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“THERE OUGHTA BE A LAW!”
We need a law compelling businesses to accept cash payments
Did you know that cash [that’s paper bills and metal coins] is legal tender, but many states have no law compelling businesses to deal in cash at all. That was a shock to me and I looked into it. This link is to the Federal Reserve’s website shows the actual federal statue. Click here: https://www.federalreserve.gov/faqs/currency_12772.htm
It reads, “Section 31 U.S.C. 5103, entitled "Legal tender," states: "United States coins and currency [including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks] are legal tender for all debts, public charges, taxes, and dues." This statute means that all U.S. money as identified above is a valid and legal offer of payment for debts when tendered to a creditor.”
Reading this one would naturally assume it means that US currency is to be recognized by all manner of business as ‘legal tender’ and that it should, by statue, be guaranteed acceptance by all manner of businesses. Unfortunately, this is not the case.
Click this link for a comprehensive story from the Pew Trusts. It’s compelling: https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2021/05/11/paying-with-cash-retailers-must-take-your-dollars-in-these-states
The gist of the article is this, while several states have passed laws requiring businesses to accept cash payments, there is no federal law on the books that says businesses have to take your money at all. This has been a highly partisan issue as Democrats are far more likely to enact such legislation while Republicans are far more likely to shoot it down. In my own state of Idaho, there is no law on the books, although attempts have been made to pass one, with Republicans eviscerating these laws before they even make it to the senate. Republicans argue that businesses should have the option of accepting cash or not, and they are wrong.
My case is this: Over 7 million households in the US do not have bank cards. These families typically live ‘from hand-to-mouth’ and use cash only. Equally, it is estimated that over 12 million more households consist of the elderly who have always paid in cash and either don’t trust or want a bankcard.
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“There oughta be a law!”
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To me it’s this simple; If US Currency is [as it says on every dollar bill of every denomination] “Legal Tender for Debts Public and Private” then this, being a federally issued currency, should be mandated as such. Businesses must be required, under penalty of law, to accept US currency for all transactions. This should not be left to the whims of some ‘artsy fartsy’ coffee shop that only wants bank card transactions.
This is America. We print money. We distribute money, and it should damned well be recognized for what is and be universally accepted in its minted and printed forms!
I’ll be damned if I’ll use a bank card for a six-dollar purchase!
As much as it galls me to see yet another law on the federal books, this one is long overdue. Hey, Idaho, show what you’re made of and pass such a law! Get off your butts dammit! Oh hey, Washington D.C., show what you’re made of and pass such a law!
I’m Max, and that’s the way I see it!
Max, you unwittingly made the case for Bitcoin
ReplyDeleteNot necessarily as Bitcoin is every bit a danger.
ReplyDelete