Occupation: Retired Ophthalmologist
Occupational Background:Ophthalmology Practice
Educational Background: Portland Public Schools; Whitman College; Johns Hopkins Medical School
Prior Governmental Experience: Precinct Committeeman
UNDERSTANDING THE SHNOOKER CAUSING OUR ECONOMIC CHAOS:
1870; Knox v. Lee, 79US457; The Supreme Court held:
1) No one doubted a $1000 debt contracted before 1834, could be paid by 100 eagles coined after 1834, though they contained no more gold then 94 eagles coined when the contract was made.
A $1000 debt before 1834 couldn't be paid by 100 eagles coined after 1834! The debt was revalued fairly, so it took 106 new eagles to pay it.
2) By the act of June 28, 1834, a new gold coin weight and value was adopted, and about 6% was taken from the weight of each dollar.
No gold dollar existed in 1834 to take any weight from!
3) The effect of this [weight taking] was that all creditors suffered a corresponding loss; debts became solvable with 6% less gold than before.
Because the 1834 act increased the value of the old eagle to $10.665, there was no corresponding loss. Debts didn't become solvable with 6% less gold than before!
4) The creditor who had $1000 due him 31 July 1834, the day before the act took effect, was entitled to $1000 of coined gold of the weight and fineness of the existing coinage. The day after, he was entitled to a sum 6% less in weight and market value, or to a smaller number of silver dollars.
The creditor who had $1000 due him 31 July 1834, was entitled to 100 old eagles. The day after, due to Congress's equitable revaluation, he was entitled to a sum greater in weight and market value, making it mathematically impossible he was entitled to a smaller number of silver dollars.
ELECT LEITCH TO U.S. SENATE!
THE HONEST MONEY CANDIDATE!
THE BORDER BACKBONE CANDIDATE!
Suggested Personal Action: Reading THE FEDERALIST
(This information furnished by Gordon Leitch.)