . . . .212
Gold certificates as warehouse receipts . . .215
The national currency acts of 1863 and 1864 . .217
Constitutionality of the national currency and banking system . . . . . .221
Congressional debates on the currency acts . .226
Summary and conclusions . . . . .239

CHAPTER VIII
THE FEDERAL RESERVE SYSTEM
Introduction . . . . . . .242
A note on money . . . . . .244
A note on banking . . . . .247
Organization of the Federal Reserve System . .253
Preamble to the original Federal Reserve Act . .255
Board of Governors of the Federal Reserve System .257
Federal Reserve notes . . . . .259
Official goals of the Fed . . . . .261
Congressional debates on Federal Reserve Act . .262
Challenges in court . . . . . .278
Congressional inaction . . . . .285
Summary and conclusion . . . . .286

CHAPTER IX
THE GOLD SEIZURE: PRESIDENTIAL AND LEGISLATIVE ACTION
Introduction . . . . . . .288
Roosevelt’s gold seizure: the initial step . . .293
The Emergency Banking Act of 1933 . . .298
The first fireside chat . . . . .304
The Emergency Farm Mortgage Act of 1933 . .307
Debates on the Emergency Farm Mortgage Act of 1933 ... 312
Outlawing of gold clauses . . . . .314
Debates on House Joint Resolution No. 192. . .319
The Gold Reserve Act of 1934 . . . .323
Debates on the Gold Reserve Act of 1934. . .325
Vieira’s summary comments . . . .328
Monetary confusions: 1896-1934 . . . .329
Brief summary of gold seizure actions . . .333
Conclusion . . . . . . .334

CHAPTER X
THE GOLD SEIZURE: COURT CASES
The Campbell cases . . . . . .336
Ling Su Fan v. United States (1910) . . .345
The Supreme Court’s refusal to review gold seizure .349
Norman v. Baltimore & Ohio Railroad Company .356
Nortz and Perry cases . . . . .368
Collapse of the statutory “gold standard” . . .372
Conclusion . . . . . . .374

CHAPTER XI
FEDERAL RESERVE NOTES TAKE OVER
The removal of silver from the system . . .377
Partial reintroduction of gold and silver . . .384
The legal status of coins as money . . .387
Court rulings in monetary cases, 1958-1992 . .400
Digression on Article I, section 10, clause 1 . .405
More court cases . . . . .409
What is contemporary money? . . . .419

CHAPTER XII
THE UNCONSTITUTIONALITY OF AMERICA’S MONEY AND BANKING SYSTEM
Preface . . . . . . .423
Introduction . . . . . .423
Unconstitutionality of base-money coinage . .424
Unconstitutionality of Federal Reserve notes (FRNs) .424
Additional comments . . . . .434
Unconstitutionality of the Federal Reserve System (FRS) . . . . . . .435
Summary and conclusions . . . . .449

CHAPTER XIII
RECONSTRUCTION OF AMERICA’S CONSTITUTIONAL SYSTEMS OF MONEY AND BANKING
Introduction . . . . . . .451
Why change? . . . . . .451
The general goals . . . . .453
Changing the money . . . . .454
Transition and dual prices . . . . .457
Disestablishing the Federal Reserve organizationally .459
Disestablishing Federal Reserve notes . . .462
A summing up . . . . . .463
Ownership of the national gold stock . . .464
Vieira’s thoughts on political reform . . .466
Postscript . . . . . . .475