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If you would like to participate, please visit the project page, where you can join the project and work together to increase the quality of Wikipedia's essential articles. | | | | |  | Please be neutral when editing this highly sensitive article. It discusses a topic about which people have diverse opinions. |  | Discussions on this talk page often lead to previous arguments being restated. Please read the recent comments, or look in the archives or FAQ section before contributing. New topics for discussion are always welcome. |  edit | Frequently Asked Questions (FAQ) | - Q:What is the Federal Reserve System?
- A:The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role has evolved and expanded.
- Q:When was the Federal Reserve created?
- A:The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. The act had been drafted as House Resolution 7837 by Representative Carter Glass (D-VA), incoming chairman of the House Banking and Currency Committee.
- Q:What are the Federal Reserve's responsibilities?
- A:Today, the Federal Reserve's responsibilities fall into four general areas:
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- conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices
- supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
- maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
- providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments systems
- For an overview of the Federal Reserve and its responsibilities, see The Federal Reserve System: Purposes and Functions.
- Q:How is the Federal Reserve System structured?
- A:The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed basically of a central, governmental agency--the Board of Governors--in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.
A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.
- Q:Who owns the Federal Reserve?
- A:The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.
As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government." The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
- Q:How is the Federal Reserve funded?
- A:The Federal Reserve's income is derived primarily from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions (the rate on which is the so-called discount rate). After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.
- Q:Why did Congress want the Federal Reserve to be relatively independent?
- A:The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. The System is independent of other branches and agencies of government. It is self-financed and therefore is not subject to the congressional budgetary process.
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|  | This is a controversial topic that may be under dispute. Please discuss substantial changes here before making them, making sure to supply full citations when adding information, and consider tagging or removing uncited/unciteable information. |
[edit] Historic critisism, the critisism section and POV Has it not struck any of you yet? Historic critisism and a critisism section has to be "POV" by its very nature and definition. You cannot "edit" historic criticism. Whats that? Orwellian big brother history writing? It's historic fact now. Wether people agree with the views of the past or not. Nunamiut (talk) 09:29, 18 August 2009 (UTC) -
- See Criticism of the Federal Reserve.
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- Actually, the criticism section of an article must be presented with a neutral point of view, just like the rest of the article. That means that the SOURCES -- the person doing the critique -- can have a BIASED point of view, but the material must still be presented by the editors of Wikipedia in a neutral way.
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- For example: "It is well known that the Federal Reserve System is harmful to the economic system." [with no sourcing provided]. That would probably violate Wikipedia rules. It's written in a way that probably violates both the Neutral Point of View rule and the Verifiability rule.
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- But: "Professor Joe Smith wrote in article xxxxx on [date] in Time Magazine that the Federal Reserve System is harmful to the economic system." That might be OK. Here, Wikipedia is showing that it is Professor Joe Smith who is making the critique -- not Wikipedia itself.
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- Often in Wikipedia, editors with an axe to grind will insert an unsourced critique into an article. Watch for weasel words like "Many people believe...." or "It is well known that....." or "It is generally accepted that......" or "Many economists believe......" These kinds of phrases may indicate an effort on the part of a Wikipedia editor to insert his own point of view in an article. This kind of approach can lead to a non-neutral presentation, a violation of Wikipedia rules. As Wikipedia editors, we should be looking for the views of reliable, previously published third party sources, and those views (even though biased) should be presented in a neutral way. Famspear (talk) 12:12, 18 August 2009 (UTC)
I completely agree. Which is why I do not understand that there is not a larger and more serious and thorough criticism section. Seeing as it is more than a little blatantly obvious that there are large amounts of well documented historic criticism publicly available from enough reputable sources. As it is, the article makes it seem as if there has been little no historic controversy. It sort of defies both logic and intellectual honesty.Nunamiut (talk) 10:40, 24 August 2009 (UTC) - There's an entire criticism of the Federal Reserve article (as Famspear pointed out above). The current length of the criticism section, on this page, is about average for this sort of article. The point here is to educate readers, not to give a comprehensive exposition of it. People that want to know more about Fed criticism can go to the separate article. Similarly, those that would like to know more about monetary policy can go to that article. --Dark Charles (talk) 17:21, 24 August 2009 (UTC)
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- I made a stab at cleaning up the critique section, but it's so full of undocumented material and weasel words, it's pretty difficult without simply gutting the section. It reads like a Wikipedia editor's privae, biased commmentary on the Federal Reserve System. This is a pretty blatant example of the use of weasel wording to push unsourced, personal points of view of Wikipedia editors. The more sound approach would be to FIRST look for reliable, previously published third party sources that critique the Fed -- and there should be plenty of those sources available. Oh well. The work continues.... Famspear (talk) 16:07, 6 September 2009 (UTC)
- Yeah, it seems better now, though I just looked over it. And your idea about how one could compose the section seems like a good one.--Dark Charles (talk) 01:36, 7 September 2009 (UTC)
What I was trying to point to was that a serious historic controversy that is not documented is on a par with writing the history of any close election or revolution even, pretending the side that lost did not exist, or somehow weren't all that opposed to the ideas of it's adversaries anyway. It's just not serious portrayal of history or actual events, and it sure as hell isn't 'encyclopedic' by any stretch of the imagination. Nunamiut (talk) 22:37, 6 October 2009 (UTC) Furthermore any and all criticism might be construed as "weasel" by someone of the opposing view. Criticism by it's very nature more often than not has to come in the form of a negative. Just a point, if one is at all to understand the nature of ones own undertakings in accomplishing "fair and balanced" viewpoints.Nunamiut (talk) 07:50, 26 October 2009 (UTC) [edit] Unemployment rate The Unemployment rate section is completely lopsided and unsourced...it needs to be rewritten.Smallman12q (talk) 01:41, 24 October 2009 (UTC) [edit] Wilson quote (again) I've reverted the recent addition of a quote attributed to Wilson. This is not a single quote, but several quotes stitched together to create a certain impression. See the discussion on the Federal Reserve Act talk page and on Wikiquote [1]. Ravensfire (talk) 04:34, 27 October 2009 (UTC) - Humorously, an IP just added the quote again, sourcing it to a Salon.com article [2]. This article DEBUNKS the quote, showing it to be false. So our editor added a fake quote with a source, but the source actually disproves the quote! Ravensfire (talk) 16:28, 29 October 2009 (UTC)
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- Yes, it helps to read the material that is being used as a source. I wish I had a nickel for every time I've seen someone cite a source for some sort of fake quote or some goofball proposition where the source contradicts the proposition, etc. Famspear (talk) 19:45, 29 October 2009 (UTC)
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- When I see this sort of thing I wonder to what extent this is carelessness/ignorance on the part of the person trying to introduce the dodgy material and to what extent it is a cynical attempt to deceive others who might not look at it closely. --DanielRigal (talk) 20:04, 29 October 2009 (UTC)
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- For most, I think it's the former. They see it on an anti-Fed site, and take it as The Truth. Others know the story behind it, but ignore it so they can twist words to say what they want. The worst ones are those that defend it, even when they know the history. I've got a few links that dispel the quote, and have them bookmarked for future uses of "the quote". Ravensfire (talk) 21:03, 29 October 2009 (UTC)
[edit] The Federal Reserve System and the term "agency" The Federal Reserve System may or may not constitute an "agency" under federal law. The cited source in the article does not state that the SYSTEM is an "agency." The source states that the Board of Governors (which is only part of the system) is an "agency." Let's keep this precise. The System consists of many components, some of which are indeed government agencies and others of which are not. As the opponents of the Federal Reserve System so frequently complain, some parts of the System are indeed "private" (i.e., non-governmental), such as the member banks. If we can find a reliable source that states that the entire system is a government "agency," then fine. But let's stick to what the sources say. Famspear (talk) 04:43, 3 November 2009 (UTC) [edit] Power to print money was removed from the US Constiution. | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | The power to print paper money (Bills of Credit) was removed from the final version of the US Constitution during the Constitutional Convention that drafted the Constitution as too subject to abuse. That removal was on a vote of 9 to 2. As the power to print money was taken away from the Federal government (it was included as a power in the Articles of Confederation and early drafts of the US Constitution), the Federal government does not have the power to print money. Congress CANNOT transfer a power it does not have to a third party like the Federal Reserve. The Federal Reserve istherefore an unconstitutional body. To meet objections of original research see link to something written 150 years ago. I HOPE nobody here thinks I am over 150 ears old. http://docsouth.unc.edu/imls/witherst/witherst.html But soon afterward Congress was shorn of the power to make a paper currency, or to allow a State to use such a currency, made by any authority whatever, as a legal tender. To the proof: "August 16.--It was moved and seconded to strike the words'and emit bills,' out of the 8th clause of the first section of the 7th article--which passed in the affirmative"--nine states aye--two (New Jersey and Maryland) nay. Thus the clause read (as it now reads in the Constitution of the United States and in our own) " to borrow money on the credit," etc. Again: the twelfth article of the "draft" provided as follows: "No State shall coin money nor grant letters of marque," etc. In the Convention, August 28, "it was moved and seconded to insert the words'nor emit bills of credit,' after the word'money' in the twelfth article--which passed in the affirmative"--yeas, 8; nay, (Virginia) 1; divided, 1 (Maryland). "It was moved and seconded to insert the following clause after the last amendment:'Nor make anything but gold and silver coin a tender in payment of debts;' which passed unanimously in the affirmative--eleven States being present." It is now established, upon a foundation impregnable, that deliberately, on specific motion, and by ayes and noes, the Convention, overruling its committee, denied to Congress the power to emit "bills of credit," or to authorize the States to make a paper issue a legal tender, but explicitly and rigidly confined the former to the power to "coin money"--that is, to make specie, to render it current, at a regulated value, and the States to that, and that only, as a legal tender. When the above proceedings are examined in the light of the history of the times, reflected somewhat, as it is, by the debates in the State conventions to which the Constitution was referred, it is safe to say that the people, the Convention at Philadelphia, and the statesmen of those days, almost universally looked with horror upon a paper currency, and they had the most abundant reason for the sentiment, as their posterity have had, on sundry occasions since. Rhode Island may constitute a special exception, which State had gained an infamous notoriety by the frauds perpetrated through her paper issues and her legislation to support that currency and the frauds, not to mention other scandalous iniquities.
Now a link to a transcript of the vote itself
http://www.angelfire.com/ut2/lrtopham/convention.html
"Mr. Govr. Morris moved to strike out 'and emit bills on the credit of the United States' If the United States had credit such bills would be unnecessary: if they had not, unjust & useless."
"Mr. Butler, 2ds. the motion." "Mr. Madison, will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best." "Mr. Govr. Morris. striking out the words will leave room for notes of a responsible minister which will do all the good without the mischief. The monied interest will oppose the plan of Government, if paper emissions be not prohibited." "Mr. Ghorum was for striking out, without inserting any prohibition. if the words stand they may suggest and lead to the measure." "Col. Mason had doubts on the subject. Congs. he thought would not have the power unless it were expressed. Though he had a mortal hatred to paper money, yet as he could not foresee all emergencies, he was unwilling to tie the hands of the Legislature. He observed that the late war could not have been carried on, had such a prohibition existed." "Mr. Ghorum. The power as far as it will be necessary or safe, is involved in that of borrowing." "Mr. Mercer was a friend to paper money, though in the present state & temper of America, he should neither propose nor approve of such a measure. He was consequently opposed to a prohibition of it altogether. It will stamp suspicion on the Government to deny it a discretion on this point. It was impolitic also to excite the opposition of all those who were friends to paper money. The people of property would be sure to be on the side of the plan, and it was impolitic to purchase their further attachment with the loss of the opposite class of Citizens." "Mr. Ellsworth thought this a favorable moment to shut and bar the door against paper money. The mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By witholding the power from the new Governt. more friends of influence would be gained to it than by almost any thing else. Paper money can in no case be necessary. Give the Government credit, and other resources will offer. The power may do harm, never good." "Mr. Randolph, notwithstanding his antipathy to paper money, could not agree to strike out the words, as he could not foresee all the occasions which might arise." "Mr. Wilson. It will have a most salutary influence on the credit of the United States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered, and as long as it can be resorted to, it will be a bar to other resources." "Mr. Butler. remarked that paper money was a legal tender in no Country in Europe. He was urgent for disarming the Government of such power." "Mr. Mason was still adverse to tying the hands of the Legislature altogether. If there was no example in Europe as just remarked, it might be observed on the other side, that there was none in which the Government was restrained on this head." "Mr. Read, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations" "Mr. Langdon had rather reject the whole plan than retain the three words '(and emit bills)'" "On the motion for striking out N. H. ay. Mas. ay. Ct. ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay.* N. C. ay. S. C. ay. Geo. ay." —Preceding unsigned comment added by 96.237.131.111 (talk) 13:34, 13 November 2009 (UTC) | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | I have left a note on User talk:96.237.134.44 regarding that user's addition and 3 reversions ([3],[4],[5],[6]) of the section regarding the "printing of money", inviting discussion here per WP:BRD and requesting no edit warning. My concern regarding the addition is as follows: - One editor noted that the citation did not support the addition
- I feel the addition does not meet WP:MOS
- There is clearly lack of WP:CONSENSUS for the addition
I don't know enough about the subject to say whether the topic is being given due weight or is WP:FRINGE (I just ran across this article during WP:RCP. Regardless, let's discuss. Thanks, --4wajzkd02 (talk) 16:13, 18 November 2009 (UTC) - See also 96.237.131.111 and this edit to Talk:Criticism of the Federal Reserve. It seems User:96.237.134.44 and User:96.237.131.111 are the same editors (that's OK, just want to acknowledge that we've not got 2 different editors proposing the same text). --4wajzkd02 (talk) 16:22, 18 November 2009 (UTC)
About the above objections - RE: one editors complaint that the citation did not support the addition. - That editor obviously did not read the citation
- RE: not meting WP:MOS - state your specific objections and I will reformat the addition to satisfy your objections.
- RE: no discussion - The material was added to the talk page for discussion - Not my fault if others do not wish to comment.
- RE: no consensus - No consensus on what? The vote referenced took place as shown by historical documents. Do you believe that we will get a consensus that those historical documents are wrong and that the vote did not take place?
- RE:Fringe - I've run across several pols as to whether the Fed should be abolished. They tend to run in the 80-90% in favor of abolishing. That is as mainstream as it gets. This one is currently at 84%. http://www.ronpaul.com/2009-07-21/poll-should-congress-abolish-the-federal-reserve/96.237.134.44 (talk) 16:39, 18 November 2009 (UTC)
- RE:Different IP address - "almost" every ones internet address can change at the whim of the internet service provider. I know mine does.96.237.134.44 (talk) 16:42, 18 November 2009 (UTC)
- Three editors reverted you - that suggests lack of WP:CONSENSUS. That others didn't comment is suggestive that the reverting editors should comment, too. As for restoring your addition yet again - WP:3RR is not a license to make 3 reverts in a day (as you have now done). There is no WP:DEADLINE, so lack of comment in a week does not mean there is consensus. I urge you to revert your change and waiting for other discussion; otherwise you should not be surprised if one of the editors reverts it for you. As for the IP issue - it isn't one, just trying to confirm that all of the IP edits were indeed made by the same person (which you seem to be confirming) - as I said, its not a problem. --4wajzkd02 (talk) 16:49, 18 November 2009 (UTC)
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- One of the above editors obviously did not read the cite provided and his objection is therefore without merit. Why should I revert well referenced material? Per my understanding of wiki policy, if an editor disagrees with material he (or she) is free to find balancing material and add it for balance. If you feel that the referenced vote did not take place, feel free to look up references that so state and add them for balance.96.237.134.44 (talk) 17:04, 18 November 2009 (UTC)
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- "One of the above editors obviously did not read the cite provided and his objection is therefore without merit" - clearly, that editor disagrees, WP:AGF. I've invited the editor to comment here.
- "Why should I revert well referenced material?". The more salient question is "Why should you not edit war?". To reiterate - there is no WP:DEADLINE, so there is no reason to keep reverting without WP:CONSENSUS.
- "Per my understanding of wiki policy, if an editor disagrees with material he (or she) is free to find balancing material and add it for balance" That is a common misunderstanding, and one that leads to a lot of turmoil with (relatively) new editors sometimes. Articles are written with WP:NPOV and without WP:UNDUE - they're not a collection of pros and cons on an issue. Similarly, WP:RS is not the only policy guiding additions (and, respectfully, http://www.ronpaul.com is not a reliable source, although I understand you were using it to make a WP:POINT here on the talk page).
- Let's see if any other editors care to comment. As I said, I am uninterested, personally, in the content issue, but noticed the series of additions and reversions, which are fundamentally disruptive. I'd like to see this resolved without turning this page into a WP:BATTLEGROUND. I encourage you to read through the linked policies and guidelines, and to please assume good faith. Cheers, --4wajzkd02 (talk) 17:26, 18 November 2009 (UTC)
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- Thanks for the heads up on this. I reverted the addition for a couple of reasons. The primary reason is this is original research. At a minimum, there needs to be a cite to a good verifiable, reliable secondary source that comes to these conclusions. There's various sources on the web that claim this, but they certainly aren't reliable, verifiable sources. That alone means this does not belong in Wikipedia. Ravensfire (talk) 18:01, 18 November 2009 (UTC)
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- Unless you believe that I am someone that died in 1866, it is not original research. One of the cites is based on material from Thomas Jefferson Withers who lived from 1804-1866. Do you believe that I am Thomas Jefferson Withers?96.237.134.44 (talk) 22:35, 18 November 2009 (UTC)
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- The minutes of the vote likely originated from the papers of James Madison. Do you believe that that the man considered the father of the US Constitution is an unreliable source on that document?96.237.134.44 (talk) 22:35, 18 November 2009 (UTC)
The material added is as follows Another criticism is whether the the power to print money is even allowed under the US Constitution. During the Constitutional Debates the power to print paper money by the Federal government was removed from the US Constitution on a vote of 9 to 2. Since the delegates to the Constitutional Convention specifically took away that power, which was allowed to Congress under the Articles of Confederation and within early drafts of the US Constitution, there is reason to believe that any use of this power by Congress or by a body created by Congress, such as the Federal reserve, is unconstitutional and therefore illegal The cites referenced are to the actual text of the vote, and to the following written some 150 years ago. There is no question that the cites back up the added material. See above section for a more complete portion of the cite which was provided for discussion purposes. But soon afterward Congress was shorn of the power to make a paper currency, or to allow a State to use such a currency, made by any authority whatever, as a legal tender. To the proof: "August 16.--It was moved and seconded to strike the words'and emit bills,' out of the 8th clause of the first section of the 7th article--which passed in the affirmative"--nine states aye--two (New Jersey and Maryland) nay. Thus the clause read (as it now reads in the Constitution of the United States and in our own) " to borrow money on the credit," etc. The power of Congress and the states to print paper money PRIOR to the enactment of the Constitution can be easily confirmed. Look up "Continental" as in "not worth a Continental". If you insist I believe I can find a link to the Articles of Confederation which contains the language authorizing paper money such as the Continental.96.237.134.44 (talk) 17:47, 18 November 2009 (UTC) -
- Here is a poll hosed by CNBC that shows 90% are in favor of abolishing the Fed. http://www.cnbc.com/id/32881898 This subject is not fringe and is mainstream.96.237.134.44 (talk) 17:58, 18 November 2009 (UTC)
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- It's also not relevant to this discussion. Ravensfire (talk) 18:05, 18 November 2009 (UTC)
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- Haven't see ANYTHING that resemble a discussion of the material. Objections designed to bury the material don't count as a discussion of that material.96.237.134.44 (talk) 22:37, 18 November 2009 (UTC)
- Remember, there is no WP:DEADLINE, so please be patient. Also, please assume good faith - don't assume "Objections designed to bury the material", and remember to be WP:CIVIL. When you're not, you diminish your credibility. Thanks, --4wajzkd02 (talk) 22:44, 18 November 2009 (UTC)
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- I can't see anything constructive to the article being discussed here. To be honest, it all sounds a bit crazy. If there has been serious discussion of this claim by notable historians or economists them maybe it merits inclusion but there is no evidence of this as yet. If all we have is an eccentric claim backed up by an editor's personal interpretation of the legal precedents then that fails WP:SYN. Common sense says that this is fringe (at best). The notion that any independent nation state would, either by accident or intention, put itself in a situation where it was prohibited to issue or operate a currency seems absurd. The only example of anything like this actually happening that I can think of is Democratic Kampuchea, where money was actually abolished and outlawed. --DanielRigal (talk) 23:09, 18 November 2009 (UTC)
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- I've been WP:AGF and trying to help the editor understand the issues of WP:OR and use of secondary vs. primary sources on his talk page. I assume the editor is sincere (and not pulling our chain, and just doesn't understand. I've explained and explained WP:3RR, but the editor reverted 3 times in 24 hours despite lack of WP:CONSENSUS - trying to justify doing so by lack of comments by other editors here. I removed the text twice per WP:BRD, and two other editors did the same. I recommend someone else revert it and note why here (or do so based on their comments already made here), as I don't want to have 3 reverts on this. Feel free to review my comments on User talk:96.237.134.44 and add anything you think will help the editor understand the issue. Thank you,--4wajzkd02 (talk) 23:27, 18 November 2009 (UTC)
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- Yet again pointing out that the conclusion in question was reached by Mr. Withers some 150 years ago. As Mr. Withers died in 1866 it is HIGHLY unlikely that the conclusion was originated by myself. As to lack of historical documets on this issue prior to the 1860's there was no need to debate the issue as this was the first time that Congress authorized legal tender paper money.
In the interest of furthering the debate I am providing the following link http://www.law.georgetown.edu/faculty/documents/Papermoneyart.pdf which on pages 36 - 38 discusses the above referenced vote and refers to the source of the minutes of the vote as originating with Madison's papers. It also includes the full text of those minutes as well, if anyone believes that the minutes provided above are in error. 96.237.134.44 (talk) 23:25, 18 November 2009 (UTC) - The document you reference is an excellent secondary source that directly contradicts your addition to the article.
CONCLUSION
By the original understanding, the Constitution’s Coinage Clause grants to Congress the express power to coin money and bestow legal tender quality upon that money. A similar power of lesser, but still broad, scope is also created by the Commerce Clause, since part of the eighteenth century definition of “regulating commerce” was the issuance and regulation of the media of exchange.
By the original understanding also, the money thus “coined” need not be metallic. Paper or any other material that Congress selects will suffice. Because the power to coin paper is express, there is no need to justify it by the incidental powers doctrine of the Necessary and Proper Clause.
The Supreme Court’s opinions in The Legal Tender Cases did rely on the Necessary and Proper Clause, and to that extent their reasoning was at odds with the original understanding.
However, the holding of those cases – that Congress had authority to issue legal tender paper money – was correct as a matter of original understanding. There is, therefore, no need for originalists or others propounding interpretive theories to make any special accommodation for the holdings of The Legal Tender Cases.emphasis added Based on this alone, the removal of your addition seems amply justified. --4wajzkd02 (talk) 23:34, 18 November 2009 (UTC) -
- Whether the author of the article in question agrees or disagrees is irrelevant to the fact that the issue has been examine in recent works and is therefore not "fringe". The author "compares" quite a number of legal issue in the article. Some views are obviously directly opposed to others. The fact that they are examine shows that they are not "fringe". The vote in question is in fact examined and takes up 3 pages of the work in question. A "Fringe" issue does not take up 3 pages worth of space. 96.237.134.44 (talk) 00:26, 19 November 2009 (UTC)
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- It may well be worth mentioning on the page that historically there was a controversy about printing paper money and link to the discussion at the Legal Tender Cases page. As a legal matter, it was settled in the nineteenth century, but there is no clear authorization in the Constitution and is a historical controversy as to whether it was intended.—KHirsch (talk) 23:49, 18 November 2009 (UTC)
- Your proposal (mention of the historical controversy and the wikilink to Legal Tender Cases) would be a good addition, I believe. However, stating the resolved controversy as a current matter of fact is not a good addition. --4wajzkd02 (talk) 23:56, 18 November 2009 (UTC)
There seems to be quite a bit of confusion here - Lets deal with them one at a time - first with the repeated allegations of Original research As repeatedly pointed out I am not the originator of the conclusion that a vote to strip language from an early draft of the US Constitution also strips that power from Congress. Mr.Withers came to that conclusion 150 years ago. While it is unlikely that Mr. Withers himself originated this concept, he did believe it. Mr Withers also wrote his opinion in the early 1860's, during the Civil War when Congress for the first time ever issue legal tender paper money. Please do no confuse Congress under the US Constitution with the Continental Congress under the Articles of Confederation. The Articles of Confederation specifically allowed THAT Congress to issue legal tender paper money96.237.134.44 (talk) 00:36, 19 November 2009 (UTC) -
- Briefly, there are two objections. First, the material appears to be prohibited original research. Second, the cited material does not support the assertion. The assertion is that there actually exists a "criticism" as to "whether the the power to print money is even allowed under the US Constitution." Instead of providing material that shows that someone -- someone other than the Wikipedia editor who inserted the material -- has previously raised that particular critique, what the editor is doing is providing material that he or she apparently feels supports the critique itself -- the critique about whether the power to print money is even allowed under the US Constitution."
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- In short, adding material that merely supports or rejects the idea that that the power to print money is allowed under the Constitution does not qualify for support that there exists a critique to that effect. Instead, what the editor should be doing is finding previously published third party sources that state that critique -- and I suspect there might well be such sources out there.
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- A Wikipedia article is not the proper place for cobbling together sources to show that you, the Wikipedia editor, have a critique as to whether the power to print money is allowed, etc., etc. Instead, what you should be doing is finding examples of where other people have already made that critique. The purpose of the critique section of a Wikipedia article is not to come up with your own critique, but rather to document critiques that have been made by previously published third party sources.
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- As proposed, the "critique" material appears to violate two Wikipedia rules: Verifiability, and No Original Research. In this context, Verifiability means that you can show that someone else -- not you, the Wikipedia editor -- has already made the critique, and that the document you are sourcing actually includes that critique by that "someone else." No Original Research means that you cannot simply cobble together statements from Source A and Source B and Source C and then argue that, when taken together, those sources support the idea that the power to print money is (or is not) allowed under the Constitution.
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- Again, you should not use the Critique section of a Wikipedia article to publish your own Critique -- even if you are using sources that, when logically combined together, seem to support your own Critique. Wikipedia is not the proper place for you to publish your own critique. Famspear (talk) 01:44, 19 November 2009 (UTC)
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- To go along with what Famspear said, IP, please read the WP:OR article. Yes, your material is original research. It's that simple. Ravensfire (talk) 01:49, 19 November 2009 (UTC)
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- It now seems that the material in question is to be deleted because you people now think that the CRITICISM is original research? Do you people SERIOUSLY believe that I am the first person to believe that the Federal Reserve is an unconstitutional organization and therefor illegal? If so you have a serious but easily curable misunderstanding of the facts of life. All you need to do is look at the material in the following 2 links. Hopefully nobody here will accuse me of being the author of ALL that material.
http://www.google.com/#hl=en&q=Is+the+Federal+reserve+illegal&aq=&aqi=&oq=Is+the+Federal+reserve+illegal&fp=1c443ffcb5a5cce1 and http://www.google.com/#hl=en&q=Is+the+Federal+reserve+unconstitutional&aq=f&aqi=&oq=Is+the+Federal+reserve+unconstitutional&fp=1c443ffcb5a5cce1 -
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- There are two basic lins of thought for the unconstitutional criticism, one is that Congress cannot transfer a power IT DOES HAVE to another body, and two that Congress cannot transfer a power that is DOES NOT HAVE to another body. 96.237.134.44 (talk) 03:43, 19 November 2009 (UTC)
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- A snippet from Richard Russell. Mr Russell is author of Dow Theory Letters and one of the top investment advisers in the US. I hope that nobody here now states that I am Richard Russell.
http://www.321gold.com/editorials/russell/russell111709.html The Federal Reserve is doing work expressly forbidden by the US Constitution. 96.237.134.44 (talk) 03:54, 19 November 2009 (UTC)
Pretty plain quote that the criticism cited does not originate with me,
http://www.healthfreedom.info/Federal_Reserve_Fraud.htm The passage of the Federal Reserve Act was unconstitutional because 1) the US Constitution prohibited "bills of credit" (i.e., paper notes) and 2) the US Constitution would have to be amended to go off the silver and gold coin standard for money. unless of course you believe that I am Mr. Withers who died in 1866, Mr Russell, who more then likely has better things to d with his time then edit an article in wikipedia, and also at the same time the author of the link just added. Do you? SERIOUSLY! —Preceding unsigned comment added by 96.237.134.44 (talk) 04:09, 19 November 2009 (UTC) | [edit] Cites supporting my position - showing it is not OR or SYN I believe that Congress does NOT have the power to make paper money a legal tender and does not even have the power to make gold and silver a legal tender.The reference below show clearly that at least one US president and Funding Father agree with me on both counts and that at least two US presidents, and Founding Fathers agree with me on one count. I hope that claims of original research and synthesis can now be put to rest as BOGUS.
An old NY times article http://query.nytimes.com/mem/archive-free/pdf?_r=1&res=9501E2DB133BEE33A25751C1A9669D94679ED7CF references the following quotes
James Madison - Thus the pretext for a paper currency and particularly for making the bill a legal tender, either for public or private debt, was cut off Thomas Jefferson - I now deny their (Congress's) power of making paper money, or anything else, a legal tender A Mr Benton who is also cited, states: The power granted to Congress to coin money is an authority to stamp metallic money, and is not an authority for emitting slips of paper containing promises to pay money. Per Yale Law School records of the minutes of the vote to TAKE AWAY from Congress the power to "emit bills of credit" during the Constitutional Convention as recorded by Founding Father and future president James Madison http://avalon.law.yale.edu/18th_century/debates_816.asp FN23 This vote in the affirmative by Virga. was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words would not disable the Govt. from the use of public notes as far as they could be safe & proper; & would only cut off the pretext for a paper currency, [FN24] and particularly for making the bills a tender [FN24] either for public or private debts. and "Mr. Ghorum was for striking out, without inserting any prohibition. if the words stand they may suggest and lead to the measure." My aside: The power to be struck out was the power to "emit". Mr. Ghorum, (Madison misspelled the name - the person is actually Nathanial Gorham) states that if the words stand (the words being "emit bills of credit") that "they may suggest and lead to the measure" with the measure being printing legal tender paper money. To be ABSOLUTELY clear, this vote denied Congress the power to "emit" per money, and strikes at the core of arguments in favor of paper money, because Congress cannot make paper money a legal tender because the power to print paper money was REMOVED from Congress. If Congress cannot even print paper money, how can it make it legal tender? In Federalist 44 - Madison states The extension of the prohibition to bills of credit must give pleasure to every citizen, in proportion to his love of justice and his knowledge of the true springs of public prosperity. The loss which America has sustained since the peace, from the pestilent effects of paper money on the necessary confidence between man and man, on the necessary confidence in the public councils, on the industry and morals of the people, and on the character of republican government, constitutes an enormous debt against the States chargeable with this unadvised measure, which must long remain unsatisfied; or rather an accumulation of guilt, which can be expiated no otherwise than by a voluntary sacrifice on the altar of justice, of the power which has been the instrument of it. From Craig v Misouri The whole was intended to exclude everything from use as a circulating medium except gold and silver, and to give to the United States the exclusive control over the coining and valuing of the metallic medium. That the real dollar may represent property, and not the shadow of it. From the dissenting opinion to one of the Legal Tender cases http://supreme.justia.com/us/79/457/case.html - starts with THE CHIEF JUSTICE, dissenting Acts of Congress not made in pursuance of the Constitution are not laws. We perceive no connection between the express power to coin money and the inference that the government may, in any contingency, make its securities perform the functions of coined money, as a legal tender in payment of debts It is unnecessary to say that we reject wholly the doctrine, advanced for the first time, we believe, in this Court by the present majority that the legislature has any "powers under the Constitution which grow out of the aggregate of powers conferred upon the government or out of the sovereignty instituted by it." If this proposition be admitted, and it be also admitted that the legislature is the sole judge of the necessity for the exercise of such powers, the government becomes practically absolute and unlimited. It is true that notes issued by banks, both in England and America, were then in circulation and were used in exchanges, and in common speech called money, and that bills of credit, issued both by Congress and by the states, had been recently in circulation under the same general name; but these notes and bills were never regarded as real money, but were always treated as its representatives only, and were described as currency. The legal tender notes themselves do not purport to be anything else than promises to pay money. They have been held to be securities, and therefore exempt from state taxation, [Footnote 3/13] and the idea that it was ever designed to make such notes a standard of value by the framers of the Constitution is wholly new. The sense of the Convention which framed the Constitution is clear from the account given by Mr. Madison of what took place when the power to emit bills of credit was stricken from the reported draft. He says distinctly that he acquiesced in the motion to strike out because the government would not be disabled thereby from the use of public notes, so far as they would be safe and proper, while it cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts. [Footnote 3/14] The whole discussion upon bills of credit proves beyond all possible question that the Convention regarded the power to make notes a legal tender as absolutely excluded from the Constitution. [Footnote 3/15]' but he added, "NOTHING BUT GOLD AND SILVER COIN CAN BE MADE A TENDER IN PAYMENT OF DEBTS." [Footnote 4/68] Utterances of the kind are found throughout the reported decisions of this Court, but there is not a sentence or word to be found within those volumes, from the organization of the court to the passage of the acts of Congress in question, to support the opposite theory. Excellent source states - http://www.law.georgetown.edu/faculty/documents/Papermoneyart.pdf "In the later half of the nineteenth century, the Supreme Court decided a series of cases that upheld the power of Congress to issue paper money and make it legal tender for all debts. Although the last of these was decided in 1884 several constituencies have kept this debate alive. One of those constituencies is a small, but vocal group that has never been reconciled to the idea of American paper money. These folks maintain that the Constitution did not authorize paper money ... More Influential, perhaps, have been legal commentators who agree that he Legal Tender cases were, from an originalist point of view, wrongly decided" —Preceding unsigned comment added by 71.174.142.108 (talk) 13:34, 24 November 2009 (UTC) | [edit] 4wajzkd02 - being CIVIL | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | I is not CIVIL to jump to the conclusion that the discussion is over and that a Consensus has been reached since a Consensus most certainly has NOT been reached. Also: Despite your 3RR warning to me, I now point out that you are yourself in violation of 3RR. Since you ALSO deleted the material in question as Original Research please read the material I have added above and the material copied below from my talk page which you may have missed. Since I have other things to do I will look at your responses tomorrow. In order to avoid 3RR violation I advise you to restore the material you deleted on the obviously wrong conclusion that the material in question is original research. Unless you believe that I am Mr. Withers, who died in 1866, I did not originate the concept that striping the power to print legal tender paper money from the US Constitution strips Congress of that power. Material below is copied from my talk page. You seem confused The primary material in question is the "minutes of the debate" provided as a supplement to the conclusion reached by Mr. Withers. As to whether Mr. Withers contradicts what I added to the article, I believe that you actually need to read what Mr Withers wrote http://docsouth.unc.edu/imls/witherst/witherst.html Please do not confuse what I wrote with what he wrote, despite the similarities HE wrote ALL the following - pay special attention to the bold sections Now, observe, according to the "draft" Congress was to be empowered to "coin money" and "emit bills of credit"--i. e., a paper currency, undoubtedly. Were they the same or equivalent things, in the contemplation of the convention? If so, why specify both? That body knew how to use the English language, and were not given to tautology. The States were prohibited to make anything but "specie" a legal tender without the consent of Congress. The scheme is manifest that proceeded from the brain of the Committee of Five. It was this: Congress alone should issue a paper currency, and the States should be confined, as to a legal tender, to specie, and that alone, unless Congress should "emit bills of credit;" and in that case, the States might, had Congress authorized it, not that they should, make the Federal "bills of credit" a legal tender. But not even by this scheme, as it came from the committee, was Congress empowered to declare what should be a legal tender in payment of debts. But soon afterward Congress was shorn of the power to make a paper currency, or to allow a State to use such a currency, made by any authority whatever, as a legal tender. To the proof: "August 16.--It was moved and seconded to strike the words'and emit bills,' out of the 8th clause of the first section of the 7th article--which passed in the affirmative"--nine states aye--two (New Jersey and Maryland) nay. Thus the clause read (as it now reads in the Constitution of the United States and in our own) " to borrow money on the credit," etc.96.237.134.44 (talk) 00:07, 19 November 2009 (UTC)96.237.134.44 (talk) 00:51, 19 November 2009 (UTC) - This is argumentative to the point of being disruptive. We are not here to argue the rights or wrongs of your opinions. Please either show us reliable sources that prove that there is a genuine, ongoing controversy in this specific matter or accept that it is just your personal, and encyclopaedic, opinion. You need to understand that WP:SYN is an element of WP:OR. What you are posting seems very much to be WP:SYN. --DanielRigal (talk) 11:33, 19 November 2009 (UTC)
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- Already did
http://www.google.com/#hl=en&q=Is+the+Federal+reserve+illegal&aq=&aqi=&oq=Is+the+Federal+reserve+illegal&fp=1c443ffcb5a5cce1 and http://www.google.com/#hl=en&q=Is+the+Federal+reserve+unconstitutional&aq=f&aqi=&oq=Is+the+Federal+reserve+unconstitutional&fp=1c443ffcb5a5cce196.237.134.44 (talk) 11:59, 19 November 2009 (UTC) -
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- No, those are google search pages, with links to places where people argue that the Federal Reserve System is unconstitutional. Dear IP96.237.134.44, please review the Wikipedia rules on Verifiability and Original Research. Famspear (talk) 12:33, 19 November 2009 (UTC)
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- Original Research only applies to material to be included in wiki articles. Discussion pages do not suffer that handicap and last I checked this is a discussion page. Do you dispute that there is an ongoing debate as to the constitutionality of the Federal Reserve?96.237.134.44 (talk) 15:28, 19 November 2009 (UTC)
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- Congressman Ron Paul explicitly stating that http://www.tenthamendmentcenter.com/2009/09/24/the-federal-reserve-vs-the-constitution/
Congress created the Federal Reserve, yet it had no constitutional authority to do so. 96.237.134.44 (talk) 15:50, 19 November 2009 (UTC) | [edit] wiki aleady recognizes critique of unconstitutionality | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | Yesterday I provided this link to show that the unconstitutional critique of the Federal Reserve is current and ongoing http://www.google.com/#hl=en&ei=h2UFS6X4BJPslAfmx7yoDA&sa=X&oi=spell&resnum=0&ct=result&cd=1&ved=0CAYQBSgA&q=Is+the+Federal+Reserve+unconstitutional&spell=1&fp=5b7cf21b103219ea I am now pointing out that the VERY FIRST link provided in that google search is to a wiki article. http://wiki.answers.com/Q/Is_the_Federal_Reserve_unconstitutional wiki already recognizes that the critique is current and ongoing.96.237.134.44 (talk) 15:40, 19 November 2009 (UTC) - wiki is not an entity that can have opinions. It is a generic type of software. Answers.com is nothing to do with Wikipedia or Wikimedia. The statement is meaningless. Besides, the link to answers.com just underlines the point that nobody takes this stuff seriously. I think you know this because you are not making any attempt to give us specific references from reliable sources. Please give it up. --DanielRigal (talk) 16:56, 19 November 2009 (UTC)
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- It is not opinion that there is criticism of the fed based on the belief that it is unconstitutional and therefore illegal.It is fact. 96.237.134.44 (talk) 17:04, 19 November 2009 (UTC)
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- Well, clearly there is you for a start. What you need to do is show us proof that this criticism is notable. Not every random theory can go into Wikipedia. Again, I refer you to the need to find reliable references, not just internet chatter. --DanielRigal (talk) 17:14, 19 November 2009 (UTC)
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- See links provided and check the number of google hits. One link shows over 1 million hits. Seems notable to me. You may also want to check the Tenth Amendment Movement for evidence of widespread disgust at massive continuing violations of the 10th Amendment by the Feds. It takes quite a bit to get state legislatures to propose, never mind pass, immunity from federal laws for their states. http://www.google.com/#hl=en&source=hp&q=10th+amendment+movement&aq=2&aqi=g10&oq=10th+amendment&fp=5b7cf21b103219ea 96.237.134.44 (talk) 18:25, 19 November 2009 (UTC)
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- Please stop giving us Google searches. They don't prove anything in themselves and it is not our job to trawl the net for stuff that might help your argument. If you can't give us specific RS references (newspapers, major broadcasters, notable books, serious academics) that directly support the notability of the idea that you want to insert then there is nothing to discuss. --DanielRigal (talk) 19:03, 19 November 2009 (UTC)
- Perhaps this article could be semi-protected for a while to reduce WP:DIS? --4wajzkd02 (talk) 19:50, 19 November 2009 (UTC)
- At the moment there isn't much going on on the article itself to merit it, just the pointless discussion here, but if things take a turn for the worse then I would agree. --DanielRigal (talk) 20:02, 19 November 2009 (UTC)
- Concur with DanielRigal. Also, this is just a single IP editor. If they prove disruptive, we should probably go through the 3RR and/or WQA boards first. I'd hate to punish all IP editor just because of the actions of one without trying other efforts. Ravensfire (talk) 21:09, 19 November 2009 (UTC)
(<-) reverted re-addition of this materiel per WP:BRD and WP:CONSENSUS. --4wajzkd02 (talk) 23:57, 19 November 2009 (UTC) - The IP has reverted] the removal, offering the same reasoning "well referenced". --4wajzkd02 (talk) 00:00, 20 November 2009 (UTC)
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- and considering that my small addition has more references then portions of the article 10 times its size, it is in fact "well referenced".96.237.134.44 (talk) 00:11, 20 November 2009 (UTC)
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- No, no it's not. You've been pointed several times to what is considered a good reference and what's considered original research. Your essay still fails both of those requirements. Ravensfire (talk) 00:14, 20 November 2009 (UTC)
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- Original Research yet again: The fact that the Fed is being criticized as unconstitutional is not of my origin. The fact that the language removing the power to "emit bills of credit" was removed from early drafts of the US Constitution is not of my origin and is historically recognized by a reference which YOU cited as "excellent" - see page 38 of the link provided yesterday. The fact hat the power "to emit bills of credit" is a constitutional level power is obvious from the fact that it appears within the Constitution and I SHUDDER to think that standards of scholarship are so low that no one else in the history of the US has come to the same conclusion. Obviously none of this originated with me. What is your problem?96.237.134.44 (talk) 00:36, 20 November 2009 (UTC)
| [edit] Material in dispute - what citations are bad and why? Please be specific. | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | The Federal Reserve also faces criticism of being an unconstitutional and therefore illegal body - ref is http://immortalityroad.wordpress.com/2008/09/19/ron-paul-says-that-federal-reserve-bank-is-unconstitutional/ Congressman Ron Paul "The Federal Reserve System is not a part of our federal government, and there is no reserve of real money (gold and silver), and it is not constitutional." and and http://www.tenthamendmentcenter.com/2009/09/24/the-federal-reserve-vs-the-constitution/ Congressman Ron Paul "Congress created the Federal Reserve, yet it had no constitutional authority to do so." The criticism over its constitutionality take two forms, one being that Congress cannot transfer a Federal power to a private nongovernmental entity and the other is that Congress cannot exercise a power it does not have, never mind assigning that nonexistent power to a private nongovernmental entity. The power in dispute is the power to issue legal tender paper money, called bills of credit by the Founding Fathers ref is http://www.lectlaw.com/def/b099.htm "Bills of credit may be defined to be paper issued and intended to circulate through the community for its ordinary purposes as money redeemable at a future day." . The criticism that Congress does not have the power to issue paper money is based on the fact that language authorizing this power was removed ref is http://www.law.georgetown.edu/faculty/documents/Papermoneyart.pdf Robert G. Natleson Paper Money and the Original Understanding of the Coinage Clause page 38 - All those who voted to retain the language believed that deleting the language would delete the power from early drafts ref is an early draft of the Constitution http://www.civil-liberties.com/pages/draft.html The Legislature of the United States shall have the power to coin money; To borrow money, and emit bills on the credit of the United States; of the US Constitution as too subject to abuse ref is (this cite should be placed a bit earlier - my mistke) http://docsouth.unc.edu/imls/witherst/witherst.html Thomas Jefferson Withers - But soon afterward Congress was shorn of the power to make a paper currency, or to allow a State to use such a currency, made by any authority whatever, as a legal tender. To the proof: "August 16.--It was moved and seconded to strike the words 'and emit bills,' out of the 8th clause of the first section of the 7th article--which passed in the affirmative"--nine states aye--two (New Jersey and Maryland) nay. Thus the clause read (as it now reads in the Constitution of the United States and in our own) " to borrow money on the credit," etc. and http://www.angelfire.com/ut2/lrtopham/convention.html "Mr. Govr. Morris moved to strike out 'and emit bills on the credit of the United States' If the United States had credit such bills would be unnecessary: if they had not, unjust & useless." "Mr. Read, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations" "On the motion for striking out N. H. ay. Mas. ay. Ct. ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay.* N. C. ay. S. C. ay. Geo. ay." and the belief that the exercise of a power not granted to Congress, is a violation of the Tenth Amendment, which states that powers not granted to the Federal government are retained by either the states or by the people ref is http://www.usconstitution.net/const.html Amendment 10 - Powers of the States and People. Ratified 12/15/1791. The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people. The power "to Coin" and the power to "emit bills of credit" are listed as separate powers within the Article 1 Section 10 of the US Constitution "No State shall ... coin Money; emit Bills of Credit;" and only the power "to coin" remains as a granted power after the delegates at the Constitutional Convention voted to remove the power to "emit bills of credit". "The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures" ref is the US Constitution http://www.usconstitution.net/const.html.
In Federalist #44 James Madison stated - ref ishttp://www.constitution.org/fed/federa44.htm</ref>
The extension of the prohibition to bills of credit must give pleasure to every citizen, in proportion to his love of justice and his knowledge of the true springs of public prosperity. The loss which America has sustained since the peace, from the pestilent effects of paper money on the necessary confidence between man and man, on the necessary confidence in the public councils, on the industry and morals of the people, and on the character of republican government, constitutes an enormous debt against the States chargeable with this unadvised measure, which must long remain unsatisfied; or rather an accumulation of guilt, which can be expiated no otherwise than by a voluntary sacrifice on the altar of justice, of the power which has been the instrument of it. 96.237.134.44 (talk) 00:54, 20 November 2009 (UTC) - Your entire addition is WP:SYN. Regarding the citations:
- Apologies, but your beating of this dead horse isn't helping you gain WP:CONSENSUS. --4wajzkd02 (talk) 01:29, 20 November 2009 (UTC)
Re: references to Ron Paul, quotes attributed to political figures are acceptable wiki sources. I have seen them on a number of articles.
Synthesis implies I am coming to an original conclusion. That is in fact not the case. The "excellent source" states others share my point of view and for the same reasons. on Mr. Withers - The constitutionality of paper money is a current issue - see the "excellent source" below as well as continuing attempts by Ron Paul to kill the Fed though Congressional action. on text from the US Constitution - either early draft or final version - it is acceptable to provide section of a historical document to supplement other sources - for clarity f nothing else. If this is not allowed, then the article on the Bill of Rights cannot have a listing of the Bill of Rights http://en.wikipedia.org/wiki/United_States_Bill_of_Rights That article not only includes constitutional language but a link to am image of the Bill of Rights. Your point of view is therefore contrary to current wiki practice.96.237.134.44 (talk) 01:49, 20 November 2009 (UTC) Missed angelfire.com - that link is to a text of the minutes of the vote in question. I have already offered to provide another link to that text. The "excellent source" has the exact same text of the vote. I have no objection to using that or any of a thousand other places where that text exists.96.237.134.44 (talk) 02:22, 20 November 2009 (UTC) -
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- FYI: Per top of this page, a quote was deleted not because quotes are not allowed, but because it was a fake quote. Per above (and the zillion quotes within wiki articles), quotes are in fact allowed. 96.237.134.44 (talk) 17:29, 20 November 2009 (UTC)
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- Yes, they are. See [[WP:QUOTE]. And yes, if the quote is fake, it's generally removed. On rare occasions, a fake quote may get it's own section, explaining why it is a fake quote. Hmmm, might be something useful to add to the Woodrow Wilson article. Ravensfire (talk) 21:12, 20 November 2009 (UTC)
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- In other words a quote attributed to Ron Paul is OK.96.237.134.44 (talk) 21:37, 21 November 2009 (UTC)
| [edit] "Excellent Source" states | Discussion by a single-purpose editor with multiple IPs blocked for disruption and personal attacks | | The following is an archived debate. Please do not modify it. | | http://www.law.georgetown.edu/faculty/documents/Papermoneyart.pdf Direct quote from the Abstract "Over a century ago, the Supreme Court decided the Legal Tender Cases, holding that Congress could authorize legal tender paper money in addition to metallic coin. In recent years some commentators have argued with this holding may have been incorrect" Direct quote from page 4 of that "excellent" source "In the later half of the nineteenth century, the Supreme Court decided a series of cases that upheld the power of Congress to issue paper money and make it legal tender for all debts. Although the last of these was decided in 1884 several constituencies have kept this debate alive. One of those constituencies is a small, but vocal group that has never been reconciled to the idea of American paper money. These folks maintain that the Constitution did not authorize paper money ... More Influential, perhaps, have been legal commentators who agree that he Legal Tender cases were, from an originalist point of view, wrongly decided" 96.237.134.44 (talk) 01:20, 20 November 2009 (UTC) - Yes, but as noted now for the third time, this same source contradicts your thesis (I quoted it in a previous thread). To cherry pick extracts from this document to support your position that it is illegal for the Fed to print money is contrary to proper use of this source. --4wajzkd02 (talk) 01:31, 20 November 2009 (UTC)
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- The question is not whether the criticism is wrong, the question is whether it EXISTS! Do you now agree that the criticism exists and as the "excellent source" points out - that this criticism is VOCAL? You may use me as an example. HAHAHAHAHAHA!!!!!!!!! 96.237.134.44 (talk) 01:37, 20 November 2009 (UTC)
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- Whether it exists is not exactly the criterion used. Whether the critics are "vocal" is also not strictly sufficient. AFAIK, the theories that Congress has no right to issue paper money nowadays would be a pretty small minority (fringe?) viewpoint deserving, at best, a passing mention in this article. If there is a must be some lengthy detailing of the historical criticisms, then I'd say it more properly belongs somewhere such as Legal Tender Cases, IMO. Even if there are decent sources that indicate this to be a significant contemporary view, there's probably a more appropriate article than this one.BigK HeX (talk) 20:37, 21 November 2009 (UTC)
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- You will notice that all was it got was a passing mention, a portion of a small paragraph in a large article. The section it was included in is titled "criticism of the Fed". Criticism that it is illegal and uncontsitutional does seem to fall in that section.96.237.134.44 (talk) 21:35, 21 November 2009 (UTC)
| [edit] "Ownership" Despite prior consensus being documented in this article's FAQ, an editor (67.249.74.255 (talk)) has been edit warring ([7],[8],[9],[10] ) to state: However, in Lewis v. United States (1982) [1], it was ruled that the Federal Reserve is privately owned. In particular, neither the Federal Reserve System nor its component banks are owned by the US Federal Government. I have left notices regarding the policy for WP:3RR on the editor's talk page, and encouraged said editor to gain WP:CONSENSUS here before adding the text again, per WP:BRD. --4wajzkd02 (talk) 20:35, 2 December 2009 (UTC) - Some links for our IP editor to previous discussions on this: [11], [12], [13]
- And that's just from part of the first archive. The answers there go into detail about the ownership question, so I'll let the IP read through them. Ravensfire (talk) 22:34, 2 December 2009 (UTC)
I changed my addition to a direct quote from the court case. There's no more disputing my first entries because I have changed them and should be a seperate issue and not count toward my initial warnings. (talk) —Preceding undated comment added 00:18, 3 December 2009 (UTC).
- Thanks for coming to discuss, but please read WP:3RR - you misunderstand edit warring, I'm afraid. "not count toward my initial warnings" - reverting is not an entitlement. Regarding the court case, also please be careful with original research and synthesis - Wikipedia does not use original sources, but rather reports what secondary sources have to say on issues (assuming the sources are reliable and that the issue is not given undue weight. Finally, I encourage you to read the references provided above regarding prior discussions on this topic. The issue of "ownership" is more subtle and involved than your edit provides. --4wajzkd02 (talk) 00:23, 3 December 2009 (UTC)
[edit] Lewis v. United States 1982 In Lewis v. United States, 680 F.2d 1239 (9th Cir. 1982). the court stated "Examining the organization and function of the Federal Reserve Banks, and applying the relevant factors, we conclude that the Reserve Banks are not federal instrumentalities for purpose of the FTCA, but are independent, privately owned and locally controlled corporations.” http://home.hiwaay.net/~becraft/Lewis_v_US.htm http://www.nesara.org/court_summaries/lewis_v_united_states.htm I inserted a quote from a court case. This is NON DISPUTABLE. How can ypu dispute a quote from the court? —Preceding unsigned comment added by 67.249.74.255 (talk) 00:14, 3 December 2009 (UTC) - Did you read any of the discussions linked just above this, in a section about your posts? I don't think so, so I ask you to read them, as they answer your question in detail. It's not the first time that's been asked. Ravensfire (talk) 00:17, 3 December 2009 (UTC)
It doesn't matter. You cannot dispute a quote. A quote is a quote. Period. 67.249.74.255 (talk) 00:23, 3 December 2009 (UTC) - Such a response! So kindly show me where, in that quote, it says that Board of Governors, or Open Market Committee are private, please. Alas, it doesn't. IP, you need to read those discussions. Your question is answered in there, so I will not post further here. Ravensfire (talk) 00:29, 3 December 2009 (UTC)
- (Edit Conflict) "You cannot dispute a quote. A quote is a quote." See my response in the prior question, and Ravensfire's posted links. Your statement is incorrect. There are many, many circumstances in which a quote is insufficient for an addition to an article. Prior discussions (previously linked) do just that. I'll further state that changing your addition does not change the rules of WP:3RR, either - further reinsertions on your part without WP:CONSENSUS (which will require thoughtful review of prior art and insightful comment, not argument) will lead to sanctions for disruption. I've avoided reporting you to the edit warring notice board as you appear to be a new user who is unfamiliar with the process. As this is a sometimes contentious article, and draws new users with strong opinions, the intention is to be civil and helpful. But you do need to do your part. Please read the linked policies and discussion threads provided. There is no WP:DEADLINE in Wikipedia, so there should be no rush for you to "hurry and get your edits inserted". Thank you, --4wajzkd02 (talk) 00:33, 3 December 2009 (UTC)
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- Not to belabor the point, but since, as the IP says, a quote is a quote, let me quote from the article, from the lede of the article to be exact. "Twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation". I've bolded the parts that are of interest here. Ravensfire (talk) 00:41, 3 December 2009 (UTC)
Oh good, so then you admit they are private. Werdtoyadonkay (talk) 01:33, 3 December 2009 (UTC) -
- Dear Werdtoyadonkay: Look, we've been through this a gazillion times on these talk pages over the years. Here is the original offending material this time:
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- However, in Lewis v. United States (1982) it was ruled that the Federal Reserve is privately owned. In particular, neither the Federal Reserve System nor its component banks are owned by the US Federal Government.
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- Obviously, the Court in Lewis never stated or ruled that the "Federal Reserve" is privately owned. Indeed, that would be nonsensical, since the Federal Reserve System includes both governmental and non-governmental components, as already noted in the article.
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- Re-read the quote from Lewis. The Court in Lewis was referring to a specific Federal Reserve Bank (I think it was the San Francisco bank). The term "Federal Reserve" means the Federal Reserve SYSTEM -- not an individual Federal Reserve Bank.
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- Also, the Court in Lewis did not rule that neither the Federal Reserve System nor its component banks are owned by the US Federal Government. Re-read the quote from Lewis.
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- The Federal Reserve Bank of San Francisco is a COMPONENT of the Federal Reserve System (it is nominally privately owned, but not privately owned in the sense that you can own and sell a share of stock in ExxonMobil or Microsoft). Wells Fargo Bank is a COMPONENT of the Federal Reserve System (and Wells Fargo is privately owned -- in the sense that owning a share of Wells Fargo is indeed like owning a share of ExxonMobil or Microsoft). The Board of Governors is a COMPONENT of the Federal Reserve System (it's a government entity). The Federal Open Market Committee (FOMC) is a COMPONENT of the Federal Reserve System (and the FOMC is another governmental entity). NONE OF THESE ENTITIES -- by themselves -- is "the Federal Reserve." Each is only PART of the Federal Reserve.
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- Similarly, "Baton Rouge" is not "Louisiana." Yes, Baton Rouge is located within Louisiana. It's a part of Louisiana. Baton Rouge is a CITY. That does not mean that "Louisiana" is a "city." The Federal Reserve Bank of San Francisco is not "the Federal Reserve." Yes, the Federal Reserve Bank of San Francisco is a PART of the Federal Reserve. The Federal Reserve Bank of San Francisco is a BANK. The "Federal Reserve" -- that is, the SYSTEM -- is not "a bank." It's a central banking SYSTEM, and it's composed of "privately owned" banks (like Wells Fargo) and quasi-privately owned banks (like the Federal Reserve Bank of San Francisco) and government entities (like the Board of Governors).
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- The statement that the "Federal Reserve" is "privately-owned" is meaningless gibberish. Famspear (talk) 02:31, 3 December 2009 (UTC)
If it's not private then why can't the government audit it? Seems pretty private to me. Common sense. 67.249.74.255 (talk) 15:06, 3 December 2009 (UTC) - Per WP:ASF, "Assert facts, including facts about opinions—but do not assert the opinions themselves". The facts, as documented in the aforementioned links, and as explained above, show that the "Federal Reserve System" is comprised of both private and non-private components. Your assertion that because "the government [can't] audit it" (an issue subject to current legislation), the entire "Federal Reserve System" is private, is an example of synthesis, the policy about which cautions "Do not combine material from multiple sources to reach or imply a conclusion not explicitly stated by any of the sources". I'm hopeful you understand the issue, now (that the System is comprised of both public and private parts), and that you'll not mistake "common sense" for verifiability in the future.
- P.S. Read WP:INDENT, too. --4wajzkd02 (talk)
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- IP, it's actually false that the government can't audit the Federal Reserve System or the Federal Reserve Banks. From it's inception in 1913, there have been audits [14]. A bill passed in 1978 specifically allows the GAO to audit the Fed. [15]. The caveat to this (and this is where many anti-fed sites get the "never been audited") is there have always been exceptions to what can be audited (see my first link for a list of the current major exceptions). Since you're almost certainly aware of it, Ron Paul has been proposing for years a bill that would remove most of those exceptions. This year's version is the Federal Reserve Transparency Act - the article on the Act has some good details on it. A recent development is that Paul and Grayson got an amendment with similar provisions to the FRTA added to a major bill in the House. Nothing in the Senate yet though. Take a look through the FRTA article, and the two links - should give you some more info about the audits.
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- Oh, and the indenting that 4wajzkd02 is talking about really helps make the take page easier to read. It's a help to everyone if you wouldn't mind using indents! Ravensfire (talk) 18:35, 3 December 2009 (UTC)
- Ok fine...they can't FULLY audit it. Werdtoyadonkay (talk) 18:46, 3 December 2009 (UTC)
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