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Re: What backs up digital money?

To: Hal <[email protected]>
Subject: Re: What backs up digital money?
From: Alan Horowitz <[email protected]>
Date: Thu, 28 Mar 1996 00:15:47 -0500 (EST)
Cc: [email protected]
In-Reply-To: <[email protected]>
Sender: [email protected]

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.

Follow-Ups:
- Re: What backs up digital money?
  - From: "Perry E. Metzger" <[email protected]>

References:
- Re: What backs up digital money?
  - From: Hal <[email protected]>

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