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From: shad@teldata.UUCP (Warren N. Shadwick)
Newsgroups: net.legal
Subject: Re: Re: Paid in Dollars?
Message-ID: <250@teldata.UUCP>
Date: Thu, 1-Mar-84 15:57:36 EST
Article-I.D.: teldata.250
Posted: Thu Mar  1 15:57:36 1984
Date-Received: Sat, 3-Mar-84 07:35:52 EST
Organization: Teltone Corp., Kirkland, WA
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* Oh, no!  Don't encourage him.

The answer to "so what?" raised by Jon Mauney in North Carolina
in relation to my fair market value of FRN article is one many
people might ask but one that history has already taught us the
answer.

I agree that many things have been used as a medium of exchange
of labor for labor (which is indeed the true value of money).
Even clamshells have been used for barter and the early colonists
used wampum and their records show a rate of exchange (fair
market value) being set by the colonies.  The most successful and
honest money systems have, however, been linked to an item that
has value by virtue of its scarcity, usability, and desirability.
These are the very reasons used by Jon to defeat the idea.  Money
systems based on a valuable base have been incorruptible in and
of themselves.

The recent fiasco of the Continental Dollar, printed by the new
Confederation, (and worthless in the hands of the last holder),
was fresh in the minds of the men who sat 4 hot months in the
summer of 1787 drafting a Constitution for the United States.
The men led by the wise Judge Roger Sherman of Virginia wanted
for all time to block the "friends of paper money" from repeating
the lesson of the 'Continental'.  He and his backers were
successful in adding those glorious words to Article I, Section
10.  He thought this would forever put the new Union on a valid
monetary system.  It wasn't until our present century that the
will of this great man was defeated.

It has been truly stated that if we do not learn from history we
are destined to re-live it.  The German Mark at the close of WWI
is another example of an unbacked money system failing.  Reports
contend that it took a wheelbarrow full of Marks to buy a loaf of
bread.  And it was cheaper to wall paper rooms with the
"renewable" currency than to buy wall paper with it.

We can do nothing and argue this issue forever until our money
becomes worthless, but no danger in that it is already worth
less.

But we really don't want to know any of this, do we?  It's much
easier to close our eyes, get along, and just let things be.

"Ignorance is Bliss" -- George Orwell, "1984".


				Yours Always in Freedom,

				   Warren N. Shadwick