UPDATE: Pay particular attention to the phrase “and fix the Standard of Weights and Measures;”. This phrase is intended for a system of money based upon a precious commodity, i.e. gold. We think of weights and measures as simply, gallons, feet, etc, but this was included in this particular clause for a reason. The Founders knew that gold was to be the standard by which the new nation to purchase items, etc. This clause not only grants power to coin money and to regulate its value, but to also determine the measure of the money by weight and its measure.
ARTICLE I, Section 8 provides that:
Section. 8. The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
The Federal Reserve is a PRIVATE institution. The Constitution clearly enumerates that Congress shall have the power to coin money, AND to regulate the value thereof. This Constitutional authority has been usurped by an unconstitutional institution. There is no Constitutional authority for the abdication of this duty by Congress. It is my assertion that the Federal Reserve be abolished and authority to regulate the monetary policies of the US be returned to the United States Congress.