![]() ![]() This includes the power to coin money, to regulate commerce, to declare war, to raise and maintain armed forces, and to establish a Post Office. Is coining money a national power?ĭelegated (sometimes called enumerated or expressed) powers are specifically granted to the federal government in Article I, Section 8 of the Constitution. Gold became the only metallic standard in the United States.ĭoes the Constitution give Congress the right to coin money?Īrticle I, Section 8, Clause 5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures. Western mining interests and others who wanted silver in circulation years later labeled this measure the “Crime of ’73”. What was the importance of the Coinage Act of 1873 quizlet?Ĭoinage Act enacted by the US Congress in 1873 and embraced the gold standard and de-monetized silver. It also caused the silver mining western part of the country to be at odds with the gold counting eastern part. The Act caused silver prices to fall even more than they previously had (due to oversupply), resulting in an increase in gold prices. How did the Coinage Act of 1873 impact the economy? ![]() ![]() It gave them the frame of reference to correct their mistakes and lay the foundation for a whole new system as authorized in the Constitution-a system that, if followed, would forever avoid the pitfalls caused by fiat money and power-hungry politicians. Why did the Founders give Congress the power to coin money and regulate its value? They needed the bankruptcy power to create uniform laws for all debtors seeking bankruptcy protection. Why did the Framers explicitly grant the powers of currency, borrowing, and bankruptcy to Congress? The National Government needed the currency and borrowing powers to ensure a stable national currency. government.įor what reason does the Constitution grant the national government the power to make coins and currency? coinage system and placed the mint at the seat of the U.S. This was then followed by the Coinage Act of 1792, which established the U.S. To resolve the currency crisis and help the nation establish its sovereignty, the United States Consitution gave Congress the exclusive authority to coin money. In abolishing the right of holders of silver bullion to have their metal struck into fully legal tender dollar coins, it ended bimetallism in the United States, placing the nation firmly on the gold standard. The Coinage Act of 1873 or Mint Act of 1873, 17 Stat. What did the Coinage Act of 1873 accomplish? Article I, section 8, Clause 5 of the Constitution says that “Congress shall have power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.” Constitution granting Congress the power to coin money. 7 What was the purpose of the Commerce Clause?Ĭoinage clause is a provision of the U.S.6 When to use the foreign currency clause in a contract?.4 What was the importance of the Coinage Act of 1873 quizlet?.3 Why did the Founders give Congress the power to coin money and regulate its value?. ![]()
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