Peer-To-Peer Is Patriotic
The founding principles of Bitcoin echo that of the genesis of the United States of America.
In the spring of 1774, the British Parliament passed the Coercive Acts, dubbed the (1946)
Paper Money Unconstitutional, Voted Down: 9–2
James Madison carefully drafted a set of notes, warnings and explanations from his famous speech opposing paper money to the Constitutional Convention on November 1, 1786. Following the speech, the framers of the US Constitution voted down language explicitly giving the federal government the power to issue legal tender paper money and bills of credit.
The language was removed on a vote of 9–2. Major points of Madison’s 1786 speech are as follows:
- Unequal to Specie
Article I, Section 10, Clause 1 (US Constitution)
Here is the final language agreed upon by the framers and convention:
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”
Limited Government Requires Limited Money
“If Congress can do whatever in their discretion can be done by money, and will promote the general welfare, the Government is no longer a limited one possessing enumerated powers, but an indefinite one subject to particular exceptions.” — James Madison, January 21, 1792
Free Markets Require Free Money
In the land of the free and the home of the brave, free folk need free money.
When in the course of human events, it becomes necessary for people to dissolve the monetary bands which have connected them, to assume among the powers of earth and energy—Bitcoin—the separate and equal station to which the laws of nature and God entitle them.
We the people, in order to form a more perfect money, establish scarcity, insure probabilistic immutability, provide for common value defense, promote general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this network of nodes.
To fully free the world and the markets, we must first free the tender.
This is a guest post by Tyler Bain. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
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