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South Carolina lawmaker wants separate currency for state
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<p>[QUOTE="fatima, post: 1106723, member: 22143"]You can't pick and choose the parts of a sentence that you don't like. The entire sentence taken as a whole means that states can't coin money unless they produce it in silver and gold AND accept it for payments for debts. (including payments to the state) </p><p><br /></p><p>It was specified this way because it prevented the states from creating fiat currencies. The framers of the Constitution did not want another fiat currency used in the USA because during the Revolutionary war, England flooded the USA with a huge amount of counterfeit colonial script that wiped out the finances of everyone. However they had to allow the newly formed states the right to create their own coins. In those days, local currencies were a necessity because transporting money from the US Mint to the remote areas of the 13 states slow, difficult and often dangerous. States were given this right but they had to do it in a responsible manner which was only gold and silver coinage. </p><p><br /></p><p>It should be noted that the Constitution has been amended many times, but this clause has not been altered.[/QUOTE]</p><p><br /></p>
[QUOTE="fatima, post: 1106723, member: 22143"]You can't pick and choose the parts of a sentence that you don't like. The entire sentence taken as a whole means that states can't coin money unless they produce it in silver and gold AND accept it for payments for debts. (including payments to the state) It was specified this way because it prevented the states from creating fiat currencies. The framers of the Constitution did not want another fiat currency used in the USA because during the Revolutionary war, England flooded the USA with a huge amount of counterfeit colonial script that wiped out the finances of everyone. However they had to allow the newly formed states the right to create their own coins. In those days, local currencies were a necessity because transporting money from the US Mint to the remote areas of the 13 states slow, difficult and often dangerous. States were given this right but they had to do it in a responsible manner which was only gold and silver coinage. It should be noted that the Constitution has been amended many times, but this clause has not been altered.[/QUOTE]
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