Quote Originally Posted by David Merrill View Post
If so, these questions arise:

What is done to refuse private credit if one receives electronic deposits from companies that are not local to them, or receives a check in the mail and cannot go to the bank upon which it is drawn?

This may be done on the Signature Card or through Payroll where you work. Just go correct your Authorizing Signature to make Demand for Lawful Money on all transactions. Be aware though, you have to be confident and polite - not demanding with your employer. Don't get yourself fired because you are obstinant.

They shall be redeemed in lawful money on demand...

Any way you can get your demand on the record will suffice. So let's say Payroll tells you that you cannot change or specially sign your Signature Card for Direct Deposit. Ask for paychecks? If they do not want to do that, request that they make note that you requested it? Any way to make the record show your intent - after that you are redeeming lawful money.



Will the bank only give me cash, or does the money in my account now represent in-elastic money by some accounting process?


This is only when you are getting cash in hand.

Ever notice how Office Max or PetSmart will have you sign for cash? They want you to endorse that it is private credit. I enjoy messing with them about it. Used to anyway. Now I just sign, Lawful Money and move on.
Hi David, Thanks for your reply. I am not sure what you are referring to when you wrote "This is only when you are getting cash in hand"?

I work from home and receive payments through Clickbank, PayPal and a couple other sources. So I am still not clear if the money is private money when they pay me, or does it become private money when I spend it? This isn't clear to me because if I am getting a check on a local bank, it is when I endorse it - so it is in a sort of limbo (for a few minutes, lol!) from the time of receipt to the time of cashing/depositing. Is that correct?

Around here, if I get cash back at a store, I don't have to sign for it. I was thinking that once it is in a bank account, it is private money. In video one, in the article it says it would be "advantageous" to use cash and postal money orders. Oh, that is another question I have about paying a mortgage. Would paying the monthly payments with a postal money order be paying it with public money, therefore actually buying it instead of discharging the debt with private money?

Thanks,
es