Monday, December 12, 2005

Caveat Against Injustice


If you haven’t read Roger Sherman's
Caveat Against Injustice,
you don’t know the first thing about American money!

by F. Tupper Saussy

“Roger Sherman never said a foolish word in his life.” Such was Thomas Jefferson's opinion of the author and proponent-in-chief of the section in the United States Constitution that says “No State shall make any Thing but Gold and Silver Coin a Tender in Payment of Debts.”

In A Caveat Against Injustice, Roger Sherman explains the circumstances that made this law imperative. It's the American classic on coin, currency, and circulation. If you study it carefully, you'll understand how the kind of money we use today is the same sort of scam that caused the Constitutional framers to put their country on gold and silver.

When I reprinted Caveat in the early 1980s it had been forgotten to the ages. There were only two known copies known in existence— one in anonymous private hands and the other in the Beineke Rare Book Library at Yale University. READ TUPPER SAUSSY'S ORIGINAL INTRODUCTION (1982)

I thought this odd. College bookstores were brimful of textbooks on Karl Marx and Keynesian central banking, but void of anything about the monetary system established in law by the U.S. Constitution. It remains so to this day, and I'm afraid it will for the foreseeable future, now that central banking has been provided a popularly-supported war for which to emit unprecedented amounts of credit to unprecedented masses of happy borrowers.

The sad truth is that the constitutional monetary system Roger Sherman labored so hard to establish (by unanimous vote of the convention, incidentally) has never been amended out of the Constitution. It lost effect because the Constitution can be amended by custom and usage if government (always the prime beneficiary of monetized borrowing) graciously looks the other way.

To the extent that we participate in an economic system the Constitution was framed to prevent, we are not a law-abiding nation. This in itself sufficiently explains why law enforcement has become so unreliable, and will only worsen until the lessons of A Caveat Against Injustice are taken to heart by a new generation of Americans.—FTS (Nov. 29, 2001)


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