“The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.”
Despite having no express authority to do so, Congress created a national bank under the Articles of Confederation by invoking an invented doctrine of “inherent sovereign authority.” The episode reveals that even under a framework built on explicit and limited...
Today in history, the Coinage Act of 1792 was passed. It was the first attempt, under the current Constitution, to establish a coinage system for the United States. The coins were based on a decimal system, championed by Thomas Jefferson and Robert Morris in the...
