At the end of this post is the part of the constitution that authorises congress to create money. I draw your attention specifically to this clause:

“To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”

This is quite explicit. It allows congress to regulate the value of money. The federal government is also allowed to create securities (i.e. debt based financial instruments), because they’re specifically mentioned in the anti-counterfeiting clause.

So sorry, the founding fathers were NOT enamoured of a gold standard or gold coinage. The only mention of gold or silver in the constitution is the clause stating that the ONLY money that states can mint be gold and silver coin.

Sheesh, you’d think people would check easy to find references instead of mouthing off every second-hand piece of wrong information that they hear.

Section 8 – Powers of Congress
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;
To borrow money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;