Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site teldata.UUCP Path: utzoo!watmath!clyde!floyd!vax135!cornell!uw-beaver!teltone!teldata!shad 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 Lines: 50 * 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