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Article I, Section 8 of the Constitution specifically gives Congress power to "borrow money" and also power to "coin money and regulate the value" of both U.S. and foreign coins, and regulate interstate commerce, but does not explicitly and unambiguously grant Congress the power to print paper money or make it legal tender.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment in court for any monetary debt. [1] Each jurisdiction determines what is legal tender, but essentially it is anything which, when offered ("tendered") in payment of a debt, extinguishes the debt.
In an 8–1 decision resting largely on prior court cases, particularly the jointly-decided cases Knox v.Lee (1871) and Parker v.Davis (1871), [2] the power "of making the notes of the United States a legal tender in payment of private debts" was interpreted as "included in the power to borrow money and to provide a national currency".
By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to $150,000,000; however, by 1863, the Second Legal Tender Act, [9] enacted July 11, 1862, a Joint Resolution of Congress, [10] and the Third Legal Tender Act, [11] enacted March 3, 1863, had expanded the limit to $450,000,000, the option to exchange ...
The power was available to all presidents up to and including Richard Nixon, and was regarded as a power inherent to the office, although one with limits. The Congressional Budget and Impoundment Control Act of 1974 was passed in response to high impoundments under President Nixon. [1] The Act removed that power, and Train v.
The United States Constitution, art. 1, section 10, 'prohibits the states from declaring legal tender anything other than gold or silver, but does not limit Congress' power to declare what shall be legal tender for all debts.' U.S. v. Rifen, 577 F.2d 1111, 1112 (8th Cir. 1978). Since Congress has done so, there can be no valid challenge to the ...
In May 1786, the Rhode Island General Assembly passed legislation allowing paper money as legal tender, and in June 1786 the Court created penalties for anyone refusing to accept such currency. In August 1786, the Assembly passed further legislation providing that trial of offenders should take place "without any jury," by a majority of the ...
Knox v. Lee, 79 U.S. (12 Wall.) 457 (1871), was an important case for its time in which the Supreme Court of the United States overruled Hepburn v. Griswold. [1] In Knox v.. Lee, the Court held that making paper money legal tender through the Legal Tender Act did not conflict with Article I of the United States Constitut