SC Lawmaker Wants To Ban Federal Currency

[Ibanez]

http://www.cbsnews.com/blogs/2010/02/17 ... 7403.shtml

South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

These people are begining to make me embarassed to be from South Carolina.

[Appaholic]

I see progress is alive & well south of the border...

[ASUMountaineer]

http://www.cbsnews.com/blogs/2010/02/17 ... 7403.shtml

South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

These people are begining to make me embarassed to be from South Carolina.

Just now?

[dbackjon]

What a moran

[ASUG8]

I wish I had known about this crap before I moved here.

[GannonFan]

I somehow sense Citdog is behind this!!! Texas may get more press for having more whackos, but South Carolina is doing their part to make it a tight contest!

[Ibanez]

I somehow sense Citdog is behind this!!! Texas may get more press for having more whackos, but South Carolina is doing their part to make it a tight contest!

SERENITY NOW!

[OL FU]

I don't see a problem with it. I walk into a convenience store, buy a pack of gum, get out my gold coin and wait for my $1269.52 worth of change.

[Ibanez]

I don't see a problem with it. I walk into a convenience store, buy a pack of gum, get out my gold coin and wait for my $1269.52 worth of change.

Do you realize that your $1269.52 is in American currency?

[OL FU]

I don't see a problem with it. I walk into a convenience store, buy a pack of gum, get out my gold coin and wait for my $1269.52 worth of change.

Do you realize that your $1269.52 is in American currency?

Hell no it isn't, he will just have to get out the scales and measure his bullion.

[SuperHornet]

I understand having paper currency on a gold standard, but in this day and age, I highly doubt people are going to want pocketsful of gold eagles and double eagles. A return to the days of the money bag hanging from the belt will just ask pickpockets to come in with knives to "relieve" people of their "burden."

Don't EVER get drunk if this happens; you'll be a whole lot lighter real quick if you do.

That said, this "legislation" has about as much chance of passing as watching a guy in Hell sucking on a Popsicle. Why is he even wasting his collegues' time?!?

[OL FU]

. Why is he even wasting his collegues' time?!?

Cuz he knows the final results of secession

[mainejeff]

Bet he's a Muslin!

[youngterrier]

though I don't agree with the "all the way" gold standard than this guy proposed, his heart is in the right place. I say the government shouldn't dictate what we can or can not use for trade and that includes dollars. The Federal Government has a monopoly on trade in the U.S because the only legal business transaction that can take place involves something the Government makes...dollars, nickels, pennies, etc. To make matters worse the printing press that is the Federal Reserve devalues the value of the currency by printing money and creating credit out of thin air on a yearly basis (or more often). No we may not need gold or silver, but commodity is nice.

[mainejeff]

South Carolina needs to fall into the ocean (after Charleston is evacuated of course).

[JayJ79]

The Federal Government has a monopoly on trade in the U.S because the only legal business transaction that can take place involves something the Government makes...dollars, nickels, pennies, etc.

Are you saying that two parties can't legally come to a barter agreement exchanging one type of good/service for another type of goods/service without involving currency at all?

[AZGrizFan]

I somehow sense Citdog is behind this!!! Texas may get more press for having more whackos, but South Carolina is doing their part to make it a tight contest!

There is no DOUBT that South Carolina is winning the "per capita" battle there.

[youngterrier]

The Federal Government has a monopoly on trade in the U.S because the only legal business transaction that can take place involves something the Government makes...dollars, nickels, pennies, etc.

Are you saying that two parties can't legally come to a barter agreement exchanging one type of good/service for another type of goods/service without involving currency at all?

I'm fairly certain there is a law that says we can only use dollars but I'm not certain. The question isn't really "why can't I trade my truck for that car" but more like "why do I have to use dollars instead of Euros?"

I think it also said in the constitution that gold and silver can be the only currency and there should not be any letters of credit (or something like that)

[dgreco]

Are you saying that two parties can't legally come to a barter agreement exchanging one type of good/service for another type of goods/service without involving currency at all?

I'm fairly certain there is a law that says we can only use dollars but I'm not certain. The question isn't really "why can't I trade my truck for that car" but more like "why do I have to use dollars instead of Euros?"

I think it also said in the constitution that gold and silver can be the only currency and there should not be any letters of credit (or something like that)

There are like kind exchanges so that is one way around using US "currency". Also, 31 USC 5103, if I am reading it correctly (need Danefan or another lawyer), says that if it is involuntary you need not use legal tender and that in a place of private business legal tender is also not required. I think Hagar v. Reclamation of 1884 sort of goes through a case and explains that.

[ASUMountaineer]

South Carolina needs to fall into the ocean (after Charleston is evacuated of course).

[dgreco]

And there have been situations where foreign currency was considered legal tender.

Overview of Mitsui & Co. v Oceantrawl Corp. (1995, SD NY) 906 F Supp 202.

Petitioner's claim against respondents was based on breach of contract. Petitioner had conducted all of its transactions with respondents in Japanese currency. After an arbitration hearing, the arbitrator made a monetary award in favor of petitioner which was in Japanese yen as opposed to U.S. dollars. Petitioner brought an action in court to confirm the arbitration award. The court held that the arbitration award of foreign currency was appropriate, and ordered that it be enforced. The court ruled that U.S. courts could and should enter awards in foreign currency in cases where the parties have conducted all of their transactions in the foreign currency. The court noted that other courts from all over the world entered judgment in currencies other than their own, and indicated that there would be no practical problems with enforcing or collecting judgments in foreign currencies. Furthermore, the parties to the transaction both agreed that the judgment in this case should be entered in yen.

[death dealer]

South Carolina needs to fall into the ocean (after Charleston is evacuated of course).

Jeff, nothing would make me happier than to see you come down here and try to make that happen.


No doubt, we have our eccentric characters. They make for a good read, but they are our characters, and we love them all. It makes life more interesting around here. This guy, by the way, is tame. The really colorful ones don't come out where they can be interviewed by the media.

[death dealer]

On a similar note, it appears that local currency has taken on a new popularity. One morning last week, NPR had a segment about the growth of small local currencies. Pretty awsome concept. Currency that is only good for purchase of locally produced goods and services. Has limited potential, but a cool thing.

[yosef1969]

On a similar note, it appears that local currency has taken on a new popularity. One morning last week, NPR had a segment about the growth of small local currencies. Pretty awsome concept. Currency that is only good for purchase of locally produced goods and services. Has limited potential, but a cool thing.

Seems to be an idea coming from the New England states. Folks from that area could probably provide more insight. I heard a similar story on NPR a couple of months ago. Some of the more known local currencies are Berkshares in the Berkshire Mass. region and Detriot Cheers. The idea stems from the great depression era where local currencies were used to stabilize consumer confidence and encourage local investment. Interesting concept, probably not much more effective than a coupon book but interesting none the less.

[Ibanez]

South Carolina needs to fall into the ocean (after Charleston is evacuated of course).

Hey now...