(cut and paste) Posted by dbhalling 5 days, 20 hours ago [January 9, 2017 --mem]Here is the exact statute.
"Today the legal tender law in the US is 35 USC § 5103 which states:
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
Why legal tender laws do not require government monopolies on money absolutely, they are almost always used for that eventually. You just wrong that any Legal Tender law is consistent with Objectivism.. (/cut and paste)
Of course, that is not actually a definition. As a lawyer, dbhalling only cares about what the law says. He does not need to investigate further. Moreover, he was not alone in claiming that an “Objectivist government” would not have the power to create legal tender. But if there were such a thing as an “Objectivist government” it would need to define legal tender, as does any government.
|Code of Ur-Nammu |
18. If a man knocks out the eye of another man, he shall weigh out one-half a mina of silver.
19. If a man has cut off another man’s foot, he is to pay ten shekels.
22. If a man knocks out a tooth of another man, he shall pay two shekels of silver.
24. [...] If he does not have a slave, he is to pay 10 shekels of silver. If he does not have silver, he is to give another thing that belongs to him.
The Law Code of Ur-Nammu, about 2050 BCE at Real World History here.
|Coinage Law of June 28, 1834 recognized several foreign coins|
as legal tender. Laws before and after this also
defined the legal tender status of foreign coins.
|Promises 25 cents. Offers 2 Reales.|
(Hence, "2 bits" means a quarter dollar.)