I've been very busy for these last few months, so I haven't taken the time to do much reading. It's been good though, because I find that many of the concepts talked about here have solidified in my mind, and I think I have a better understanding of demanding lawful money and the private/public credit system.

However, I'm worried I might have understood some things incorrectly, so I want to post about my understanding of a few things, just to see if I'm understanding correctly.

First concerning deposits. My understanding is that typically, deposits are bailments, with the bank actually taking possession and title of the funds deposited. Still, the bank owes the depositor the return of funds on demand, so essentially it amounts to extending credit to the bank, correct?

Non-endorsing a deposit changes the nature of the deposit. While still a bailment, the credit being extended is not Federal Reserve credit, but rather US credit, correct?

Which brings me to my second understanding. The Fed issues private credit in the form of Federal Reserve notes, and in money of account banking credit, correct?

The United States Treasury issues US notes, which represent United States credit, correct?

So in effect, there are two species of credit contained on one Federal Reserve note, depending on how the holder wishes to use them. It is normally presumed to be private credit, but making the demand converts it to public credit, correct?

So if a depositor makes his demand, he is depositing lawful money with the bank, which cannot be used for fractional reserve lending because it is credit foreign to the bank, correct?

And since it is not private credit, it is not income. This is to say that receiving income must be defined as the receiving of private credit. Receiving public credit is not income, but rather an exchange substance.

I hope I have these right, because if I do, I believe I have a good handle on the situation. Any controversies that might arise can be resolved by my understanding the relationships I have with the Fed, the Treasury, and their negotiable instruments that I might happen to hold. Any feedback you might have is greatly appreciated, so let me extend my heartfelt gratitude in advance: Thank you!