Actual Silver and Gold as Money Implemented by the States

NO CONSENT FROM CONGRESS NECESSARY

Video Analysis from the CATO Institute State Issued Alternative Currency

Actual Silver and Gold as Money Implemented by the States: No Consent From Congress is Necessary

Astute Americans need to envision, and then to bring about, a new monetary system in which no one talks about “the price of gold”, but only of “prices in gold”. No “price of gold” exists when a fixed weight of gold is the actual unit of money. Under those circumstances, all prices are stated in terms of gold. When a fixed weight of gold is the unit of money, “the price of gold” is a meaningless concept, or at best a tautology: namely, “the price of a unit of gold” is precisely “a unit of gold”. In that future time, asking “What is ‘the price of a unit of gold’?” would be as sensible as asking “What is ‘the price of a nominal one-dollar Federal Reserve Note’?” today.

Sound, honest, and constitutional “Money” has NO “backing” consisting of or based on something else. It needs no “backing”, because it has substance in and of itself. It is ACTUAL GOLD, not a mere promise to deliver gold. Sound, honest, and constitutional “Money” cannot be repudiated, because it does not need to and cannot be “redeemed”. It is the ABSENCE of “redeemability”—the complete LACK OF NECESSITY OR DESIRABILITY for “redeemability”—that constitutes the essence and provides the strength of sound, honest, and constitutional “Money”.

Any plan for returning the Federal Reserve System to redemption of its notes in gold would perpetuate the fallacy of “redeemable currency”—namely, that the Federal Reserve Note is the “dollar”, and some amount of gold is its “backing”. But a “George Washington” Federal Reserve Note is not a “dollar”. It is a mere promise to pay a “dollar”, which has been utterly dishonored by both the banks and the Treasury since 1933 (as to gold domestically) and 1971 (as to gold internationally), even unto this very day. (footnote 1) And sound, honest, and constitutional “Money” has NO “backing” consisting of or based on something else. It needs no “backing”, because it has substance in and of itself. It is ACTUAL GOLD, not a mere promise to deliver gold. Sound, honest, and constitutional “Money” cannot be repudiated, because it does not need to and cannot be “redeemed”. It is the ABSENCE of “redeemability”—the complete LACK OF NECESSITY ORDESIRABILITY for “redeemability”—that constitutes the essence and provides the strength of sound, honest, and constitutional “Money”. (footnote 2)

Without an absolutely enforceable constitutional guarantee—and by that is meant a guarantee enforceable directly by the people themselves, because they either hold their gold in their own hands or themselves physically control the depositories in which their gold is secured—rogue public officials and their clients in the banking cartel and “the financial community” can be expected to ferret out one means or another to change to their special advantage the rate of redemption (as it was serially altered after 1933) or even to eliminate it entirely (as it was in 1933 domestically and 1971 internationally).

Footnotes

1.) See 31 U.S.C. § 5118(b) and (c).

2.) The Sword and Sovereignty: The Constitutional Principles of “the Militia of the several States”, Front Royal, Virginia CD ROM Edition 2012, by Dr. Edwin Vieira, Jr., page 1920-21.