This book reviews nine Supreme Court cases and decisions that dealt with monetary laws and gives a summary history of monetary events and policies as they were affected by the Court's decisions. Several cases and decisions had notable consequences on the monetary history of the United States, some of which were blatant misjudgments stimulated by political pressures. The cases included in this book begin with McCulloch v. Maryland in 1819 and end with the Gold Clause Cases in 1934-5. Constitutional Money examines three institutions that were prominent in these decisions: the Supreme Court, the gold standard and the Federal Reserve System. The final chapter describes the adjustments necessary to return to a gold standard and briefly examines the constitutional alternatives.
The party system is an essential instrument of Democracy. Wherever government rests upon the popular will, there the party is the organ of expression and the agency of the ultimate power. The party is, moreover, a forerunner of Democracy, for parties have everywhere preceded free government. Long before Democracy as now understood was anywhere established, long before the American colonies became the United States, England was divided between Tory and Whig. And it was only after centuries of bitter political strife, during which a change of ministry would not infrequently be accompanied by bloodshed or voluntary exile, that England finally emerged with a government deriving its powers from the consent of the governed.
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