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We should all just use silver by weight with each other
2023 Feb 19, 8:00pm 30,276 views 208 comments
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202
HeadSet
2025 Jun 30, 7:17pm
HeadSet
2025 Jun 30, 7:17pm
Patrick says
Doesn't "legal tender" mean one MUST accept it as payment? So, if you price an old car at $1900, you must accept the 1 oz Saudi gold square I offer as payment. If you are selling a hamburger for $5.50, you must accept my 1962 quarter as payment.
“Texas Authorizes Gold, Silver as Legal Tender for Daily Transactions.”
Doesn't "legal tender" mean one MUST accept it as payment? So, if you price an old car at $1900, you must accept the 1 oz Saudi gold square I offer as payment. If you are selling a hamburger for $5.50, you must accept my 1962 quarter as payment.
204
MolotovCocktail
2025 Jun 30, 7:28pm
MolotovCocktail
2025 Jun 30, 7:28pm
HeadSet says
No.
Example, you go to a hot dog stand, buy a hot dog right then and there. That's a transaction. Technically, legal tender doesn't apply.
You go to a restaurant, sit down, order a meal (could be a hot dog, even)..wait for it, get it...then get the bill 'for goods and services rendered'. That's a debt, technically. Legal tender applies.
Interesting to note, checks and credit cards are not legal tender technically. Only Federal Reserve Notes and US minted coins are.
If you offer legal tender currency to pay a debt even if the creditor wants some other form of payment, the mere offering of said legal tender currency discharges that debt, anyway. Contracts are exempted from this (see below).
Formal contracts can specify other forms of payment. Legal tender then does not apply. Of course, contract law can restrict certain forms of payment...such as the FDR law abolishing gold clauses in contracts.
Congress has granted the States the right to expand upon what is legal tender or not in their jurisdiction, as well.
So, if you price an old car at $1900, you must accept the 1 oz Saudi gold square I offer as payment. If you are selling a hamburger for $5.50, you must accept my 1962 quarter as payment.
No.
Example, you go to a hot dog stand, buy a hot dog right then and there. That's a transaction. Technically, legal tender doesn't apply.
You go to a restaurant, sit down, order a meal (could be a hot dog, even)..wait for it, get it...then get the bill 'for goods and services rendered'. That's a debt, technically. Legal tender applies.
Interesting to note, checks and credit cards are not legal tender technically. Only Federal Reserve Notes and US minted coins are.
If you offer legal tender currency to pay a debt even if the creditor wants some other form of payment, the mere offering of said legal tender currency discharges that debt, anyway. Contracts are exempted from this (see below).
Formal contracts can specify other forms of payment. Legal tender then does not apply. Of course, contract law can restrict certain forms of payment...such as the FDR law abolishing gold clauses in contracts.
Congress has granted the States the right to expand upon what is legal tender or not in their jurisdiction, as well.
205
Patrick
2025 Jun 30, 7:48pm
Patrick
2025 Jun 30, 7:48pm
MolotovCocktail says
Right, a merchant can refuse cash in advance of the purchase, but once you have a debt, the merchant must accept Federal Reserve Notes as payment. FRNs are utterly worthless in themselves, but have worth because others must accept them for debts and because the government requires them to pay taxes.
Example, you go to a hot dog stand, buy a hot dog right then and there. That's a transaction. Technically, legal tender doesn't apply.
You go to a restaurant, sit down, order a meal (could be a hot dog, even)..wait for it, get it...then get the bill 'for goods and services rendered'. That's a debt, technically. Legal tender applies.
Right, a merchant can refuse cash in advance of the purchase, but once you have a debt, the merchant must accept Federal Reserve Notes as payment. FRNs are utterly worthless in themselves, but have worth because others must accept them for debts and because the government requires them to pay taxes.
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This is kind of funny because "peso" literally means "weight" of silver. But there is no silver in the peso anymore.
The US dollar has lost about 97% of its value from the time the Federal Reserve was created.
Why do we bother with their shit fiat currency at all? There is plenty of silver to use as currency, no shortage. And you can be sure its value won't go to zero like it does with all fiat currency eventually.
Would be nice if there were easily available small weights of pure silver available, but in the meantime, we could just use old US silver coins.
The important thing is to value currency by weight of pure silver, not bullshit pesos or dollars.