American Republic for Dummies: What is a Dollar?

The unanimous Declaration of the thirteen united States of America,

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."

Friday, March 11, 2011

What is a Dollar?

The word "dollar" is one of constitutional dimension. It appears twice in the U. S. Constitution; at Article I, §9 concerning importation of immigrants, and at the 7^th Amendment. Its meaning cannot be changed by the Congress.

Constitutionally, the term dollar was used in reference to a coin of general circulation at that time (meaning the colonial times). It was known as a Spanish milled dollar. The quantity of silver in each coin was not precisely known and, most likely, because the methods for manufacturing such coins were somewhat crude.

After the Declaration of Independence and the onset of the war of revolution the Continental Congress acting under the Articles of Confederation set out a committee of detail to determine a more precise assay and weight for the individual coins known as a dollar. The work of this committee was mostly completed by the end of the war and the creation of a government under the U. S. Constitution.

At the very first Congress under that new government a statute was enacted known as the Mint act, dated 2 April 1792, and cited as Chapter 16, 1 Stat. 246. In this statute several differing standards were established and among them the unit standard dollar was specified. These standards were established and fixed under the power vested in the Congress at Article I, §8, Cl . 5, which authorizes the Congress to fix the standards of weight and measure. This the first Congress did in 1792 and it has not changed to this day. The STANDARD fixed for the dollar was then and still is a specialized weight of pure silver, namely 371.25 grains of silver. That is what a dollar is - - period! America is a silver standard nation, always has been and always will be so long as the present Constitution remains in force.

ITEM: The Mint Act has never been repealed. And, consider this; Once the Congress has established a standard of a weight or a measure by statute, the powers of the congress in regard to that standard ceased at the moment of enactment. In other words congress cannot change the standard. Congress has no power to change the standard dollar which is a coin containing 371.25 grains of pure silver alloyed with copper to form a coin weighing 412.50 grains. This the only thing which is a dollar.

Clarity