From: Derek Atkins <warlord@MIT.EDU>
Date: Wed, 18 Jan 95 19:40:10 PST
To: bill.stewart@pleasantonca.ncr.com    +1-510-484-6204)
Subject: Re: Electronic cash illegal?
In-Reply-To: <9501190223.AA07519@anchor.ho.att.com>
Message-ID: <9501190336.AA12782@toxicwaste.media.mit.edu>
MIME-Version: 1.0
Content-Type: text/plain


> 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.

The US dollar is backed by trust alone, today.

-derek