A money of account served no purpose in a monometallic system; but in a bimetallic system the device was used to adjust the legal ratio between silver and gold coins to the free market exchange ratio between the metals, by “crying the currency up or down”—that is by increasing or decreasing the values of real coins in terms of the money of account.
Related Topics
“Left” vs. “Right” Phony Political Spectrum
"Left" vs. "Right"If WE THE PEOPLE revitalize "the Militia of the several States", we will cut across all the dividing lines in the phony...
“Usurpation” and “Tyranny”
"Usurpation"“Usurpation” – the exercise of some otherwise legitimate governmental power as to which the particular actor actor enjoys no legal claim.Source: John Locke, Two Treatises of Government,...
“Living” Constitution
As a constitutional rule of construction that cannot be repeated to often, “If *** we are at liberty to give old words new meanings ***...
“Factions” or “Special Interest” Groups
"Factions" or "Special Interest" GroupsAmerica’s Founding Fathers denounced “factions” (what we refer to today as “special interests”) because these groups consist of “a number of citizens,...
“War”: The Constitutional Meaning
"War": The Constitutional MeaningConstitutionally speaking, "War" is a specific set of legal relations between two or more independent nations. Therefore no "War" can be...