Powers of Congress in the U.S. Constitution:
Section. 8. The
Congress shall have Power To lay and
collect Taxes, Duties, Imposts and Excises,
to pay the Debts and provide for the
common Defence and general
Welfare of the United States;
but all Duties, Imposts and Excises shall be
uniform
throughout the United States;
To borrow Money on the credit of the United
States;
To regulate Commerce with
foreign Nations, and among the several
States, and
with the Indian Tribes;
To establish an uniform Rule of
Naturalization, and
uniform Laws on the subject of Bankruptcies throughout the United
States;
To coin Money, regulate the Value thereof,
and of
foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of
counterfeiting the
Securities and current Coin of the United States;
To establish Post Offices and post Roads;
To promote the Progress of Science and useful
Arts,
by securing for limited Times to Authors and Inventors the exclusive
Right to
their respective Writings and Discoveries;
To constitute Tribunals inferior to the
supreme
Court;
To define and
punish
Piracies and Felonies committed on the high Seas, and
Offences against the Law of Nations;
To declare War, grant Letters of Marque and
Reprisal, and make Rules concerning Captures on Land and Water;
To raise and support Armies, but no
Appropriation of
Money to that Use shall be for a longer Term than two Years;
To provide and maintain a Navy;
To make Rules for the Government and
Regulation of
the land and naval Forces;
To provide for calling forth the Militia to
execute
the Laws of the Union, suppress Insurrections and repel Invasions;
To provide for organizing,
arming, and disciplining, the Militia, and for governing
such Part of them as may be employed in the
Service of the United States, reserving to the States respectively,
the Appointment of the Officers, and
the Authority of training the Militia
according to
the discipline prescribed by Congress;
To exercise
exclusive
Legislation in all Cases whatsoever, over such District (not exceeding
ten
Miles square) as may, by Cession of particular States, and the
Acceptance of
Congress, become the Seat of the Government of the United States,
and to exercise like Authority over all
Places
purchased by the Consent of the Legislature of the State in which the
Same
shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards,
and other
needful Buildings; — And
To make all Laws which shall be necessary
and proper
for carrying into Execution the foregoing Powers, and all other Powers
vested
by this Constitution in the Government of the United States, or in any
Department or Officer thereof.
Following Joe's comment/question, money seems to
have meant coinage of the precious metals at that time, the term
applying neither to paper currency or to credit. Thus the Federal
Reserve Act (of 1913) was consistent with the general provision that
Congress should make laws relevant to levying taxes, borrowing money,
coining money and regulating its value. Credit may be expressed in
terms of the monetary unit but it is not identical with
money--published money magnitudes to the contrary notwithstanding.
Keith Wilde
Richard Cook wrote:
Congress regulated the value of silver vs. gold at a ratio
of 12 to 1.
From: Joe Thomson <thomsonhiyu@shaw.ca>
Reply-To: socialcredit@elistas.com
To: socialcredit@elistas.com
Subject: Re: [socialcredit] Economic Democracy
Date: Tue, 20 Mar 2007 19:52:30 -0500
How would Congress "regulate the value thereof"? Considering the era
in
which this was written, could it be that this simply refers to
Congress's
ability to determine what the denominations of US coinage will be, and
to
set standards for the minting of those coins, i.e., how much gold,
silver,
etc. will be used in each particular coin?
Joe
----- Original Message -----
From: "Martin Hattersley" <hattersleyjm@interbaun.com>
To: <socialcredit@elistas.com>
Sent: Tuesday, March 20, 2007 1:14 PM
Subject: Re: [socialcredit] Economic Democracy
> Note that Congress's power to "coin money and regulate the value
thereof"
(I
> quote the words from memory) is something written into the U.S.
> Constitution. The whole Federal Reserve system from that viewpoint
is
quite
> unnecessary.
>
> Martin Hattersley
> 5929 - 189 St.,
> EDMONTON AB CANADA T6M 2J1
>
> e-mail: jmartinh@shaw.ca
>
> ----- Original Message -----
> From: "Richard Cook" <rickycook21@hotmail.com>
> To: <socialcredit@elistas.com>
> Sent: Monday, March 19, 2007 9:09 PM
> Subject: Re: [socialcredit] Economic Democracy
>
>
> >
> >
> >
> > I totally agree with Mr. McGunnigle's points about a separate
funding
> > source within the U.S. government. Excellent expression of
something
often
> > overlooked. I am trying to address it in the book I'm working
on.
> >
> > Richard Cook
> >
> >
> >
> >
> >
> >
> >>From: "William Hugh McGunnigle"
<wmcgunn@maxnet.co.nz>
> >>Reply-To: socialcredit@elistas.com
> >>To: <socialcredit@elistas.com>
> >>Subject: Re: [socialcredit] Economic Democracy
> >>Date: Tue, 20 Mar 2007 12:57:07 +1200
> >>
> >>Hi everyone
> >> I have watched with curiosity the
various arguments
> >> being forwarded on this topic. While my comments on this
could be
> >> offensive to many of our contributors particularly some
of those from
the
> >> North American continent surely the easiest method of
bringing the
> >> banking system under direct treasury control is to have a
treasury
> >> controlled reserve bank that would provide local councils
and even
> >> government departments with the same services as the
commercial sector
> >> but charging interest rates substancially less than the
commercial
> >> sector. Infrastructural maintenance and developments
would be a
fraction
> >> of their present costings because that bank would only
need to charge
> >> interest rates sufficiently large to cover administration
costs. It
would
> >> be restricted to those functions but since the commercial
banking
sector
> >> has a substancial amount of its trade tied up in those
departments they
> >> would have to lower their interest rates to be
competitive. Admittedly
> >> this would be a very heavy club to wield at the banking
system, but we
> >> are talking about a monetary system that is totally
inadequate for
modern
> >> uses and too vunerable to the whims and fancies of
private individuals
> >> owning the commercial banking to be allowed to continue
as is. Quite
> >> simply the present financial system is not creating
sufficient
debt-free
> >> funding to ensure proper exploitation of the world's
resources for the
> >> benefit of all. The early fathers of the USA emphasised
that the
issuing
> >> and maintenance of the money supply was the perogative of
the
government
> >> i.e. treasury. It is only since that perogative was
usurped by the
> >> passing of the Reserve Bank act (1917) allowing a private
organisation
to
> >> control and issue its money supply that the USA has moved
from being a
> >> creditor nation to the most indebted nation in the world.
The vast bulk
> >> of US debt is to the Federal Reserve as a direct result
of its position
> >> as the monetary controller of the US economy. I believe
all the
arguments
> >> forwarded by our correspondents seem to be overlooking
this basic
axiom.
> >> Until the fundamentals are cured all other arguments
become irrelevant.
> >> Mechnisms controlling interest rates will always be
available, but we
> >> need the WILL to change the way they are operated before
the present
> >> financial system will begin to operate for the advantage
of all. Sadly,
> >> predominantly, financial circles operate under a hunting
rather than a
> >> farming attitude. What is needed is a change of attitude
to convince
the
> >> financiers of the world that they will make more money in
the long term
> >> by allowing more prosperity in the lowest echelons of
society by means
of
> >> less exploitation on "loans" issued to enhance the
developement of the
> >> worlds natural resources. I believe this is one of the
fundamental
tenets
> >> of the Socred movement. We should not lose sight of this
in our
arguments
> >> about mechanisms.
> >> Bill Mc Gunnigle
> >> From: John G Rawson
> >> To: socialcredit@elistas.com
> >> Sent: Tuesday, March 20, 2007 11:39 AM
> >> Subject: Re: [socialcredit] Economic Democracy
> >>
> >>
> >> Under the system we had, trading ("commercial" in your
terms, I
think)
> >> banks had to lodge a proportion of their deposits (i.e.
equivalent to)
> >> with the Reserve Bank, our central bank. Is/was there a
ddifferent
> >> system in vogue anywhere else? If so, I have never heard
of it and
> >> therefore thought my comment needed no interpretation.
The underlying
> >> assumption, obviously, was that banks lent their
deposits. In effect
it
> >> had very little effect on lending, which presumably is
why our Royal
> >> Commission accepted evidence that the method was "a blunt
instrument"
and
> >> placed that comment in its Report.
> >>
> >> If the nation is to have any direct control over bank
lending,
Martin's
> >> suggestion sems to me to be the only really practical one
anybody has
> >> come up with.
> >>
> >> Regards. John R.
> >>
> >>
>
>>--------------------------------------------------------------------------
--
> >> From: <william_b_ryan@yahoo.com>
> >> Reply-To: socialcredit@elistas.com
> >> To: socialcredit@elistas.com
> >> Subject: Re: [socialcredit] Economic Democracy
> >> Date: Mon, 19 Mar 2007 14:03:12 -0700 (PDT)
> >> >"And do they apply, quite inappropriately to
> >> >deposits?"
> >> >------------------------------------
> >> >-------------------------------------
> >> >
> >> >I don't even know what this is supposed to mean,
John.
> >> >Perhaps you will interpret.
> >> >
> >> >
> >> >--- John G Rawson <johngrawson@hotmail.com>
wrote:
> >> >
> >> >What reserve requirements do you have in the US?
NZ
> >> >has none, and I thought you had gone over to
control
> >> >by interest rate changes too.. And do they apply,
> >> >quite inappropriately to deposits?
> >> >
> >> >Regards. John R.
> >> >
> >> >
> >> >
> >>
> >>
>___________________________________________________________________________
_________
> >> >Looking for earth-friendly autos?
> >> >Browse Top Cars by "Green Rating" at Yahoo!
Autos' Green Center.
> >> >http://autos.yahoo.com/green_center/
> >>
> >>
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> >>
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