Gold is money. But is it legal tender?

This video is in response to a comment question from davincij15. He asked: "if a contract is in gold and silver and one person cannot perform can you win in court arguing that the highest law states that only gold and silver can be legal tender?" The short answer I give in this video is by no means definitive. It is just the conclusion I came to based on casual research into what the federal courts including the supreme court have had to say about "legal tender" laws in the US. There is plenty of room to disagree with the interpretation the courts have used when it comes to Article I section 8, however it is important to also understand what the courts are currently thinking when it comes to which contracts will be enforceable an unenforceable. Once we gain this understanding, then we can look at ways to "fix" the problem. A great start might be to apply the "silver and gold" as the only tender limitation that currently only applies to the States, to the Federal government. Also, no doubt, abolishing the federal reserve's monopoly over paper money would also be a step forward. What do you think? Feel free to comment below.

Article I section 8: http://www.law.cornell.edu/constitution/constitution.articlei.html#section8

Article I section 10: http://www.law.cornell.edu/constitution/constitution.articlei.html#section10

31 USC 5103: http://www.law.cornell.edu/uscode/31/5103.html

US v. Rifen: http://openjurist.org/577/f2d/1111/united-states-v-c-rifen

The legal tender cases see paragraph 24: http://openjurist.org/110/us/421

Henderson v. Mann: http://login.findlaw.com/scripts/callaw?dest=ca/calapp3d/65/397.html
You may need a findlaw account to view this one, but the account is free and all you need is an email address to sign up. Great deal!

Milam v. US: http://openjurist.org/524/f2d/629

Category:

Education

Tags:

• Legal tender
• gold
• silver
• federal reserve note
• dollar
• Money

[Eraser7622]

really enjoying your work.. recently subscribed. Keep it up.

I'd love to hear how you might argue against this and in defense of the use of gold and silver as legal tender (or the acceptance of gold/silver as settlement of a debt.. OR the requirement of a debt to be settled to gold/silver). Start that angle and watch your subs soar!

Best.

[jman144]

interesting suggestions. I'll think about it. Thanks for watching and commenting.

[nmreich]

If I have my own business, can I pay my workers in gold or silver coins, and does it matter if it's US Treasury Minted or not? Do they use face value as tax liability?

[jman144]

Ok. there are a whole lot of issues in your question. the best I can offer you is this. It is a good thing that you are at least thinking about this. However, we have employment law issues, tax issues (very complex), and labor law issues as well. The best I can say at this point is ask your legal representation. I don't want to say anything because those issues are just too complex for me to handle at this point. Good luck to you though. And thanksf for commenting.

[Elinitsam]

Even though the courts have decided rulings this way I still see dealing in fiat as not a satisfactory way of resolving debts from one person to another. If it's not commerce done in coined metal with value or barter, it is not a legitimate trade! Why do our courts think so illogically in matters of common sense? By the way, I pay for things and accept payments in gold and silver. Death to the Federal Reserve!

[lashkaretoiba]

Although the constitution forbids States from making anything but gold or silver a legal tender, it places no such restriction on Congress.

[lashkaretoiba]

Although the constitution forbids States from making anything but gold or silver a legal tender, it places no such restriction on Congress.

[wcarlpdrysdale]

tell us about the " Kennedy" dollar.

[wcarlpdrysdale]

tell us how the goverment toolk all the gold !

[wcarlpdrysdale]

bull-shit

[1mealperday]

reccommed by backburnernews. hi subbed.

you sound like a law student.

[cultivatelife]

solid info. thanks.

[DigBreamer]

Good info man...I'll be tuning in for more