How can we return to what our Founding Fathers declared in the Constitution what "money" should be?

Answer 1

When the USA created the government, money was created and coined by each state. So, when a person traveled from New York to North Carolina, they would need to exchange the currency in each state. This created a great deal of fraud and many of the 'Banks' (laughable that they called them banks) would only give 50% of the value of the currency from another state since they didn't understand the true value that was behind the currency; no internet -phone - or definate way to value $$$ (in the 1600-1700's).

The National Currency Act of 1863, the National Bank Act of 1864, and related post-Civil War legislation established a brand new dederally chartered banking system, under the supervision of the Comptroller of the Currency (within the US Treasury). The idea was to drive the existing state-chartered banks out of business by imposing a prohibitive tax on their issuance of state banknotes, which in thouses days was the principal form of circulating money. However, state-chartered banks survived and eventually flourished, because public acceptance of demand deposits in lieu of currency enabled state banks to remain in business despite their inability to issue bank notes. (So now the USA has a duel banking system: Federal & State --- Federal dominates).

In 1913, with the passage of the Federal Reserve Act, another supervisory layer was added as national banks were required to become member banks of the Federal Reserve System. State banks were allowed to join, but not required.

1930, the FDIC (Federal Deposit Insurance Corp) was issued due to the great depression.

Answer 2

Except that Congress is empowered to coin it, and regulate the Value thereof.