New York Sun: Is legal tender next?
Submitted by cpowell on Tue, 2012-10-09 01:44. Section: Daily Dispatches
9:40p ET Monday, October 8, 2012
Dear Friend of GATA and Gold:
Noting a federal appeals court decision holding that denying cost-of-living raises to federal judges is unconstitutional, the New York Sun today asks: What about the rest of us? How come it's OK to debase our money?
The Sun writes: "The idea that a dollar could be worth a different number of grains of silver or gold at the end of a contract than it meant at the beginning of a contract would have horrified George Washington and nearly all of the other Founders. (Benjamin Franklin, a printer, had a vested interest in paper money.) So would the idea that the dollar would be permitted to decline over a decade to but a sixth of the number of grains of gold at which it was valued at the start of a decade. That is what has just happened in America. ...
"The legal tender question is the elephant in the courtroom, so to speak. If a dollar can't be diminished for judges -- that is, if the legal tender laws are not good enough for judges -- why should they be good enough for the rest of us? If they are not good enough for the contract between the government and judges, why should they be good enough for contracts between private parties?"
The Sun's editorial is headlined "Is Legal Tender Next?" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
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