Changes

In 1962,<ref name=USHist>"[http://www.u-s-history.com/pages/h172.html Legal Tender]," US History site, retrieved 30 May 2011.</ref> [[President of the United States|President]] [[Abraham Lincoln]] authorized the printing of the first [[greenbacks]], paper currency intended to pay for the [[Civil War]]. After the war, greenbacks continued to circulate, but were worth much less than gold-standard dollars. The [[Supreme Court of the United States]], in ''Hepburn v. Griswold'' (1870), held that the greenback enabling legislation was unconstitutional, in that by making greenbacks legal tender, the government was "depriv[ing] [men] of...property without due process of law," in violation of the [[Fifth Amendment]] But when President [[Ulysses S. Grant]] made two more Court appointments, the Court reversed itself. In ''Knox v. Lee'' (1871), the Court held that Congress had an "implied power" to make paper currency legal tender.

In 1962,<ref name=USHist>"[http://www.u-s-history.com/pages/h172.html Legal Tender]," US History site, retrieved 30 May 2011.</ref> [[President of the United States|President]] [[Abraham Lincoln]] authorized the printing of the first [[greenbacks]], paper currency intended to pay for the [[Civil War]]. After the war, greenbacks continued to circulate, but were worth much less than gold-standard dollars. The [[Supreme Court of the United States]], in ''Hepburn v. Griswold'' (1870), held that the greenback enabling legislation was unconstitutional, in that by making greenbacks legal tender, the government was "depriv[ing] [men] of...property without due process of law," in violation of the [[Fifth Amendment]] But when President [[Ulysses S. Grant]] made two more Court appointments, the Court reversed itself. In ''Knox v. Lee'' (1871), the Court held that Congress had an "implied power" to make paper currency legal tender.

States, however, may not make anything other than gold and silver coin legal tender. Whether the federal government wants States to do even that much is open to question. [[Utah]] recently (May, 2011) made gold and silver coins legal tender in the State, with a valuation from the weight of the metal, not merely the face value of the coin.<ref name=Utah>Hurlbut TA, "[http://www.conservativenewsandviews.com/2011/05/30/news/gold-and-silver-legal-tender-in-utah/ Gold and Silver Legal Tender in Utah]," Conservative News and Views, 30 May 2011.</ref>

States, however, may not make anything other than gold and silver coin legal tender. Whether the federal government wants States to do even that much is open to question. [[Utah]] recently (May, 2011) made gold and silver coins legal tender in the State, with a valuation from the weight of the metal, not merely the face value of the coin.<ref name=Utah>Hurlbut TA, "[https://www.conservativenewsandviews.com/2011/05/30/news/gold-and-silver-legal-tender-in-utah/ Gold and Silver Legal Tender in Utah]," Conservative News and Views, 30 May 2011.</ref>

This was the first instance on record of the "packing" of the Supreme Court. It would not be the last.

This was the first instance on record of the "packing" of the Supreme Court. It would not be the last.

== International law ==

== International law ==

In the international [[oil]] markets, the [[United States]] [[Dollar]] became a type of legal tender defined by informal executive agreement. All oil exporters currently accept payment in dollars for oil.<ref name=Petrodollar1>Hurlbut TA, "Petrodollars, War, Peace, and Economics, Parts [http://www.conservativenewsandviews.com/2011/05/12/money/petrodollars-war-peace-and-economics-part-1/ 1] and [http://www.conservativenewsandviews.com/2011/05/12/money/petrodollars-war-peace-and-economics-part-2/ 2]," Conservative News and Views, 12 May 2011.</ref>

In the international [[oil]] markets, the [[United States]] [[Dollar]] became a type of legal tender defined by informal executive agreement. All oil exporters currently accept payment in dollars for oil.<ref name=Petrodollar1>Hurlbut TA, "Petrodollars, War, Peace, and Economics, Parts [https://www.conservativenewsandviews.com/2011/05/12/money/petrodollars-war-peace-and-economics-part-1/ 1] and [https://www.conservativenewsandviews.com/2011/05/12/money/petrodollars-war-peace-and-economics-part-2/ 2]," Conservative News and Views, 12 May 2011.</ref>

== References ==

== References ==

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{{reflist}}

[[Category:Finance]]

[[Category:Finance]]