Does the federal government have a monopoly on money, or can people use private money to conduct transactions?
No, there is no monopoly sanctioned by law. It is possible for people to use private money, and it happens all the time. E-gold, American Liberty Silver, and e-Bullion are some examples of privately issued currencies. Over $10 million of these currencies are in circulation right now. There is another type of money that is not issued by the Federal government, either. It is letters of credit. A company issues a letter of credit, which is a negotiable instrument, and buys, say, 100,000 bushels of wheat. The seller turns that letter of credit over to a factor and receives some majority of its face value. The factor then may sell the letter or keep it. Eventually, the buyer is called upon to make good on the letter. By that time, he has sold the wheat for a profit, and pays off the letter. Why would someone want to use private money instead of government money? Why would someone want to oppose government misbehavior and plunder? In order to make his world a better place. Has there ever bee
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