Comments on: New Hampshire Gold Bill

By: David Z

David Z — Sat, 31 Jan 2009 02:11:40 +0000

What a surprise, indeed! Ever hear of “Your comment is being held for moderation”?

Akismet has deleted 25,000+ spam comments, excuse me for holding first-time comments in queue.

By: David Z

David Z — Sat, 31 Jan 2009 00:22:48 +0000

@ Alex and everyone else who thinks an EZPASS or a credit card or a money order or a personal check is constitutes one of the “rare instances” where someone can refuse to accept FRNs as payment:

YOU ARE FLUNKING LIFE.

All of those media of exchange are denominated in, backed and funded by federal reserve notes.

By: Alexander Goristal

Alexander Goristal — Fri, 30 Jan 2009 23:42:31 +0000

“…except for rare instances nobody can refuse to accept FRNs as payment…”

Word up: EZPASS

AlexG

By: betsyross

betsyross — Fri, 30 Jan 2009 21:54:32 +0000

what a surprise the site is down.

By: David Z

David Z — Fri, 30 Jan 2009 20:28:51 +0000

Sounds great, in theory, but how do you answer 7 or 8 decades worth of legal decisions which directly contradict the constitutional argument. SCOTUS wouldn’t even hear the case.

With apologies to Spooner, whose quote I’m amending to fit the topic at hand, “Your constitution has either authorized such violations, or it has been powerless to prevent them. In either case, it is unfit to exist.”

By: Highlander

Highlander — Fri, 30 Jan 2009 18:38:28 +0000

USC Art. I, Section 10:
—————
No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; MAKE ANYTHING BUT GOLD AND SILVER COIN A TENDER IN PAYMENT OF DEBTS; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
—————
So far, the USC has NOT been amended to allow the FRNs to be used in lieu of GOLD AND SILVER coin.

By: David Z

David Z — Fri, 30 Jan 2009 12:19:21 +0000

Nice try Geit – did you even read the rest of that page, which essentially says that although individual businesses can make rules regarding the forms of payment they accept (e.g., you can’t pay your bus fare with pennies, or the liquor store won’t take a $50 bill, etc.) under most circumstances they have to accept payment denominated in government monopoly money.

The distinction is not between FRNs and government issued coinage, or Money orders denominated in FRNs, or credit cards representing FRNs…

By: FSK

FSK — Fri, 30 Jan 2009 04:30:22 +0000

This law is nothing new. In the past, some states have tried this and were shot down by the US Supreme Court. The US Supreme Court has already ruled that individual states issuing their own gold and silver money usurps the Federal government’s power to control money. Even if New Hampshire passed their law, and wrote it in a non-stupid fashion, it could be shot down by the US Supreme Court.

There already are Federal laws and taxes that make it impractical/illegal to operate a gold and silver warehouse receipt bank. Unless New Hampshire says “**** you!” to the Federal government and blocks enforcement of those laws, New Hampshire accomplishes nothing.

It would only be interesting if New Hampshire made such a law, the Supreme Court shot it down, and New Hampshire’s politicians said “Nyah! Nyah! We’re doing it anyway!”

By: geit

geit — Fri, 30 Jan 2009 04:21:23 +0000

http://www.ustreas.gov/education/faq/currency/legal-tender.shtml

“There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.”