From Hugo Salinas Price:In 2001 we elaborated the text for a Congressional Bill which
would establish the method for monetizing the “Libertad”
silver ounce in Mexico. Today, the idea of silver money is well known among Mexicans and we believe it is only a matter of time for this Bill to be approved. It is presently awaiting a vote in the Congress.
However, this project can also be carried out in any other country; all it requires is for that country to mint its own silver ounce and follow the fundamental outline which we have proposed for the Mexican silver ounce.
The Treasury is the entity that could and should monetize the
silver ounce for the UK. For the British Treasury the monetization of a silver coin would
constitute an important source of income, since all of Europe – indeed the whole world - would wish to possess this coin of supreme quality. We must underline that the emission of this coin and its sale to the public implies no risk at all nor future responsibility for the issuer. Gresham’s Law, working in reverse, guarantees this: good money never seeks to exchange itself for bad money.
Such a coin of superior quality incorporates within itself its own reserve in the form of a silver content which represents the greater part of its monetary value. Issuing this coin does not mean that the pound ceases to be the currency of the UK. The monetized silver ounce becomes a part of currency in circulation, in parallel with paper and digital pounds.
I. Elements for monetizing the silver ounce in British Pounds
This measure should not be regarded as a move to a “silver standard”.
Once the design of the silver ounce has been approved and the coin has been minted it will be given a quoted monetary value by the Treasury. We must state at this point that the effective monetization of the silver ounce requires as an indispensable condition: that it shall not bear an engraved monetary value.
We shall explain the reason for this condition, further on.......read on
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