4T? What 4T?

[Kinser79]

(05-29-2016, 02:30 PM)Mikebert Wrote: [kinser]You're nuking the gold standard, or any other metalic standard--silver or both would work just as well.  One can either exchange their paper for gold or they cannot. That is how silver and gold certificates worked

[Mike]Exactly what are you saying?  Are you saying that a citizen who had a $10 silver certificate could walk into his local bank and obtain ten silver dollars for his his certificate?

If one has a silver certificate for 10 dollars then yes you can go to the bank and get 10 dollars worth of silver. Pretty simple really. Naturally of course we'd have to have a redefinition in terms of silver (or gold for that matter) what a dollar actually is.

Historically a Dollar was defined as 371.25 grains (27g) pure silver. Or roughly 3/4 a troy ounce of silver. Given that the spot price of silver has been hovering in the 16 dollars per troy ounce range for months, that means that if the dollar was revalued the new dollars would be worth around 10 bucks of current dollars.

That being said, one has to recognize that there hasn't been silver coinage in this country since 1964. I find it interesting though that if one takes the minimum wage from 1964 ($1.25 per hour) or 5 silver quarters, one would come out with just slightly less than a troy ounce of silver (all silver coinage is debased with some content of copper for wear purposes). Furthermore that this would be in the 15 dollar range, the very wage so many seem to be demanding for minimum wage workers.