Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site proper.UUCP Path: utzoo!watmath!clyde!burl!ulysses!mhuxl!eagle!harpo!seismo!hao!hplabs!hpda!fortune!amd70!dual!proper!gam From: gam@proper.UUCP (Gordon Moffett) Newsgroups: net.legal Subject: Re: Paid in Dollars? Message-ID: <1047@proper.UUCP> Date: Tue, 6-Mar-84 00:38:47 EST Article-I.D.: proper.1047 Posted: Tue Mar 6 00:38:47 1984 Date-Received: Sun, 4-Mar-84 02:43:02 EST References: <243@teldata.UUCP> Organization: Proper UNIX, San Leandro, CA Lines: 97 > From: shad@teldata.UUCP (Warren N. Shadwick) > But since Article I Section 10 of the United States Constitution pro- > hibits States from making "any Thing but gold and silver coin a tender > in payment of debts", only the gold and silver coin is the true money > of account of the U.S. Look closely, it does not say gold or silver > coin nor does it say gold and/or silver coin, it says gold AND silver > coin. The wording, as it should be in law, is exact and binding. Look more closely. It refers to the limitations on STATES, not the federal government. Furthermore, in Article I Section 8 we find: "The Congress shall have power ... to coin money [and] regulate the value theirof...", which theirby usurps the States power to coin money. > this would lead through the above equations to be: > 1 FRN = $0.0516 Your Federal Reserve Notes have value not because they can be exchanged for some amount of gold or silver (which are after all just other commodities one can buy with FRN's), but because all of us have collectively agreed to say "$1 buys a dozen eggs" or "$8000 buys a new car" -- money has worth because we believe it has worth, and because we are willing to exchange it for goods and services. Money is worth what it buys, nothing more. From intelca!hplabs!zehntel!dual!onyx!amd70!decwrl!decvax!ucbvax!ucbcad!tektronix!uw-beaver!teltone!teldata!shad Wed Dec 31 16:00:00 1969 Relay-Version: version B 2.10.1 6/24/83; site proper.UUCP Posting-Version: version B 2.10.1 6/24/83; site teldata.UUCP Path: proper!intelca!hplabs!zehntel!dual!onyx!amd70!decwrl!decvax!ucbvax!ucbcad!tektronix!uw-beaver!teltone!teldata!shad From: shad@teldata.UUCP Newsgroups: net.legal Subject: Paid in Dollars? Message-ID: <243@teldata.UUCP> Date: Fri, 24-Feb-84 12:30:15 PST Date-Received: Tue, 28-Feb-84 10:55:46 PST Organization: Teltone Corp., Kirkland, WA Lines: 58 * Are you really being paid in dollars? By statute (made law by being upheld in Boric v. Trott, PA., 5 Phila. 366, 404) "the definition ... [of] 'dollar' is a silver coin weighing 412 1/2 grains or a gold coin weighing 25 4/5 grains of 9/10 fine alloy of each metal [gold and silver]. But since Article I Section 10 of the United States Constitution pro- hibits States from making "any Thing but gold and silver coin a tender in payment of debts", only the gold and silver coin is the true money of account of the U.S. Look closely, it does not say gold or silver coin nor does it say gold and/or silver coin, it says gold AND silver coin. The wording, as it should be in law, is exact and binding. If Federal Reserve Notes (FRNs) are not redeemable at any Federal Reserve bank into real money, meaning the money of account of the United States (just try) then a "fair market value" must be placed upon these obligations. Since the New York Commodity Exchange (Comex) daily affixes a value by which you can convert FRNs into gold or silver a source exists, although in reverse, for setting a fair market value for FRNs. Precious metals are weighed in the troy system where a pound troy is 12 oz.t. and 1 oz.t. is 480 grains. Hence: $ 1 FRN = --------------------------------------------- 0.04842 * Au/oz.t. + 0.00537 * Ag/oz.t. where: 0.04842 = 9/10 of coin * 1/.999 fine * 1/480 oz.t/grain * 25.8 grains and 0.00537 = 1/10 of coin * 1/.999 fine * 1/480 oz.t/grain * 25.8 grains At the latest (NY Comex) quotation I have is Thursday Feb. 23, 1984: Au/oz.t. = 399.10 FRN and Au/oz.t. = 9.775 FRN This is only the "tip of the iceberg" on this issue. I apologize for not making your day. Only one last question ... Are any of you making the minimum wage? Warren N. Shadwick