Just happened on this in conversation, supposedly there are FRN's denoted "federal", and "Federal" ..???
"Federal" probably being Money of "this STATE"
choice of money = choice of Law ....
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Just happened on this in conversation, supposedly there are FRN's denoted "federal", and "Federal" ..???
"Federal" probably being Money of "this STATE"
choice of money = choice of Law ....
As opposed to the dual use FRN depiction?
P.S. Or as another way to say it?
Good to have you back around here BY!
415-FRn’s appear to be private currency of the Federal Reserve banks that are not expressly suitable for paying taxes, and aren’t redeemable in “lawful money” (gold or silver coin).Quote:
Originally Posted by David Merrill
https://www.law.cornell.edu/uscode/text/12/415
United States Code o TITLE 12 – BANKS AND BANKING
+ CHAPTER 3 – FEDERAL RESERVE SYSTEM
# SUBCHAPTER XII – FEDERAL RESERVE NOTES [All caps; impossible to know if they mean “Federal Reserve Notes,” “Federal reserve notes,” or “Federal Reserve notes”.]
U.S. Code as of: 01/19/04
12 U.S.C. Section 411. Issuance to reserve banks; nature of obligation; redemption
[the actual text of Section 411:]
“Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.”
[The text of Section 411 with my inserted comments:]
Federal reserve notes [Note that the “F” in “Federal reserve notes” is capitalized—but probably as the first word in the sentence. The “r” in “reserve” and “n” in “notes” are not capitalized. Thus, 12 USC 411 may deal with “Federal reserve notes” but probably deals with “federal reserve notes”. Contrast the Section 411 reference to “federal reserve notes” to the 12 USC 415 (infra) reference to “Federal Reserve notes”. Is this difference in capitalization a grammatical error or are there two (or more?) kinds of “federal reserve notes”? I find it hard to believe that there are any grammatical errors in code sections that are so critical—especially grammatical errors that may have remained uncorrected over a period 74 years.], to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances [“advances” of what? Credit?] to Federal reserve banks through the Federal reserve agents [who the heck is that? Is anyone who uses FRNs or operates a bank account presumed to be such “agent”?] as hereinafter set forth [where?] and for no other purpose, are authorized. [First, what, exactly, does “authorized” mean? Second, the “federal reserve notes” of 12 USC 411 (411-frn’s) are “authorized” for a single purpose—but there is no similar “single purpose” restriction on Section 415 “Federal Reserve notes” (415-FRn’s, below). What would happen if you were to expressly use 411-frn’s for some other purpose, or if you challenged any use for any other “purpose” as illegal?] The said notes [411-frn’s] shall be obligations of the United States and shall be receivable [= “receivables”??] by all national [??] and member banks [“member” of what?] and Federal reserve banks and for all taxes, customs, and other public dues.
[These 411-frn’s are “receivable” (“receivables”?) 1) by the national, member and FR banks; and 2) for all taxes, customs and “other public dues”.