As an advocate of allowing anyone to issue their own currency once that currency is backed by goods and services and valued in silver or gold, I see some people are reluctant to agree with this concept. The reason for this is the notion of others creating currency and not backing it by anything. In a free market where anyone can issue their own currency once it fits the criteria mention above and people are allowed to reject any currency they have not issued themselves; such a system would be for the most part self-regulating. Naturally like every other aspect of commerce if there is fraud involving private currency it should be resolved in a court of law. The reason a system like this would be self-regulating is the fact that it would be beneficial for any business or person to have the ability to use their inventory or man power as a liquid asset to acquire even more goods and services. The last thing a business or person would want is to have people reject their currency and have people accept their competition’s own. The disadvantage would mean the competition having the ability to expand and grow faster.

Some other reasons why people would be reluctant in allowing anyone to issue their own currency is the amount of different currencies that would be floating around. These currencies would be valued in silver or gold, so it would be fairly easy to compare them to each other. Also companies or private institutions would spring up that would rate or ask businesses to voluntary abide by certain guidelines in order to receive a stamp of approval or a certification for their currency. An example of a system like this is the privately owned Underwriters Laboratories Inc. and their testing and certification of products most of us used today. Other companies or private institutions that would spring up would document which businesses accept each others currencies.

Some last reasons why people would be reluctant in allowing anyone to issue their own currency is the thought that it would lead to inflation; the belief that government currency would be superior; the belief that gold or silver backed currency would be superior; the thought that a business would go out of business leaving people holding the bag; or the risk of counterfeiting. I will try my best to address all of these. The occurrence of inflation would be unlikely because these private currencies would be backed by something, also businesses would be limited to the amount and value of their goods and services they have or can produce pertaining to their worth in silver or gold . If a business or person did decide to issue more currency than the goods or services they have or can produce in a timely manner, two things would likely happen. One they would have to raise the prices of their goods or services to soak up the extra currency, or two have long lines or empty shelves. Both scenarios would hurt the business in the long run and allowed their competition an advantage.

The aspect of believing that government, gold or silver backed currency would be superior can be answered with one answer. If anyone believes a certain type of currency to be superior they can refuse to be paid in anything other than the currency they trust. Governments would just lose the ability of forcing people to use government currency if they wish not to. The availability of gold and silver backed currencies should be widespread because of mining companies. If mining companies issued their own currencies there is a good chance that it would be backed by what they mined, so gold and silver backed currencies would also be in circulation. The risk of businesses going out of business and leaving people holding the bag can be alleviated by the court system or insurance. Also because of the fact that the currencies are backed by something, if the business is honest it will satisfy its currency before it closes up shop for good. Compare this to the scenario of an entire nation’s currency collapsing where alleviating the situation is much more difficult to say the least.

Last but not lease the risk of counterfeiting. The risk of counterfeiting would be reduce because businesses would be able to use their own authentication techniques and also be able to know the serial numbers of all the currency that they issued that is in circulation. Allowing anyone to issue their own currency once that currency is backed by goods and services and valued in silver or gold is in reality less risky than it sounds, in fact it is less risky than the fiat system most nations have in place today.

Underneath is the amendment that would list how a nation can go about allowing anyone to issue their own currency once that currency is backed by goods and services and valued in silver or gold. (Note I don’t believe rights are given by government but are given by God).

Amendment 28

Every corporation and person with a good or service shall have the right to issue their own currency back by their goods and services. This currency must be valued in silver or gold and must be treated as legal tender by the corporation or person who has issued the currency. Any corporation or person shall have the right to refuse the payment of any currency they have not issued their selves. No government, corporation or person shall have the right to stop a corporation or person from issuing currency once that currency is back by their goods and services and valued in silver or gold. If a corporation or person issues currency and do not have the goods or services to back it, the corporation or person's assets must be seize and given to the holder or holders of the currency until the currency value is fulfilled. If a corporation or person issues currency and do not have the goods or services to back its currency because of natural disaster or fire, that corporation or person shall have thirty years to fulfill the currency. If a person dies or a corporation is disbanded assets from that person or corporation must be given to the holder or holders of the currency until the value of the currency is fulfilled. No government shall tax currency issued by a person or corporation in anyway.