Our Threatened Freedom
What Is Legal Tender? (03:23)
R.J. Rushdoony: 00:00 What is legal tender? This is R.J. Rushdoony with a report on Our Threatened Freedom.
R.J. Rushdoony: 00:08 The term legal tender refers to money, and it defines lawful money which is valid for all debts, public and private. Our paper money carries the term legal tender on its face. And yet the term was once denounced by a great American as a fraud.
R.J. Rushdoony: 00:28 The
R.J. Rushdoony: 00:56 Another great American, Noah Webster, attacked the legal tender doctrine in 1790 with these words, and I quote. “A legal tender law is the devil. When I trust a man a sum of money, I expect he will return the full value. That legislature which says my debtor may pay me with one-third of the value he received commits a deliberate act of villainy. An act for which an individual in any government would be honored with a whipping post, and in most governments with the gallows. But legislatures can, with a solemn face of rulers and guardians of justice, boldly give currency to an adulterated coin, enjoin it upon debtors to cheat their creditors, and enforce their systematic knavery with legal penalties. The difference between the man who makes and passes counterfeit money and the man who renders his creditor one-third of the value of the debt and demands a discharge is the same as between a thief and a robber. My countrymen, the devil is among you.”
R.J. Rushdoony: 02:10 Many other great Americans held this view,
R.J. Rushdoony: 02:24 Now, what was once the Constitutional and moral view of money is no longer heard in high places. Our view of money has
R.J. Rushdoony: 02:49 The Founding Fathers, however, held a contrary view. Money, they believed, is good only if it is good money, gold or silver, a recognized value. For them, a State ordained legal tender was bad
R.J. Rushdoony: 03:18 This has been R.J. Rushdoony with a report on Our Threatened Freedom.
Learn more about R.J. Rushdoony by visiting: https://chalcedon.edu/founder