posted October 17, 2003 10:10 AM
Any move towards money with intrinsic value instead of Federal Reserve Notes and checks which are in fact Promissory notes, direct deposits of electronic digits and all other classes of what most people consider money, is a step in the right direction--in my opinion.The ideal and legal monetary system is found in Article 1 sect 8 USC
"The people of the states empower the Congress to coin money
and regulate the value thereof and also of foreign coins."
From Article I.8.5-------****Note, the Article specifies COIN money, not print money.
The prohibition against paper currency is found in Article 1 sect 10 USC
"No state shall ...coin money; emit bills of credit; [or] make
anything but gold and silver coin a tender in payment of debts."
From Article I.10.1
Anyone wishing to see what constitutes the content of legal money in the US can find it at Section 9 in the Coinage Act of 1792. This is the money of account of the United States and it's gold, silver and copper.
http://landru.i-link-2.net/monques/coinageact.html
Technically, no debts can be settled in anything but gold and silver coin--except debts owed to the Federal Government.
Technically, no state can collect or force anyone to pay state taxes or compel debtors to settle their debts to creditors or force creditors to settle with debtors within the states with anything but gold and silver coin, the value of which is established by the Congress of the United States.
Technically, that is. 
Lindaland
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posted October 17, 2003 03:29 AM
posted October 17, 2003 06:05 AM
