MEMRR Club Blog
We should all be familiar with the passage in Deuteronomy that demands full and just weight. Every Israelite who acted unjustly according to this law was an abomination to God. Since we know from 1st Timothy that the love of money is a root of all sorts of evil, we can expect evil rulers to try to attain power through unjust money.
If people rise to power through deviousness and deceit, it would seem that ignorance would make their jobs easier. Rulers with forked tongues can get people to swallow lies that make them work unwittingly for them and against themselves. After all, how many people would willingly support rulers who they knew were robbing them?
The United States Constitution grants power to Congress to coin money, to regulate its value, and to fix the standard of weights and measures. The vast majority of the Constitutional Convention delegates were opposed to unbacked paper currency due to their recent Revolutionary War experience with inflation. Delaware delegate George Read equated paper money with the Mark of the Beast.
The Coinage Act of 1792 stipulated that one dollar equals 371.25 grains (about 77% of a troy ounce) of pure silver. The reason for this was to mimic the Spanish Milled Dollar, which was the money in the colonies at the time. If a U.S. Mint person was convicted of fraud or embezzlement concerning the money they were responsible for, the penalty was death! Obviously, the founders thought there would be no more serious a breech to the Constitution than this.
At the June 2009 silver spot price and coining costs, one dollar as defined by the Coinage Act of 1792 (0.77 troy ounce silver coin) would cost about 15.33 Federal Reserve Note dollars. When the U.S. Constitution was written, that was the common understanding of the term “Dollar”. Is it a surprise that rulers and bankers changed the meaning of the word for their benefit?
The Coinage Act pegged gold at 15 times the silver price. ($15.00) It would have made more sense to have gold fluctuate or float with the markets to avoid controversy.
Our currency used to be redeemable for gold or silver. Compare this certificate to the “money” in our wallets.
Unbacked money makes it easier for rulers to wreak havoc because they don’t have to honestly tell the people what their schemes will cost. It is easier to get the Federal Reserve to make entries on a computer to “pay” for things than to confront people with tax increases. The inflation scheme forces people to have to put “money” into banks to try to maintain purchasing power. CD interest is usually not greater than the inflation rate. If we hide our “money” in handkerchiefs, it will actually lose value and eventually become worthless.
“Give me control of a nation’s money and I care not who makes her laws.” Mayer Amschel Rothschild
