Lawful Money - Is there more than $300 Million?

Lawful Money - Is there more than $300 Million?


See the Treasury FAQ on this topic at:

http://www.treasury.gov/resource-cen...al-tender.aspx

The Coinage Act of 1965, specifically Section 31 U.S.C. 5103, passed (authorized) by Congress, appears to provide the definitions of "money".

See the sections entitled:

"What are Federal Reserve notes and how are they different from United States notes?"

and

"What are United States Notes and how are they different from Federal Reserve notes?"


My interpretation, derived therefrom, is that "lawful money" refers "United States Notes", recently redefined as "United States Currency Notes", and is essentially an inelastic currency to stay at $300 million in circulation, and are issued without interest demanded thereon.

But what about the "lawful money" not in circulation? Certainly the value of all the people's labor, the credit of the nation, far exceeds $300M! And as the credit of nation, must it not also be considered to be "lawful money"? Real substance? Just like gold?

I believe this labor-gold is also "lawful money"... it just technically is not in circulation as coin and currency is... but it can be assigned/transferred as if it was in circulation, for set-off and other purposes, and that is why all demands for lawful money can be honored upon demand far beyond said $300M limit.

What do you think?

This topic is quite fascinating. In its simplicity Congress reconciled the non-reserve currency (US notes) with reserve currency by renaming United States notes to United States currency notes in Title 31 USC §5115. United States currency notes is a larger bundle of currencies like SDR's and postage stamps. Interestingly a couple attorneys called me and explained that the name change was not a lie, justifying the change by pointing me to the definition. I imagine that they were trying to discourage me and that backfired - meanwhile the research trail they led me down is somewhere in my computer I imagine. This is one of those things where I did not take note of how useful it might be on down the road.

I write mostly what is on my mind lately.

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Rom 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.

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I don't see any use in redeeming the temporal body so I presume Paul was speaking of the spiritual ecclesia (church). This of course has a fractal or holographic meaning in the physical however.

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Zec 11:10 And I took my staff, even Beauty, and cut it asunder, that I might break my covenant which I had made with all the people.
Zec 11:11 And it was broken in that day: and so the poor of the flock that waited upon me knew that it was the word of the LORD.
Zec 11:12 And I said unto them, If ye think good, give me my price; and if not, forbear. So they weighed for my price thirty pieces of silver.
Zec 11:13 And the LORD said unto me, Cast it unto the potter: a goodly price that I was prised at of them. And I took the thirty pieces of silver, and cast them to the potter in the house of the LORD.
Zec 11:14 Then I cut asunder mine other staff, even Bands, that I might break the brotherhood between Judah and Israel.
Zec 11:15 And the LORD said unto me, Take unto thee yet the instruments of a foolish shepherd.

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The Worthless Shepherd Prophecy is quite a study in itself, especially with Robert GRAVES and Joshua PODRO writing The Nazarene Gospel Restored. They rearranged the verses to make better sense to the Western mind (attached).

The point that I am bringing up is about static currency based in precious metal. Between the time of the Prophecy and the life of Jesus that price on the head of a man bounty never changed. The Temple Tax always remained a half shekel. The Herodean Guard was accepting funds as gifts from foreign kings (in idolatrous currency) enough that they could hoard the shekel and drachma coins to resell at an increased profit through franchise of moneychangers. Contracting the drachma was the early shadow of elastic currency.

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2 Maccabees 3
Good News Translation (GNT)

The Argument between Onias and Simon

III When Onias[a] was High Priest in Jerusalem, the holy city enjoyed peace and prosperity, and its laws were strictly obeyed, because he was devout and hated evil. 2 The kings of Syria and Egypt honored the Temple and presented it with expensive gifts, 3 and King Seleucus,[b] ruler of all Asia, even used to pay the costs of the Temple sacrifices from the revenues he collected.

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Looking at the value of US notes, let's suppose it is represented here. The value of each gold coin in the vault changes by the minute! So how can this represent US notes in or out of circulation?

I think there must be other species of lawful money, and that US notes are only one form. Gold and Silver Eagles come to mind. So does all the gold and silver coinage ever minted. And what about bonds? If an instrument is capable of transferring title in goods completely, then isn't that lawful money?

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Originally Posted by Keith Alan

I think there must be other species of lawful money, and that US notes are only one form. Gold and Silver Eagles come to mind. So does all the gold and silver coinage ever minted. And what about bonds? If an instrument is capable of transferring title in goods completely, then isn't that lawful money?

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Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes. http://www.investopedia.com/terms/l/lawfulmoney.asp

JSTOR: Journal of Political Economy, Vol. 46, No. 1 (Feb., 1938), pp. 108-118 http://www.jstor.org/discover/10.230...21103310395473

Lawful money was money that banks could count toward satisfying their reserve requirements. Legal tender was any money that government would accept in payment of taxes. Some money was lawful money, but not all lawful money was legal tender. http://www.conspiracytheories.us/the...money-question

SPECIE. Metallic money issued by public authority. http://legal-dictionary.thefreedictionary.com/Specie

Money serves three purposes. It is a medium of exchange, a store of value and a unit of account. It is used to pay debts, purchase goods and services and is accepted by the government for taxes. Legal Tender laws are enacted to require people to use the government's money in payment of lawful debts among private citizens. http://stopprintingmoney.com/Learning/What_is_Money/


This proves that “Lawful Money” and “Legal Tender” are not the same. http://stormthunder.com/federal-rese...#axzz2posmsvMt

Currency. The coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes U.S. silver certificates, U.S. notes and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country. http://www.ffiec.gov/bsa_aml_infobas...tions_2010.pdf

Yes, legal tender and lawful money are different. I look at it this way: since a legal tender is an offer to pay but not payment, and since it is said to be good for all debts, public and private, then the recipient is presented with a choice as to which manner he accepts the offer. We also know that from 12 USC 411 that FRNs are redeemed on demand at the Federal Reserve banks or Treasury.

As of today, my idea is that persons who hold FRNs are likely to be Federal Reserve agents, so my making demand for payments in cash from agents, and the receipt declaring the demand, serves as notice of my demand.

I realize that I don't say the words, "lawful money is demanded. " However, my accepting the cash for value and declaring the debt as fully discharged, is the same thing in my mind. Remember, this is a cash receipt, and it is in my discretion to receive cash as legal tender or lawful money.

Edit-- I just realized this post isn't on topic with the thread. Apologies. If it needs to be deleted or moved I understand.

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Originally Posted by Keith Alan

I think there must be other species of lawful money, and that US notes are only one form. Gold and Silver Eagles come to mind. So does all the gold and silver coinage ever minted. And what about bonds? If an instrument is capable of transferring title in goods completely, then isn't that lawful money?

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Well, I guess that means I will dig around to find the full definition of United States currency notes.

31 USC 511

31 USC § 5115 - United States currency notes

US CodeNotesUpdates

Current through Pub. L.*113-31. (See*Public Laws for the current Congress.)(a)*The Secretary of the Treasury may issue United States currency notes. The notes—(1)*are payable to bearer; and(2)*shall be in a form and in denominations of at least one dollar that the Secretary prescribes.(b)*The amount of United States currency notes outstanding and in circulation—(1)*may not be more than $300,000,000; and(2)*may not be held or used for a reserve.

Edit-- In the notes: in the notes tab, the words “United States currency notes” are substituted for “United States notes” for clarity and consistency in the revised title.

Keith, while it may be educational to demand lawful money from ordinary citizens, and citizens may be construed as federal banks, that is not the way I read 12 USC 411. In fact the legal tender laws allow citizens to 'pay' you in FRN's. You have to take those FRN's to an actual chartered Federal Reserve branch bank to make your demand. This is why a general notice and demand statement placed into the public record works better: it states clearly that you do not deal in FRN's, and choose not to loan your credit to the federal government. Since FRN's circulate at par with US Notes (now US currency notes), you can use them without creating any new credit/debt, and they have no impact on income taxes, since there is no record of their use (that's actually a feature, not a bug). Your problem may be when you deposit those FRN's into a bank account; at that time you need to have served that bank with your demand, because they will convert that cash into digital credit, and report it to the IRS, who will want you to pay tax on it. That is why it is better to file a Notice and Demand covering all your financial transactions into the public record and serve it on your bank. It takes all transactions through that account out of the purview of Title 26, since it is clear that no private debt/money/credit was used, only public money, which is not taxable under Title 26.

Freed

As a man, i do not rely on ANY code to justify or back my claims. I did not create or write any codes nor am i competent to decipher any code. i also believe i am not required to know or learn any codes since i believe said codes do not bind me - i am not a part of the society of codes.

Any code citation should be presented "for your benefit only as your law in this regard." These codes sound like thus and so, however, i am not required to decipher them, nor can i.

We believe we are foreign to these codes, and the taxes said codes allegedly invoke, because we are man and we are unbound, save for the 'prisons' we make for ourselves. Will any man make a verifiable claim, on and for the record, that a man owes an 'IRS' debt? Will said man take on full liability for such a claim before witnesses in open court?

It is our responsibility to invoke and keep common law, common parlance and honorable man to man conversation in our court(s) at whatever venue we find ourselves.

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Originally Posted by Freed Gerdes

Keith, while it may be educational to demand lawful money from ordinary citizens, and citizens may be construed as federal banks, that is not the way I read 12 USC 411. In fact the legal tender laws allow citizens to 'pay' you in FRN's. You have to take those FRN's to an actual chartered Federal Reserve branch bank to make your demand. This is why a general notice and demand statement placed into the public record works better: it states clearly that you do not deal in FRN's, and choose not to loan your credit to the federal government. Since FRN's circulate at par with US Notes (now US currency notes), you can use them without creating any new credit/debt, and they have no impact on income taxes, since there is no record of their use (that's actually a feature, not a bug). Your problem may be when you deposit those FRN's into a bank account; at that time you need to have served that bank with your demand, because they will convert that cash into digital credit, and report it to the IRS, who will want you to pay tax on it. That is why it is better to file a Notice and Demand covering all your financial transactions into the public record and serve it on your bank. It takes all transactions through that account out of the purview of Title 26, since it is clear that no private debt/money/credit was used, only public money, which is not taxable under Title 26.

Freed

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I read it that way too, and the idea of using a cash receipt like this is just good business, in my opinion. It makes clear I'm releasing liability.

Do these pieces of paper actually carry value in them? I don't think they do, but they are the legal medium of exchange, so I accept them for what they are worth - my time.

I think that since I am the creditor in the deal, and I fully discharge the debt, there is no longer a running account, and the debt is set off, the account becomes settled and closed.

Once the account is closed, where is the US and Fed's security interests? I think they need to collect from their agent.

Now then, about publishing a public notice, as well as giving notice and demand to the Fed and Treasury, I'm in full agreement. But I also think that if someone uses one of these receipts, that will also serve as notice and demand.

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Originally Posted by Anthony Joseph

As a man, i do not rely on ANY code to justify or back my claims. I did not create or write any codes nor am i competent to decipher any code. i also believe i am not required to know or learn any codes since i believe said codes do not bind me - i am not a part of the society of codes.

Any code citation should be presented "for your benefit only as your law in this regard." These codes sound like thus and so, however, i am not required to decipher them, nor can i.

We believe we are foreign to these codes, and the taxes said codes allegedly invoke, because we are man and we are unbound, save for the 'prisons' we make for ourselves. Will any man make a verifiable claim, on and for the record, that a man owes an 'IRS' debt? Will said man take on full liability for such a claim before witnesses in open court?

It is our responsibility to invoke and keep common law, common parlance and honorable man to man conversation in our court(s) at whatever venue we find ourselves.

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I'm beginning to realize that the only law that matters is liberty; that if a man is free indeed, then he has nothing to fear from the color of law; that this freedom comes in degree directly proportional to the responsibility a man takes upon himself as a good steward in God's household.

The more I read up on this subject the more I'm convinced this is really a simple thing that is galactically mired in confusion to conceal the simple truth.

Article 1 section 8 clause 5 grants congress the exclusive power over money. Therefore any "money" that is not issued under the direct control of congress is subject to their regulatory powers and hence taxation.

Gold coin, Silver coin, Gold certificates, Silver certificates, greenbacks/USN's, and base metal coins were all issued by the treasury (All are lawful money of the united states/legal tender). State bank notes, national bank notes, and FRN's (FRN's are lawful money/legal tender) are/were not issued by the treasury but by the banks. The later are subject to regulation to control their issuance as they were outside the direct control of congress.

This is not my speculation. It is spelled out rather clearly on page 305 of the US constitution annotated found here: https://bulk.resource.org/gpo.gov/co...n/2002/011.pdf

The first 2 cases in the foot notes make it clear to me anyway.

McCulloch v. Maryland 17 U.S. 316: Allows congress to charter banks (Think federal reserve)

Veazie Bank v. Fenno 75 U.S. 533: Allows congress to restrain (TAX) circulation of notes not issued under its own authority

Thoughts?