President Trump has made a mistake by putting his finger on the scale and giving credibility to “fake money” which in effect is contrary to our Founders’ clear intentions to forbid notes of any kind [fake money] to be made a legal tender.
For those who are not familiar with our founder’s specifically stated intentions, here is what transpired during the convention with regard to bank notes being made a legal tender. SEE The Debates in the Federal Convention of 1787, reported by James Madison : August 16, 1787
Mr. Govr. MORRIS moved to strike out “and emit bills on the credit of the U. States”-If the United States had credit such bills would be unnecessary: if they had not, unjust & useless.
Mr. BUTLER, 2ds. the motion.
Mr. MADISON, will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.
____ cut _____
Mr. READ, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations.
Mr. LANGDON had rather reject the whole plan than retain the three words “(and emit bills”)
On the motion for striking out
N. H. ay. Mas. ay. Ct ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay. [FN23] N. C. ay. S. C. ay. Geo. ay.
[FN23] “This vote in the affirmative by Virga. was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words would not disable the Govt. from the use of public notes as far as they could be safe & proper; & would only cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts.”
The irrefutable fact is, our founding fathers intended the market place, and only the market place, to determine what notes [a medium of exchange], if any, were safe and proper to accept in payment of debt, and they specifically chose to forbid folks in government to make a particular bank note, or any “note” [fake money], a legal tender, which if allowed would literally force people and business owners to accept worthless script in payment of debt.
Trump needs to clarify that he is not giving credibility to “bitcoin” or any other fake crypto money, and that he agrees with our Founders intentions, that our marketplace must be left free to determine what crypto fake money, if any, may be safe and proper to use.
