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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.
In this extensive history of U.S. monetary policy, Richard H.
Timberlake chronicles the intellectual, political, and economic
developments that prompted the use of central banking institutions
to regulate the monetary systems.
After describing the constitutional principles that the Founding
Fathers laid down to prevent state and federal governments from
printing money. Timberlake shows how the First and Second Banks of
the United States gradually assumed the central banking powers that
were originally denied them. Drawing on congressional debates,
government documents, and other primary sources, he analyses the
origins and constitutionality of the greenbacks and examines the
evolution of clearinghouse associations as private lenders of last
resort. He completes this history with a study of the legislation
that fundamentally changed the power and scope of the Federal
Reserve System--the Banking Act of 1935 and the Monetary Control
Act of 1980.
Writing in nontechnical language, Timberlake demystifies two
centuries of monetary policy. He concludes that central banking has
been largely a series of politically inspired government-serving
actions that have burdened the private economy.
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 35. 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."
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