Stephen T. Byington Quote

“No legal tender law is ever needed to make men take good money; its only use is to make them take bad money.”

~ Stephen T. Byington

September 1895, American Federationist

Ratings and Comments

Mike, Norwalk

accurate, proven in history over and over again.

J Carlton, Calgary

A brilliant observation.

cal, lewisville, tx

I would much rather be paid in precious metal than government debt notes.

jim k, Austin,Tx

Those "dollars" in your wallet are "notes" and all notes bear interest.

Dave Wilber, St. Louis

The distinction between freemen and slaves is whether or not they are paid for their labor. The sole function of legal tender is to take labor and property without payment.

Waffler, Smith

No legal tender is needed when dealing maybe with your neighbor or fellow villagers but what happens if I travel cross state or out of state. Will Californians accept the same "money" that Vermonters accept in my local Vermont village. Who defines what "money" is. If I go to Europe will they accept my California "money". Mediums of exchange are based on faith. The greatest faith today is in the US Dollar. Liberty-tree has a penchant for jerky quotes. I would hate to have to haul my precious metal around the world or onto a cruise ship. Can imagine hauling it in to and out of a casino.

Mike, Norwalk
  • Reply
Mike, Norwalk Waffler, Smith 5/14/21

Waffler; "MONEY; Gold, silver, and some other less precious metals, in the progress of civilization and commerce, have become the common standards of value; in order to avoid the delay and inconvenience of regulating their weight and quality whenever passed, the governments of the civilized world have caused them to be manufactured in certain portions, and marked with a Stamp which attests their value; this is called money. 1 Inst. 207; 1 Hale's Hist. 188; 1 Pardess. n. 22; Dom. Lois civ. liv. prel. t. 3, s. 2, n.
6." (Bouvier's Law Dictionary)  Legal tender, notes, currency, ease of facilitation modeling, etc. are all representations of money; AND, for linguistic (not lawful) facility, the term money is also used to describe the representation.

J Carlton, Calgary

I'll define money for you isn't "paper" out of thin air the value of which is vaguely based on our slave labor. MONEY has value in and of itself, as in it is redeemable for something prcious like gold or silver. That would be of use anywhere in the world. "Currency" is a different matter. That's what we use today and it's a false or fiat currency at that...

Waffler, Smith

What use is gold and silver J?

Ken, Allyn, WA

Silver is rare. Gold is more rare. It can't be faked and the market cannot be easily flooded because it is rare. What use is it? Silver has many industrial uses especially in electronics. It has value to the manufacturers of electronics because electronics have a value to customers. Gold on the other hand, is shiny and pretty and women in particular adore it. Men in particular adore women. As long as women like pretty, shiny things and men like women, gold will have value. We could have a currency based on any number of commodities like wheat or oil or diamonds (which happen to be a girl's best friend I hear and like gold, gets men what they want, i.e. women).

J Carlton, Calgary

Gold is an anchor on the dollar. It disallows inflation and all of the irresponsibilty that government allows itself by freely printing money. It is a stabilizer. Silver works very well for coinage or barter. Ask yourself again, what use gold and silver are when the dolloar implodes.

Ron, Salem

With silver and gold as in days gone by, the laborer which built the large cities paid in gold or silver had controll over his or her wealth. Needing no middle man or bank to controll his dealings. He has his true wealth, as long as these metals and stones are cherished. Many great properties of value lie in these things. To echange these things for land and home of fertal ground to grow and sustain his families life is true wealth. Think about it, not many coins are needed to purchase a modest place and transportation. Bartering moves forward now with the common man by wealthy individuals begining to share the wealth of land, home and transportation. Secrets of economics use for good toward and for the common man which supply labor in the wealthy mans garden. Removing the middle man once again. No direct tax is ever needed on the laborers wage or property in an honest nation which does not oppress its children. Honesty is the armor of light, true charity allows neighbors to walk together while sharing the wealth of our planet.

E Archer, NYC

"Bad money drives out good." - Gresham's Law. If gold and silver are 'good' money, why are Federal Reserve Notes (FRNs) 'bad'? As Ken has described above, gold and silver (and other commodities) have intrinsic value determined by their supply and demand. FRNs are not money but IOUs for money. If forced to accept them in payment for goods and services, whoever has the power to print up these notes is in fact omnipotent. FRNs are interest-bearing and once paid back, 'disappear' from the money supply. Gold and silver have no liens or encumbrances -- they also cannot be 'printed' up out of thin air. The people can withhold their real money from the governing class if they are not happy with its policies -- with FRNs, the government can simply print up as much of them as they want and force an unpayable debt upon the people -- forever. With gold and silver, the volume of money is real wealth and prosperity. With a volume of debt as currency, no matter how hard you work, the more 'money' in circulation, the more debt we are in. Legal tender is a form of counterfeiting and gambling. Why does the government need to 'borrow' FRNs from the Federal Reserve Bank who just prints them up without any backing? If the government can print a bond, why can't it print its own currency? IT CAN!! The reason it doesn't is because the banksters crashed the US economy decades ago and have been treating the US government like a bankrupt entity with all of us, our property and our labors as collateral -- they already got all the gold and silver. If gold is so useless, why did the Fed take it all and give us debt currency? Waffler, you either understand but can't believe, or you don't understand and don't want to believe. Study history, do the math and follow the money.

  • Reply
Nick    7/27/10

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