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The Expressed Powers of Money and Commerce

The Expressed Powers of Money and Commerce. By: Anna G., Brent N., Cynda C., Sara G., and Serena J. The Power to Tax. Articles of Confederation Only allowed requesting of money Purpose of Taxing To raise money for public needs To protect the domestic industry

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The Expressed Powers of Money and Commerce

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  1. The Expressed Powers of Money and Commerce By: Anna G., Brent N., Cynda C., Sara G., and Serena J.

  2. The Power to Tax • Articles of Confederation • Only allowed requesting of money • Purpose of Taxing • To raise money for public needs • To protect the domestic industry • To protect the public health/safety • Limits • Can only tax for public purposes • Can't tax on exports • Direct taxes must be proportional to population • Paid directly to the Government • Indirect taxes must be imposed equally • Paid by one then passed on

  3. The Power to Borrow • No constitutional limits on how much • No restrictions on the purposes • United States practices deficit financing • Spending more than the annual income • Then borrows to make up the difference • Public Debt • All money borrowed and not repaid • Plus the accumulated interest

  4. The Power of Commerce • Articles of Confederation • No power to regulate interstate trade • Little authority over foreign commerce • Limits • Can't tax exports • Can't favor certain ports • Can't require vessels to enter/clear/pay another • Couldn't interfere with the slave trade • Not until 1808 • Compromise at Constitutional Convention

  5. The Power of Currency • Prior to 1789 • Different currencies for each state • 1789+ • Issued a uniform currency • Has always issued coins • 1791: Chartered the first bank • Allowed to issue paper notes • Not legal tender • Any money accepted for payments • 1861: Created national paper currency • Couldn't be redeemed for coins • But was considered legal tender

  6. The Power of Bankruptcy • Declared bankrupt • Unable to pay debts fully • Assets are used as payment • Frees the bankrupt from legal responsibilities • Concurrent power to regulate bankruptcy • States and National Government • Only states can't declare bankruptcy

  7. The Powers of Congress • The Power to Tax • To lay and collect taxes • Provide for: • The Common Defense • The General Welfare • The Power to Borrow • To borrow money on the credit of the United States • The Power of Commerce • To regulate commerce with: • Foreign Nations • Indian Tribes • The Power of Currency • To coin money • To regulate the value of money • The Power of Bankruptcy • To establish uniform laws on bankruptcies

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