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?