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09-Dec-2019 19:44

In other words, they would get gold back, ounce for ounce, in coined form, and the cost of minting would be absorbed by the government, the same way as it absorbs the cost of maintaining highways in good repair.

Conversely, owners of the gold coins of the realm must have the right to hoard, melt down, or export them as they see fit. This is designed to vest the right to regulate the money supply in the people, rather than in unelected bureaucrats.

The American Constitution, for example, mandates a metallic monetary standard for the United States in the clearest possible language.

Opponents of the gold standard have never been able to muster up the moral fortitude to amend the Constitution so as to formalize the abolishing of the gold standard.

As soon as treasuries had run out of gold, the belligerents would have been forced to make peace, unless the electorate agreed to pay for the continuing bloodshed and destruction of property. Third, the principle known as the “Real Bills Doctrine” of Adam Smith should be observed.

Bills of exchange drawn on fast-moving merchandise in most urgent demand by the consumers, which mature into gold coins within 91 days (the length of the seasons of the year), must be allowed to enter into spontaneous monetary circulation.

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Citizens were given a week-end to debate and decide the merits or demerits of the proposed constitutional changes.The government, its departments and agencies ought to be subject to the same contract law as are citizens.

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