[net.taxes] Paid in Dollars?

shad@teldata.UUCP (02/24/84)

*

Are you really being paid in dollars?

By statute (made law by being upheld in Boric v. Trott, PA., 5 Phila.
366, 404) "the definition ... [of] 'dollar' is a silver coin weighing
412 1/2 grains or a gold coin weighing 25 4/5 grains of 9/10 fine
alloy of each metal [gold and silver].

But since Article I Section 10 of the United States Constitution pro-
hibits States from making "any Thing but gold and silver coin a tender
in payment of debts", only the gold and silver coin is the true money
of account of the U.S.  Look closely, it does not say gold or silver
coin nor does it say gold and/or silver coin, it says gold AND silver
coin.  The wording, as it should be in law, is exact and binding.

If Federal Reserve Notes (FRNs) are not redeemable at any Federal
Reserve bank into real money, meaning the money of account of the
United States (just try) then a "fair market value" must be placed
upon these obligations.

Since the New York Commodity Exchange (Comex) daily affixes a value
by which you can convert FRNs into gold or silver a source exists,
although in reverse, for setting a fair market value for FRNs.

Precious metals are weighed in the troy system where a pound troy
is 12 oz.t. and 1 oz.t. is 480 grains.

Hence:

				   $ 1
	FRN = ---------------------------------------------
		  0.04842 * Au/oz.t. + 0.00537 * Ag/oz.t.

where:

  0.04842 = 9/10 of coin * 1/.999 fine * 1/480 oz.t/grain * 25.8 grains

and

  0.00537 = 1/10 of coin * 1/.999 fine * 1/480 oz.t/grain * 25.8 grains


At the latest (NY Comex) quotation I have is Thursday Feb. 23, 1984:

	Au/oz.t. = 399.10 FRN   and   Au/oz.t. = 9.775 FRN

this would lead through the above equations to be:

	1 FRN = $0.0516

This is only the "tip of the iceberg" on this issue.
I apologize for not making your day.  Only one last question ...

Are any of you making the minimum wage?


					Warren N. Shadwick