Oregon Constitution Article XI Sec. 1

[David Neil]

In my research I came across this:
Section 1. Prohibition of state banks. The Legislative Assembly shall not have the power to establish, or incorporate any bank or banking company, or monied [sic] institution whatever; nor shall any bank company, or instition [sic] exist in the State, with the privilege of making, issuing, or putting in circulation, any bill, check, certificate, prommisory [sic] note, or other paper, or the paper of any bank company, or person, to circulate as money.–

How is it you think that BofA (any bank company)writes checks and issues loans in this state???

[allodial]

The Division of Finance & Corporate Securities (DFCS) charters, examines, and regulates state-chartered banks and trust companies doing business in Oregon.

As of September 30, 2013, there were 24 state-chartered banks.

In addition, there were 3 trust companies and/or bank trust departments providing trust services in Oregon.

Bank of America would be under a U.S. charter and might be construed to have an 'exemption' of some kind. As for the 24 state-chartered banks you might want to write head of Oregon Division of Finance and Corporate Securities (DFCS) and inquire.

[Chex]

In my research I came across this: How is it you think that BofA (any bank company)writes checks and issues loans in this state???

Section 1. Prohibition of state banks (Outlawing of state banks). The Legislative Assembly shall not have the power to establish, or incorporate (to unite or work into something already existent ) any bank or banking company (A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning), or monied (having money) [sic] institution whatever; nor shall any bank company (a financial institution that accepts deposits and channels the money into lending activities), or institution (an organization or establishment founded for a specific purpose)[sic] exist in the State (where you live), with the privilege of making, ( the rest is paper with numbers on it) issuing, or putting in circulation, any bill, check, certificate, promissory [sic] note, or other paper, or the paper of any bank company, or person, to circulate as money.–

My interpretation is the FRB wrote this for the state of Oregon's government and I'm sure for the rest of the other states governments can’t print their own (lawful) money, because congress left a private corporation in charge.

It might be that Bofa might be using checks issued from the FRB, don't quote me on this.

[Keith Alan]

Banking in 'the' State isn't necessarily banking in 'this' State. Banking is interstate commerce.

[Chex]

Banking in 'the' State isn't necessarily banking in 'this' State. Banking is interstate commerce.

No doubt interstate commerce. The Oregon Constitution (1857), The Sherman Act (1890) followed by the Clayton Act (1914) made illegal any acts that tended to interfere in free competition between and among industries, businesses, and all interstate commercial ventures.

[Chex]

Banking is interstate commerce.

More on interstate commerce.

"More than $65 million a day flows through that office." Shoffner who received thousands in cash gifts from Steele Stephens, a broker who made $2.5 million in commissions from deals with the office.

Shoffner's trial on extortion charges is expected to be completed today. Can her attorneys persuade a jury that cash gifts were just smelly actions of a friend helping a friend in need, or a crime?


The most interesting element of coverage today was a remark from Judge Leon Holmes that said defense attorneys had raised interesting questions of federal jurisdiction in the matter and that he might take briefs on the point if a verdict goes against Shoffner.

Defense attorney Grant Ballard then moved for acquittal, arguing that interstate commerce was not involved, no federal money was involved (may just be ) and no specific quid-pro-quo agreement existed between Shoffner and Stephens, so the requirements for federal extortion and bribery charges had not been met.

Assistant U.S. Attorney Stephanie Mazzanti argued that interstate commerce was affected by the bond trades that Shoffner allowed Stephens to conduct, that the money the state treasurer’s office uses for investments includes some federal funds, and that Shoffner did approach Stephens with a request for financial help which he then provided and for which he received increased business and, consequently, commissions.

U.S. District Judge Leon Holmes said he would take the arguments under advisement and revisit them in the event of a guilty verdict.

From, http://www.arktimes.com/ArkansasBlog...asurers-office

2010 Arkansas Code
Title 14 - Local Government
Subtitle 2 - County Government
Chapter 23 - Claims Against Counties
Subchapter 1 - General Provisions
§ 14-23-106 - Allowance of more than amount due unlawful.
http://law.justia.com/codes/arkansas...r-1/14-23-106/

It will be interesting to read U.S. District Judge Leon Holmes verdict.

[allodial]

More on interstate commerce.

"More than $65 million a day flows through that office." Shoffner who received thousands in cash gifts from Steele Stephens, a broker who made $2.5 million in commissions from deals with the office.

Shoffner's trial on extortion charges is expected to be completed today. Can her attorneys persuade a jury that cash gifts were just smelly actions of a friend helping a friend in need, or a crime?


The most interesting element of coverage today was a remark from Judge Leon Holmes that said defense attorneys had raised interesting questions of federal jurisdiction in the matter and that he might take briefs on the point if a verdict goes against Shoffner.

Defense attorney Grant Ballard then moved for acquittal, arguing that interstate commerce was not involved, no federal money was involved (may just be ) and no specific quid-pro-quo agreement existed between Shoffner and Stephens, so the requirements for federal extortion and bribery charges had not been met.

Assistant U.S. Attorney Stephanie Mazzanti argued that interstate commerce was affected by the bond trades that Shoffner allowed Stephens to conduct, that the money the state treasurer’s office uses for investments includes some federal funds, and that Shoffner did approach Stephens with a request for financial help which he then provided and for which he received increased business and, consequently, commissions.

U.S. District Judge Leon Holmes said he would take the arguments under advisement and revisit them in the event of a guilty verdict.

From, http://www.arktimes.com/ArkansasBlog...asurers-office

2010 Arkansas Code
Title 14 - Local Government
Subtitle 2 - County Government
Chapter 23 - Claims Against Counties
Subchapter 1 - General Provisions
§ 14-23-106 - Allowance of more than amount due unlawful.
http://law.justia.com/codes/arkansas...r-1/14-23-106/

It will be interesting to read U.S. District Judge Leon Holmes verdict.

State Treasurer's office != chartered bank. Arkansas might have different perspective on state banks than Oregon.

[Chex]

State Treasurer's office != chartered bank. Arkansas might have different perspective on state banks than Oregon.

Federal government customer, state government customer it’s all the same just different rules.

[Brian]

Here is another fun little Oregon nugget: http://www.oregonlaws.org/ors/652.110

652.110¹
Method of paying employees

• agreement on method of payment
• revocation of agreement

(1) A person engaged in any business or enterprise of any kind in this state may not issue, in payment of or as evidence of indebtedness for wages due an employee, any order, check, memorandum or other instrument of indebtedness unless the instrument is negotiable and payable without discount in cash on demand at some bank or other established place of business in the county where the employee lives or works and where a sufficient amount of funds have been provided and are or will be available for the payment of the instrument when due. The person shall, upon presentation and demand, pay the instrument in lawful money of the United States.

Then the subsequent sections of that statue go on to lay ways for you to hang yourself.

[David Neil]

Thank you all, I just got back on line after hiatus and am particularly interested in following up with more research given the leads so far