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This clause prevents the states from making anything other than gold and silver coin a legal form of payment for debts. This clause was written to prevent the states from establishing their own currencies and to ensure that the value of money remained stable throughout the country.

The gold standard, which had been abandoned by the US in 1971, was a system in which the value of a country's currency was directly linked to the amount of gold held in its reserves. Supporters of the gold standard argued that it provided a stable and reliable basis for...

The gold standard was a monetary system in which the value of a currency was linked to a specific amount of gold. Under the gold standard, central banks could exchange their currency for gold at a fixed rate, which helped to promote stable prices and limit inflation. However, the gold...