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1996-03-28 - Re: What backs up digital money?

Header Data

From: Alan Horowitz <alanh@mailhost.infi.net>
To: Hal <hfinney@shell.portal.com>
Message Hash: c5d6089dc11c963cb74f8a06054895c75c02a3b0f6a4dae61ee4ce305d6aeca7
Message ID: <Pine.SV4.3.91.960328001046.9153E-100000@larry.infi.net>
Reply To: <199603272304.PAA26037@jobe.shell.portal.com>
UTC Datetime: 1996-03-28 11:36:41 UTC
Raw Date: Thu, 28 Mar 1996 19:36:41 +0800

Raw message

From: Alan Horowitz <alanh@mailhost.infi.net>
Date: Thu, 28 Mar 1996 19:36:41 +0800
To: Hal <hfinney@shell.portal.com>
Subject: Re: What backs up digital money?
In-Reply-To: <199603272304.PAA26037@jobe.shell.portal.com>
Message-ID: <Pine.SV4.3.91.960328001046.9153E-100000@larry.infi.net>
MIME-Version: 1.0
Content-Type: text/plain


I will put forth the proposition that Federal Reserve "Notes" are not 
notes.

A note is a promise to (a) pay
                       (b) a certain amount
                       (c) at a certain time
                       (d) to a certain person.

As in the phrase that *used to* appear on United States Currency:  "will 
pay the Bearer One Dollar in Silver upon Demand".  The only extant legal 
definition of a dollar is a Federal statute of 1792, defining it as a 
certain weight of pure silver.

Thread