Better yet just get rid of the legal tender laws and let nature take its course. If the money is good (ie. specie) then you don't need a law forcing banks and merchants to accept it.
Better yet just get rid of the legal tender laws and let nature take its course. If the money is good (ie. specie) then you don’t need a law forcing banks and merchants to accept it.
My pay is deposited into my account electronicly. No physical money changes hands.
I pay my bills online by electronicly transfering “money” from my checking account to various vendors. No physical money changes hands.
Not only is there no gold backup up our money supply, there isn’t even any paper. If some enterprising hacker gets into a bank account and modifies his account so the database says he has $1 million dollars in it, then “spends” it by making thousands of electronic purchases, how will the money every be removed from the money supply?
How do you spot counterfiet “electronic” money? Will vendors cooperate in undoing the electronic payments to their accounts? And if they do, how will they undo the payments they have made to other vendors (and on and on and on)?
It’s the same thing. Either repeal legal tender laws and watch a zillion banks open with gold/silver backed paper notes. Or, designate gold/silver as legal tender, and watch a zillion banks provide paper notes backed by said PMs.
Neither banks nor merchants are required to take federal reserve notes as payment.
In fact only governments are required to take legal tender as payment. Coins by the way are not legal tender so you may not be able to pay your parking tickets with pennies.