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Legal Tender? Maybe Not, Says Louisiana Law
First time accepted submitter fyngyrz writes "Lousiana has passed a law that says people may no longer use cash for second hand transactions. The idea is to make all transactions traceable, thus foiling copper theft, etc. This move has profound implications that range from constitutional rights to Bitcoin, Craigslist and so forth; I wonder if there are any Slashdotters at all that support such a move." On the list of exceptions: people who deal in used goods or "junk" less frequently than once per month, and (drumroll, please) pawn shops. That means a pretty big chunk of the population who post in online classified ads in Louisiana are probably already in violation.
Sorry Louisiana, you dont get to decide what federal currency can be used for.
"Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
The first link in the summary contains the complete text of the bill. It does not ban cash transactions at all. Rather, it requires second-hand dealers to keep very thorough records of any cash transaction exceeding $25.
This is a terrible law, and would make business difficult for a lot of people, and (depending on how it's interpreted) could make garage sales more trouble than they're worth. But it does not ban the use of cash. I kind of wish it did, because then it would be struck down. As it stands, the law may pass constitutional muster, and become an enormous pain in the ass for a lot of people.
The only way a transaction does not involve "debt" is if the parties involved agree to it before hand. And if there is no debt for the transaction, I dont need to give you a traceable payment. If I do, then its debt and US currency is good for it. There are a bunch of federal trade and commerce laws out there to back this up and it could also be argued that it falls under the US Constitution. Having a legal requirement that the government can track all sales transactions violates a whole bunch o' stuff.
"Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
Precisely what law? You're only required to take cash when servicing debt, not at the time of the transaction.
To quote my $20 - "This note is legal tender for all debts, public and private"
In a technical sense, accepting goods places a burden of debt upon the recipient.
Sounds like something which will be brought to the Supreme Court, where a state claims rights in interstate (even if it is intrastate) commerce which supersede the domain of the federal government.
Interesting ambition, but flawed.
A feeling of having made the same mistake before: Deja Foobar
Well, in that case, the new law should be easy to circumvent: You don't sell the product for cash, but you give it on credit, and the debt is then immediately paid back using cash.
The Tao of math: The numbers you can count are not the real numbers.
Apple did a similar thing a while back when they refused to sell iPhones for cash.
There's a big difference between Apple refusing to sell iPhones for cash and the government telling Apple it may not sell iPhones for cash.
Breakfast served all day!
Indeed. It strikes me that simply signing an IOU and then immediately paying it ought to take care of the direct cash payment angle. Just make sure you save the IOU along with any invoices and other source documents, and I don't think there's anything the state could do about it.
The world's burning. Moped Jesus spotted on I50. Details at 11.
It is legal tender, provided by the Federal Reserve (which isn't "federal" at all, it's a private bank).
Actually, the Federal Reserve System is federal. Let me contrast it with the company where I work so you can see the differences.
1. The FRS was created in 1913 by an act of congress. The place I work was incorporated in Delaware as a Delaware company.
2. The FRS is lead by the Chairman of the Board of Governers who is appointed by the President of the United States. The place where I work is lead by the Chief Executive Officer, who is appointed by the Board of Directors.
3. The FRS is run by the Board of Governors who are appointed by the President of the United States. The place where I work is run by the Board of Directors, who are selected by shareholders.
4. Congress has oversight of the FRS. The place where I work, not so much.
5. The government sets the salaries of the highest-paid individuals of the FRS. The place where I work, not so much.
6. By law, the FRS has to give any profit over 6% to the United States Treasury. In 2010, the FRS made a profit of $82 Billion. They paid the Treasury $79 Billion. The place where I work, not so much.
~Loyal
I aim to misbehave.
Why circumvent an illegal law. Yes Illegal. Currency is an issue that there is no doubt in the Constitution, it's a power expressly reserved to the federal government. It's exclusively federal precisely because they had so many problems with it during the articles of confederation where the US had several dozen different currencies that were all essentially worthless. The federal courts tend to take a dim view of any attempt by the states to circumvent federal currency and bank laws because the constitution is so very direct about that authority resting with the federal government.
BWA HA HA HA HA...oh wait, you were serious? BWA HA HA HA HA HA...you must not have had to deal with the cops very often. When my sister's checks were stolen the place that cashed them wrote the perps DL number on the checks and what did the cops put down? "Chance of solving...0%". I guess having to you know, get up, walk to the PC, put in the numbers, man that is just too much damned work. The sad part? the ONLY time I've ever seen local cops do their jobs is when there was potential for profit for them. true story:
My late sis live across the street from a gal that was getting battered. Restraining order didn't do shit, average police response time? FOUR HOURS. the last time put her in the hospital and with it escalating sis called me for help. I went to the gal and said "Here is how you solve the problem, you say the "D" word. When he starts beating on the door you call the cops and tell them you think he's high and has a bunch of drugs on him". she didn't believe me but promised to try it. Well sure enough next Saturday rolls around and here comes Mr Abuser. She says the "D" word. police response time? FOUR MINUTES and TWO squad cars. After they tore his truck to the frame and didn't score they were soooo pissed they threw the book at him, every single violation they could think of. He got something like 9 year all told.
so yeah, I kinda doubt law enforcement has jack shit to do with it, more likely they have never met a tax they didn't like and what to make sure they can squeeze the poor down in LA for every single shekel they can get. Frankly wouldn't surprise me with the asshole politicians we have in this country." Screw civil liberties, we need MORE MONIES nom nom nom!"
ACs don't waste your time replying, your posts are never seen by me.