Used heavily during the Revolution and the War of 1812, letters of marque serve as official warrants from the government, allowing privateers to seize or destroy enemies, their loot and their vessels in exchange for bounty money.

The letters also require would-be thrill seekers to post a bond promising to abide by international rules of war.

In a YouTube video earlier this week, Paul suggested lawmakers consider issuing letters, which could relieve American naval ships from being the nation’s primary pirate responders — a free-market solution to make the high seas safer for cargo ships.