Re-establishing Righteous Money

Excerpt - Because gold and silver are limited in supply, and because they are useful and universally desirable, they have what is known as ‘inherent value.’ So long as the gold and sliver is of a known purity and the weights and scales used to measure them are accurate, specie metals form what is called ‘lawful money.’ That is, YHWH considers specie metals to be ‘honest.’

The American Founding Fathers were aware of the inherent desirablilty of gold and silver, and that YHWH honored it as lawful money, and this is one reason why the U.S. Constitution grants the federal government the right (and by implication, the responsibility) to coin money, and to regulate the value thereof. The word “coin” here refers specifically to specie metals.

Section 8. The Congress shall have power…To coin money, regulate the value thereof…and fix the standard of weights and measures….

Considered from another angle, perhaps the reason specie metals are lawful is that they constitute a pure form of barter. In essence, one exchanges a known quantity of metal for whatever other goods or services one wants to purchase, just as Avraham did. The only difference is that scales are not needed, as the purity and quantity is established and regulated by the mint.

So long as the metal is of known purity and weight, the only real issue with using specie metals in commerce is the inconvenience. Gold and silver are heavy, and bulky, and it is impractical to use them in electronic transactions. For these reasons, most governments issue both paper and electronic ‘currencies’ in place of gold and silver coins. Such currencies can be lawful, but only when they are backed one-to-one by gold and silver, and only when they can be exchanged for gold or silver at any time. When backed one-to-one, and when one can redeem them freely at any time, then such currencies are literally “as good as gold”; and this is what makes them lawful. However, when all of these things are not true, then the money is not lawful money, but what is called ‘fiat’ money.

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