oceedings after a farmer-debtor had filed a
petition in the federal bankruptcy court for a composition or extension
of time to pay his debts.[1109] A State law governing fraudulent
transfers was found to be compatible with the act of Congress,[1110] as
was a statute which provided that a discharge in bankruptcy should be
unavailing to terminate the suspension of the driver's license of a
person who failed to pay a judgment rendered against him for damages
resulting from his negligent operation of a motor vehicle.[1111] If a
State desires to participate in the assets of a bankrupt it must submit
to the appropriate requirements of the Bankruptcy Court with respect to
the filing of claims by a designated date; it cannot assert a claim for
taxes by filing a demand therefor at a later date.[1112]

Clauses 5 and 6. _The Congress shall have Power_ * * * 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.

Fiscal and Monetary Powers of Congress

COINAGE, WEIGHTS AND MEASURES

The power "to coin money" and "regulate the value thereof" has been
broadly construed to authorize regulation of every phase of the subject
of currency. Congress may charter banks and endow them with the right to
issue circulating notes,[1113] and may restrain the circulation of notes
not issued under its own authority.[1114] To this end it may impose a
prohibitive tax upon the circulation of the notes of State banks[1115]
or of municipal corporations.[1116] It may require the surrender of gold
coin and of gold certificates in exchange for other currency not
redeemable in gold. A plaintiff who sought payment for the gold coin and
certificates thus surrendered in an amount measured by the higher market
value of gold, was denied recovery on the ground that he had not proved
that he would suffer any actual loss by being compelled to accept an
equivalent amount of other currency.[1117] Inasmuch as "every contract
for the payment of money, simply, is necessarily subject to the
constitutional power of the government over the currency, whatever that
power may be, and the obligation of the parties is, therefore, assumed
with reference to that power,"[1118] the Supreme Court sustained the
power of Congress to make Treasury notes legal tender in satisfaction of
antecedent debts,[1119] and, m