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Article I, Section 10, Clause 1 of the United States Constitution, known as the Contract Clause, imposes certain prohibitions on the states.These prohibitions are meant to protect individuals from intrusion by state governments and to keep the states from intruding on the enumerated powers of the U.S. federal government.
The painful experience of the runaway inflation and collapse of the Continental dollar prompted the delegates to the Constitutional Convention to include the Contract Clause into the United States Constitution, so that the individual states could not issue bills of credit or "make any Thing, but gold and silver Coin a Tender in Payment of Debts."
[5] According to Article 1, Section 10 of the United States Constitution, "No state shall... make any thing but gold and silver coin a tender in payment of debts." Daly had been an attorney, but was later disbarred by a decision of the Minnesota Supreme Court in a case similar to the Credit River case, involving the same justice of the peace ...
Furthermore, no state may make anything but gold and silver coin a tender in payment of debts, which expressly forbids any state government (but not the federal government [106]) from "making a tender" (i.e., authorizing something that may be offered in payment [107]) of any type or form of money to meet any financial obligation, unless that ...
Gold clauses in contracts allow a creditor the option to receive payment in gold or gold equivalent. A gold clause may prove valuable to the creditor in long term contracts, wherein questions may arise as to whether a currency in use at the time the contract was entered into would still have the same value when payment is due.
As part of the subsequent reforms to Bretton Woods institutions, President Gerald Ford signed an act that terminated legal prohibitions on private gold transactions as of December 31, 1974. [4] The Gold Clause Resolution was amended in 1977 to again permit enforcement of gold clauses in private obligations issued after the date of the amendment ...
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Weight 6.41 and 24.94 g. The ratio of gold to silver 1:15.5. A French law of 1803 granted anyone who brought gold or silver to its mint the right to have it coined at a nominal charge in addition to the official rates of 200 francs per kilogram of 90% silver, or 3100 francs per kilogram of 90% fine gold. [17]