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
“Judicial Supremacy” Through “Judicial Review”
"Judicial Supremacy": Nowhere to be found in the Constitution or Pre-constitutional HistoryPre-constitutional history provides no support for the sweeping contemporary claim that “the federal...
“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,...
“Aggregate Powers”
“Aggregate Powers”: Powers Cobbled Together and Exercised by Rogue Government Officials That are Not Enumerated in the ConstitutionTypically, when aspiring usurpers and tyrants cannot rationalize...
“Official Immunity”
"Official Immunity"The Constitution itself provides for one and only one “official immunity”, in its allowance that, “for any Speech or Debate in either House...
“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,...