Constitutional Money
This book reviews nine Supreme Court cases and decisions that dealt with monetary laws
and gives a summary history of monetary events and policies as they were affected by the
Court's decisions. Several cases and decisions had notable consequences on the monetary
history of the United States, some of which were blatant misjudgments stimulated by
political pressures. The cases included in this book begin with McCulloch v. Maryland in
1819 and end with the Gold Clause Cases in 1934-5.
Constitutional Money examines three institutions that were prominent
in these decisions: the Supreme Court, the gold standard and the Federal Reserve System.
The final chapter describes the adjustments necessary to return to a gold standard and
briefly examines the constitutional alternatives. 'Richard H. Timberlake provides a tour
de force on the history and unconstitutionality of the US government's meddling in the US
monetary system. Constitutional Money is the definitive reference in its
field, a true classic.' Kevin Dowd, University of Durham 'The leading historian of US
monetary institutions, Richard H. Timberlake further enriches our knowledge of the
evolution (or devolution) of the dollar with his latest work.
Constitutional Money shows how Supreme Court decisions paved the way
for paper to supersede gold and silver, and for the federal government to supplant
decentralized market-based monetary arrangements. Those who do not learn from this history
will be unarmed in the coming battle of ideas over how we might constrain government's
role in the monetary system.' Lawrence H. White, George Mason University 'Professor
Timberlake's Constitutional Money embodies abundant research by himself
and other scholars. His review of Supreme Court decisions, both majority opinions and
dissents, makes a fascinating story with elements of suspense. Timberlake writes smoothly,
with flashes of brilliant phrasing and an attractive mix of short and moderately long
sentences.' Leland B. Yeager, Auburn University and the University of Virginia
1. The current state of monetary affairs in the United States
2. Emergence of money in civilized societies
3. Bimetallic monetary systems and appearance of a national bank
4. McCulloch v. Maryland, 1819, and the Second Bank of the United States
5. 'To coin money and regulate the value thereof'
6. Craig v. Missouri, 1830
7. Briscoe v. Bank of Kentucky, 1837
8. Government issues of treasury notes and greenbacks
9. Track of the legal tender bills through Congress, 1862-3
10. Bronson v. Rodes, 1868
11. Veazie Bank v. Fenno, 1869
12. Hepburn v. Griswold, 1870: the legal tender issue
13. Knox v. Lee and Parker v. Davis, 1871: reversal of Hepburn
14. Monetary affairs in the United States, 1871-83
15. Juilliard v. Greenman, 1884: the final legal tender decision
16. Judicial commentaries on the legal tender cases: sovereignty
17. Other commentaries on the legal tender cases
18. The [Gold] Currency Act of 1900: monetary affairs in the United States before 1914
19. The Federal Reserve System, 1914-29
20. The great monetary contraction, 1929-33
21. Gold! Where was it? What happened to it?
22. The Gold Clause Cases, 1934-5
23. Gold and money in the twentieth century
24. A Constitutional monetary system.
257 pages, Hardcover