The age-old issue of legal tender has been reignited with the introduction yesterday of State Senator David Shafer’s “Sound Money in Banking Act”, SB 416.
This is an issue that was a central one in the Civil War and “Wild West” eras and per my history books was largely settled by the turn of the 20th century via a couple of acts of Congress and several Supreme Court cases.
But there are those who to this day want to revert our monetary systems back to the “good old” days when Cotton was King and the Stars and Bars flew high and proud. They claim that legal tender laws are unconstitutional and that paper money is not “sound”.
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