The 1834 Coinage Act is a very important Act to understand, because the Supreme Court later misattributed false monetary theories against it, to deviously uphold legal tender paper currency, ultimately depriving Americans of both gold and silver coin.
There are a number of original source materials available for studying the U.S. Constitution, including notes on the 1787 Constitutional Convention and articles written in favor of ratification (The Federalist) and against (the anti-federalist papers). The ratification debates held in the various State ratifying conventions are also very informative.
In the face of long-term inflation, increasing numbers of people are losing faith in the dollar, trading their ‘Federal Reserve Notes’ for assets that they believe will hold their value better. The past few years have seen massive interest in crypto, gold, silver, firearms, and many other assets. But it isn’t just for investing or wealth preservation. Many people are already using the alternatives as real currency for everyday purchases.
Nearly every government eventually becomes greedy and seeks to steal more from its people than it could via simple taxation. Tyrants in the federal government always wanted to control the money that the people used. Alexander Hamilton wanted the President to rule over the Americans for life with massive powers, and he wanted the central government to be quite authoritarian.
By Zephan Wood for The Liberty Block There are a plethora of revolutionary monetary alternatives to fiat dollars. The most common being cryptocurrency, bartering, and precious metals. Additionally, there has been a rising star in the agorist currency space commonly known as goldbacks. There are currently four different state variations Read more…
If New Hampshire cut ties to DC and no longer participated in the union, what would we use for currency? Many people have asked this question, and some have openly admitted to being afraid of how we would function as a society without using ‘the mighty dollar’.
Gresham’s Law states that in a competition between currency, bad money will win out over good money over time, in other words, the average person will be more likely to use their US Dollars to purchase goods and services over their Goldbacks because the gold will maintain value, while the US Dollar won’t. Shaffer gave his answer to the dilemma of Gresham’s Law.
Unlike the Federal Reserve’s decreasingly valuable paper notes, the goldbacks contain within them a scarce commodity of inherent and time-tested value: gold.
Even the US government readily admits that you would have to spend over $2,580 today to buy the same things that just $100 would buy in 1913.