-----Original Message-----
From: Robert McGinn
Sent: Tuesday, May 14, 2002 7:29 PM
Subject: Baron Fowler's Article in Monetary Reform Magazine
The Following is an article written by Baron Fowler for Monetary Reform
Magazine.
Salt Spring Island: An Hotbed Of Monetary Experiments.
By Baron Fowler
Salt Spring Island, the largest of the southern gulf islands
between Vancouver on the mainland and Vancouver Island on
the west coast of Canada is printing its own currency...again!
This is about the 5th or 6th system we have tried over the past 20 years or so.
Beginning with several attempts to
start a 'LETS' computer based trading system in the 80's and more recently in
1999, a 'barter hours' trading system, an
idea that originated in Ithica, NY. However, the barter hours system only had
156 members and has since petered out.
In the fall of 2001, a new group calling itself the Island Monetary Foundation (IMF),
a registered society, issued its
own currency, the Salt Spring Dollar. The idea came from the Sustainable Salt
Spring Coalition, a group that is
researching the idea of independence for the Island. They found that most
independent island nations have their own
currency.
The first issue in September of 2001 at the fall fair was a set including: $$1,
$$2 and $$5 notes. The double $$ symbol
on the notes indicates they are from $alt $pring Island. Twenty thousand of each
denomination were printed with a
face value of $160,000. The notes are sold at par for Canadian dollars. They are
available at several retail shops
and can be changed at any bank on the island. They can also be deposited into
any bank account as well. The bank simply separates them out and deducts the
amount from the IMF account. Since they are completely exchangeable
into Canadian dollars, 95% of the stores on the island will accept them.
Recently, some stores have been asking for more small denomination notes, as
they are continually being asked.
The basic concept is that the 250,000 tourists that come to the island each year
will take some of the dollars home as
souvenirs, so they will never be seen again. Furthermore, there are many
currency collectors around the world that are
most interested in these beautiful and rare notes. The notes themselves are mini
works of art. They have been designed by Salt Spring professional artists Pat
Walker and Warren Langley. On the front side is a portrait of one of our early
pioneers and on the back is a reproduction of a painting by one of Salt Spring's
many artists; including internationally
known wildlife artist Robert Bateman on the forthcoming $$100, Carol Haigh, Jill
Louise Campbell, Warren Langley, Pat Walker and Carol Evans on the $$50. The
$$50 and $$100 note will be issued in June 2002.
If all notes are sold, this project will raise $1,250,000. So far the cost of
design and printing is $26,000, which
will be paid off when the first set of notes expires in September of 2003. Any
old notes still in circulation can be
traded for new notes. However, they believe that most of the notes will stay in
collections or just disappear. The
final audit will establish the total 'profit' and the production costs will then
be paid off. Any remaining surplus will be used to fund worthwhile island
projects. The number one project the IMF have in mind is an island transit
system, possibly a
fuel-cell powered bus to eliminate some of the cars coming on the island. Other
projects are much needed bike paths,
affordable housing and land preservation.
The IMF issued 10,000 of the $$10 and $$20 notes in the spring of 2002. These
notes were printed in Toronto by
Adlertech with the latest anti-forgery technology. They have better anti-forgery
characteristics than the latest Euros or
Canadian dollar bills. The Bank of Canada even purchased samples of these notes
to examine them. They have
images especially imprinted on them that cannot be seen, photocopied or scanned,
but appear using a patented
Checkmate Verification System. This is a special plastic block that shows the
dolphins, hearts, maple leaves and king
fisher that are on the notes. These designs are invisible until the plastic
block is placed over them. The anti-forgery designs can also be 'stacked' on top
of each other as well. It is impossible to duplicate and very easy
to detect a forgery. These notes are the most advanced in the world today.
Bob McGinn, one of the founders of the IMF, noted that the dollars are an
excellent promotional device for the island.
The Chamber of Commerce completely supports the project. The Chamber's website,
www.saltspringtoday.com, is printed
on the notes and they have a link to the Foundation where you can see full
colour samples, order notes and get the full story behind them. The dollars have
also been written up in the Globe and Mail, National Post, Victoria
Times-Colonist, Vancouver Sun and Province. On CBC Radio, English and French
network, CBC Radio Canada TV
French network, on the cover of 'Coin World' with a 500,000 worldwide
circulation and magazines in the UK
and Paris. The next step is to get an ATM machine installed at one of the large
grocery stores on island and stock it
with $$ dollars. Any card will gain access, but the tourists might get a bit of
a shock when they get their 'funny
money'.
Salt Spring dollars are the only alternative currency in the world that are 100%
backed by 20% gold and 80% Canadian
dollars.
Just as the islands of Guernsey and Jersey in the English Channel began printing
their own money and now have a flat
20% income tax (no GST or any other taxes, as they are not needed to pay off the
non-existent public debt), a stable
economy (ironically based on off-shore banking) and excellent public
infrastructure all built at zero interest
over almost 200 years; Salt Spring could become in 50-100 years, a
semi-independent state, with low taxes, no debts
and in control of its own land base and economy due to these monetary
experiments.
Baron Fowler is a resident of Salt Spring Island and was involved in founding
the Barter Hours network.
There's much more information at the Salt Spring Island Cyberclassroom: www.cyberclass.net/saltspring.htm