Memorandum of Law on the Money Issue

Larry Becraft has written a very interesting Memorandum
of Law: The Money Issue.

"This brief discusses this issue at length for the purpose of conclusively demonstrating the premises that constitutional money in our country can only be gold and silver coin and that the States are constitutionally compelled to operate on a specie basis. It is the contention herein that Article 1, § 10, clause 1 of the U. S. Constitution is an absolute prohibition upon the States which cannot be circumvented by permission or command of the federal government, and that such provision prohibits the States from utilizing any paper note or credit issued by any private banking institution, whether the same be Federal Reserve Notes, bookkeeping entries of liability or otherwise."