rates and measured in a relatively stable standard like a gold weight unit. In this state of affairs even gold would not be declared to be legal tender. Everyone would then be only under his contractual acceptance obligations. Everyone would be free to clear and pay his debts or claim his assets in whatever means and using whatever techniques are agreeable to him and his business associates, customers, employers and employees. SUMMARY OF SOME REQUIRED STEPS ------------------------------ 1. Repeal of Legal Tender and introduction of free market rates for all currencies. 2. Introduction of gold clauses and gold pricing now. 3. Repeal of the Reserve Bank's privileges. 4. Establishment of private competing clearing houses issuing also standardized clearing house certificates on the clearing principle. 5. Establishment of bank note issuing banks issuing notes based on the banking principle or the real bills doctrine. 6. Extension of the Australian shop currency system into one of local currencies with shop foundation in most shops. 7. Recognition and practice of the rights to issue and to refuse currencies and to choose and agree upon standards of value. The result of these and other related steps would be a self-regulating monetary system allowing all kinds of desired exchanges to take place at free market prices: a system without inflation and unemployment. ************************************************************************************** "But, of course, there's no reason on earth why the issue of ware-house receipts should be a government function." - Leonard E. Read, "The Freeman, 1/75. "I believe that if money is to be useful to traders as a medium of exchange then the decision as to what shall serve as money must be worked out by traders in the market, VOLUNTARILY, rather than by government edict." V Read. Ibid. "Government has no more a responsibility for an honest money than for an honest yard. It just ought to leave bo...
