 Regarding the death penalty, the author is apparently referring to the Coinage Act of 1792.
"Section 19. Penalty on debasing the coins.
And be it further enacted, That
if any of the gold or silver coins which
shall be struck or coined at the said mint
shall be debased or made worse as to the
proportion of the fine gold or fine silver
therein contained, or shall be of less weight
or value than the same out to be pursuant to
the directions of this act, through the default
or with the connivance of any of the
officers or persons who shall be employed at
the said mint, for the purpose of profit or
gain, or otherwise with a fraudulent intent,
and if any of the said officers or persons
shall embezzle any of the metals which shall
at any time be committed to their charge for
the purpose of being coined, or any of the
coins which shall be struck or coined at the
said mint, every such officer or person who
shall commit any or either of the said
offenses,
shall be deemed guilty of felony,
and shall suffer death."
From: http://constitution.org/uslaw/coinage1792.txt
The United States Mint still produces gold and silver coins - American Gold and Silver
Eagles. Interestingly, the American Gold Eagle (a one ounce uncirculated gold coin)
currently sells for $1,375 US dollars, while the spot price of an ounce of gold
is about $1,060 dollars. This is a pretty hefty "seigniorage", shared in part
by the designated dealers. The offical website for Eagles even refers to the 1792 law,
along with some patriotic themes for buying the coins. Certainly, the reputation of the
Mint, compared to other sources for which the composition of the coins could be suspect,
might justify some of the premium.
Beyond that, the 1792 law could perhaps be construed as applying to the production of
U.S. dollars in general (paper, electronic, or otherwise) in excess of their "monetary
value", as compared to an accepted measure of their value. GDP, for instance, or money
supply (M2) and velocity. The national debt could itself be
described as a debasement of the currency.
None of this suggests that such a law, even if extant, would ever be enforced in modern
day America. Still, it does suggest just how far we have come from the principles and
values of Alexander Hamilton. Commented 3275 days ago |
