Re: backing

[Alexander Reynolds <chrome@jhunix.hcf.jhu.edu>]

> Precisely what I said -- coinage stated BY LAW to ahve a certain value.

Ok, fine.  I'm listing the quote to add further detail to the topic:

	"Gresham's Law, like most of the 'laws' taught in State-supported
public schools, is not quite true (at least, not in the form in which it
is usually taught). 'Bad money drives out good' holds only in
authoritarian societies, not in libertarian societies.  (Gresham was
clear-minded enough to state explicitly that he was only describing
authoritarian societies; his formulation of his own 'Law' begins with
the words 'If the king issueth two moneys . . .,' thereby implying that
the State must exist if the 'Law' is to operate.)"
				-The Illuminatus! Trilogy
				Leviathan, pg. 766
				Shea and Wilson
 -Alex