From: chen@intuit.com (Mark Chen)
Date: Fri, 20 Jan 95 11:32:04 PST
To: cypherpunks@toad.com (cypherpunks)
Subject: Re: Electronic cash illegal? (fwd)
Message-ID: <9501201930.AA01571@doom>
MIME-Version: 1.0
Content-Type: text/plain



Derek writes:
> > As far as I know, the legal definition of a "dollar" in the US is still a
> > certain weight of silver, and payment in silver legally satisfies debts;
> > under current silver prices, that probably costs more than a 
> > $1 US Federal Reserve Note, so nobody bothers.
> 
> Uhh, no, US currency does not have any backing.  I believe it was
> Nixon who stopped it, possibly even earlier than him.  There _used_ to
> be Gold- and Silver-backed dollars, but no longer.

Correct.  Nixon dismantled the Breton Woods system in (I think) '71.


--
Mark Chen 
chen@intuit.com
415/329-6913
finger for PGP public key
D4 99 54 2A 98 B1 48 0C  CF 95 A5 B0 6E E0 1E 1D