Article 1, Section 8, Clause 5

[Volume 3, Page 9]

Document 7

James Madison, Federalist, no. 42, 285

22 Jan. 1788

All that need be remarked on the power to coin money, regulate the value thereof, and of foreign coin, is that by providing for this last case, the Constitution has supplied a material omission in the articles of confederation. The authority of the existing Congress is restrained to the regulation of coin struck by their own authority, or that of the respective States. It must be seen at once, that the proposed uniformity in the value of the current coin might be [Volume 3, Page 10] destroyed by subjecting that of foreign coin to the different regulations of the different States.

The punishment of counterfeiting the public securities as well as of the current coin, is submitted of course to that authority, which is to secure the value of both.

The regulation of weights and measures is transferred from the articles of confederation, and is founded on like considerations with the preceding power of regulating coin.

The Founders' Constitution
Volume 3, Article 1, Section 8, Clause 5, Document 7
The University of Chicago Press

Hamilton, Alexander; Madison, James; and Jay, John. The Federalist. Edited by Jacob E. Cooke. Middletown, Conn.: Wesleyan University Press, 1961.

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