By Murray N. Rothbard, Walter Block, Llewellyn H. Rockwell Jr.
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Additional info for Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard
Article 1, Section 8 of the Constitution gives Congress the power to "coin" money, by which it was meant simply that Congress was authorized to operate mints. , paper currency. " In the account of James Madison, "[s]triking out the words . . " In the context of the then-dominant Anglo-Saxon common law, which gave legal tender status only to gold and silver, it is thus clear that the Founding Fathers were laying down a policy of "hard" money. Article 1, Section 10, it appears, was written in order to deny the states powers which had already been denied to the federal government.
E. Freeh, III is representative of the sentiments of the group that advances this position. It is: " . . individuals may all be better off by agreeing to be coerced," "The Public Choice Theory of Murray N. Rothbard: A Modern Anarchist," Public Choice 14 (September 1973): 150. Consider a specific example to make the points clearer. Ten thousand individuals live in a particular area. Someone believes that the 10,000 individuals all want good X, but because of the "publicness" of X, and because of high transaction costs, there is no agreement as to how X will be paid for.
The problem with this objection is that it misunderstands the time element. In the ordinary business case, it may be true that total liabilities often far exceed total assets on hand. Assets on hand may be virtually zero, right after a company has made a heavy investment and right before it recoups the returns. But in the usual case, not all the liabilities are instantaneous. Most are not. In the case of mortgages, there are payments which are not due for 20 to 30 years. We may then safely ignore the case where assets on hand are not sufficient to make payments that are not due for 30 years!