circulating money supply . These coins, along with about $239 million in U.S. Notes or Greenbacks originally issued during the Civil War, are all that are left of the Treasury’s money-creating power.as deposits when they make loans, usurping the power to issue the national money supply from the people to whom it constitutionally belongs. Lincoln avoided a massive debt to private British-backed banks by restoring the government-issued money of the American colonists.
The Greenbacks aided the Union not only in winning the war but in funding a period of unprecedented economic expansion. Lincoln’s government created the greatest industrial giant the world had yet seen.
Congress could avoid its debt crisis today by calling for a new issue of debt-free U.S. Notes. That, however, would require legislation, probably a greater uphill battle in the current Congress, even than getting the debt ceiling lifted.
A third alternative, which could be done very quickly by executive order, would be for the federal government to exercise its constitutional power to “coin money and regulate the value thereof” by minting one or more trillion dollar platinum coins.to solve economic problems was first suggested in the early 1980s by a chairman of the Coinage Subcommittee of the House of Representatives.
In 1982, Congress chose to choke off this remaining vestige of its money-creating power by imposing limits on the amounts and denominations of most coins. But it left one exception, the platinum coin, which a special provision allowed to be minted in any amount for commemorative purposes . When Congress was gridlocked over the debt ceiling in 2013, attorney Carlos Mucha
That’s a no brainer