"Article 1, Section 10, Clause 1 and Article I, Section 8, Clause 5
answer that question in the negative. In Article 1, Section 10,
Clause 1, the States absolutely surrendered their preconstitutional
powers to "coin Money,” to "emit Bills of Credit"
(what Americans today would call "redeemable paper currency"),
and to "make any Thing but gold and silver Coin a Tender in
Payment of Debts.” Thus, the States subjected themselves to a
strict gold-and-silver-coin economy, in which they could not be the
source of the only coinage that could function as "a Tender in
Payment of Debts.”
Article I, Section 8, Clause 5 transferred the coinage-power to
Congress alone. The surrender of the States' primordial
sovereign power to "coin Money,” coupled with the exclusive grant
of that power to Congress, implies a right on the part of the States
to demand that Congress affirmatively exercise the coinage-power
and a duty on the part of Congress to do so. This constitutional
duty arising from a fundamental structural element in the federal
separation of powers—may never be delegated, especially to
private parties. For that reason, the adoption of a "private
money" as the unit of account of the United States is
unconstitutional."
...
"Indeed, systematic constitutional analysis of the present monetary
and banking systems results in two specific agendas for action.
Under destructive reformation, the Constitution requires that the
government:
• declare unconstitutional the Federal Reserve Act of 1913,
the seizure of gold coin and outlawry of "gold clause
contracts" in 1933, and such parts of decisions of the
Supreme Court that erroneously license Congress to emit
legal-tender paper currency and otherwise depart from its
true constitutional powers and disabilities;
• disestablish the Federal Reserve System and "privatize" its
legitimate functions under section 30 of the Federal Reserve
Act of 1913;
• decry Federal Reserve Notes as "obligations of the United
States" under 12 U.S.C. section 411;
• terminate the "legal-tender" status of Federal Reserve Notes
and base-metallic ("clad") coinage under 31 U.S.C. section
5103;
• cancel all gold certificates held by the Federal Reserve
System, in favor of a trusteeship over the gold to be executed
by the United States on behalf of the people;
• hypothecate to restoration of the constitutional money
system all unclaimed gold unconstitutionally seized in 1933
and now in the custody of the United States;
• declare voidable all contracts between member banks of the
Federal Reserve System and any other parties, where the
consideration for the contracts on the part of the banks was
unconstitutional "monetization" of debt;
• revalue all innocent private contracts denominated in
Federal-Reserve-Note "dollars" and not involving memberbanks
of the Federal Reserve System under the rule of the
Confederate Note Cases; and
• conduct searching and scrupulously impartial civil and
criminal investigations and prosecutions of the Federal
Reserve System and its operations, domestic and
international.
Under constructive reformation the Constitution requires that the
government:
• begin the coinage of silver "dollars" and fractional "dollar"
coins, with a unit of 371-1/4 grains (troy) fine silver;
• begin the coinage of gold "eagles" and fractional “eagle"
coins, denominated only in troy ounces of fine gold;
• establish a system of "free coinage" for "dollars,” "eagles,”
and fractional silver and gold coins;
• adopt all monetarily viable foreign silver and gold coins as
"Money" of the United States;
• "regulate the Value" of domestic and foreign silver and gold
coins relative to the "dollar,” with the silver-to-gold
exchange-ratio set by the free market;
• redeem outstanding United States token coinage "dollar" for
"dollar"; and,
• outlaw undisclosed or otherwise fraudulent "fractional reserve"
banking and cognate improper commercial
practices."
http://home.hiwaay.net/~becraft/ConstitutionalImperative.pdf