Promoting liberty in New Zealand and beyond
posted by Trevor Loudon at
12/27/2010 11:13:00 PM
This is perfectly on point. "Money" is a "function", like "furniture" - some "THING" can be used as money just as some "THING" can be used as furniture. In the US, the two "THINGS" Congress has declared to be the "Lawful Money of Account of the United States" is gold and silver, measured into "weight" units (appensura) termed "dollars".A "dollar" WEIGHS 24 4/5 oz. gold or silver WEIGHING 412.5 oz., coined and regulated in value by Congress.The paper "NOTE" (promise to pay) is not the "money", but only a "legal tender" promise to pay the money.There is no such thing as a "paper" dollar as there is a paper pound or paper mile.Paper has never been declared the "money" of the United States.In order to be valid "consideration" in a contract, money must be both valueable and lawful. Our present currency is neither.There has been no lawful "money" in the US since 1968.
Oops, someone (Anon 4:03am) would have failed at metrology school. Ounces (Tr. or Av?) are not Grains, 25.8 Grains (not Metric GRAMS) of gold were a legal Dollar. Does a silver dollar weigh 30 pounds? No. A silver dollar has about point-seven ounces of silver mixed in with other metals to extend wear in pockets. Congress has the power to regulate exactly how much gold is a legal dollar. Currently, it is 1/50th of a Troy oz. of gold as found in the legal tender $50 American Eagle. You can pay your taxes with an AE at face value, but not with an identical-weight Krugerrand, after buying the coin from your local coin dealer for 29x face value.Weight facts like this are only keystrokes away : http://www.certifiedmint.com/gold-bullion-coins.htm or in almost any dictionary. Cheers.
If the world goes crazy, (I should say, MORE crazy) we may, perhaps, be better off having a larder full of freeze dried meals than a safe stuffed with double eagles. Hey! That's almost poetic!
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