Key Cases Dealing with Monetary Policy

Coinage act of 1792

Defines the dollar

McCullock vs. Maryland 1819

Supreme Court rules Congress has the power to incorporate a bank

Craig vs. Missouri 1830

Supreme Court rules against States issuing bills of credit

Coinage Act of 1834

Darrington vs. Bank of Alabama 1851

Supreme Court rules in favor of State emitted bills of credit

Hepburn v. Griswold 1869

Supreme Court rules against legal tender aspects of bills of credit

Knox vs. Lee 1870

Supreme Court decides Greenbacks a fiat currency are Consttutional

Juilliard vs. Greenman 1884

Supreme Court again decides legal tender paper currency is Constitutional

Houston & Texas Central Railroad vs. Texas 1900

The overruling of Craig vs. Missouri

King Su Fan vs. United States

Supreme Court case dealing with the exportation of Philippine silver coins from the Philippines

Nortz vs. United States 1935

Gold seizure by the United States government

Guaranty Trust Company vs. Henwood 1939

Supreme Court deals with problems when Congress prohibits gold clauses in contracts

Ware vs. United States 1978

United States Court of Appeals 10th District tries to differentiate between Federal Reserve Notes and dollars

Cordner vs. United States 1982

United States Court of Appeals 9th District claims gold coins are both “money” and “property”

Lary vs. Commisioner of Internal Revenue 1988

United States Court of Appeals 11th Circuit claims gold coins are both “money” and “property”

March 20, 2011

Supreme Court decides Federal Reserve must release its “discount window” operations