Inspired Constitution:
Econ 101

To start your learning of Economics and how it plays into local, state, national, and international politics, this page will include links to articles and books that can help you to understand this topic, without going too deep.



Shay's Rebellion

Money as Debt

What is a "dollar"?

The Hard Truth of Hard Money (A history of Central Banks and the Gold Standard in US History)

Quotes on Capitalism:

Central Planning
The Free Market
Government (Spending)
Government (Wealth Transfer)
"Legal Plunder"
Praxeology (ie human action)
Private Property


Excerpts from E. C. Riegel's Flight From Inflation.

The monetary historian, Alexander Del Mar, prefaced his book entitled “History of Monetary Systems”, (London, 1885) with:

“That which has engaged the attention without harmonizing the convictions of such masterminds as Aristotle, Plato, Tycho, Brahe, Copernicus, Locke, Newton, Smith, Bastiat, and Mill, is surely a study which none can afford to approach with rashness, nor to leave with rashness, nor to leave with complacency. When the principles, which underlie it, are thoroughly understood, money is perhaps the mightiest engine to which man can lend an intelligent guidance. Unheard, unfelt, unseen, it has the power to so distribute the burdens, gratifications and opportunities of life that each individual shall enjoy that share of them to which his merits or good fortune may fairly entitle him, or contrariwise, to dispense them with so partial a hand as to violate every principle of justice, and perpetuate a succession of social slaveries to the end of time.”

Views of the Prophet on Constitutional Powers

Situated as we are, with a flood of immigration constantly pouring in upon us, I consider that it is not only prudential, but absolutely necessary to protect the inhabitants of this city from being imposed upon by a spurious currency. Many of our eastern and old country fiends are altogether unacquainted with the situation of the banks in this region of country; and as they generally bring specie with them, they are perpetually in danger of being gulled by speculators. Besides there is so much uncertainty in the solvency of the best of banks, that I think it much safer to go upon the hard money system altogether. I have examined the Constitution upon this subject and find my doubts removed. The Constitution is not a law, but it empowers the people to make laws. For instance, the Constitution governs the land of Iowa, but it is not a law for the people. The Constitution tells us what shall not be a lawful tender. Article I, Section 10 declares that nothing else except gold and silver shall be lawful tender, this not saying that gold and silver shall be lawful tender. It only provides that the state may make a law to make gold and silver lawful tender. I know of no state in the Union that has passed such a law; and I am sure that Illinois has not. The legislature has ceded up to us the privilege of enacting such laws as are not inconsistent with the Constitution of the United States and the state of Illinois; and we stand in the same relation to the state as the state does to the Union. The clause referred to in the Constitution is for the legislature — it is not a law for the people. The different states, and even Congress itself, have passed many laws diametrically contrary to the Constitution of the United States.

The state of Illinois has passed a stay law making property a lawful tender for the payment of debts; and if we have no law on the subject we must be governed by it. Shall we be such fools as to be governed by its laws, which are unconstitutional? No! We will make a law for gold and silver; and then the state law ceases and we can collect our debts. Powers not delegated to the states or reserved from the states are constitutional. The Constitution acknowledges that the people have all power not reserved to itself. I am a lawyer; I am a big lawyer and comprehend heaven, earth and hell, to bring forth knowledge that shall cover up all lawyers, doctors and other big bodies. This is the doctrine of the Constitution, so help me God. The Constitution is not law to us, but it makes provision for us whereby we can make laws. Where it provides that no one shall be hindered from worshiping God according to his own conscience, is a law. No legislature can enact a law to prohibit it. The Constitution provides to regulate bodies of men and not individuals. (Feb. 25, 1843.)

Teachings of the Prophet Joseph Smith, Section Five 1842-43 p.278-9
DHC 5:289-290.

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