To this one it means absolutely nothing. This one sees it as irrelevant. This one is not a Federal reserve bank, a member of the Federal reserve system, or a Federal reserve agent. This one is questioning how these entities can get away with using Federal reserve notes beyond the purpose as clearly stated and finalized with “and for no other purpose.” Can you show where in 12 § 411 or elsewhere in the code that there is any statement that this section applies to this one or an average Joe Sixpack?
Thank you for your time.
RThomas
Lawful money, as I understand it, is non-self-bonding currency. The line, in my opinion, is the required remedy from the entire FED Act, and subsequent code, written in as the culpability dodge from enslaving a population via debt; those who facilitate the system can always point to the remedy if ever any charges of crimes are brought against them.
The line cannot be "irrelevant" or "nothing", as you put it, or why put it in at all? The "and for no other purpose" line is accurate when one signature bonds one's self to the credit or currency; essentially anyone who signature endorses is a FED Bank and subject to all the rules and regulations thereof.
Section 16 of the 1913 FED Act explains that one has the right of choice to NOT be a FED Bank and to NOT bond one's self as chattel behind the priavte credit of the FED by demanding lawful money instead. The demand, when properly formed on and for the record, is all that is required by law to avoid the obligations and liabilities of the private credit and currency of the Federal Reserve.
The section does not apply to you, or an average Joe Sixpack, unless the privilege of using private credit is initiated. Signature endorsment (self-bonding) is the act that initiates. If one handles and uses FRN paper without such self-bonding endorsment, then the only line that applies is the written-in remedy FROM THE ACT:
"They shall be redeemed in lawful money on demand..."
The rest does not apply at all.
The paper one holds then IS lawful money which is PUBLIC money and not subject to the PRIVATE law of the Federal Reserve system. There are two distinct seals and two signatures on every FRN which denotes the dual nature of the paper; it can serve as private FED currency or it can serve as public lawful money. The one holding and using it has the power to decide which role and character it will play.
There must be a choice, and a remedy available, when such a system is as imposing and all-encompassing as the Federal Reserve is.
Here is more that this one sees:
TITLE 12--BANKS AND BANKING
CHAPTER 1--THE COMPTROLLER OF THE CURRENCY
Sec. 1. Office of Comptroller of the Currency
There shall be in the Department of the Treasury a bureau charged
with the execution of all laws passed by Congress relating to the issue
[[Page 2]]
and regulation of a national currency secured by United States bonds
and, under the general supervision of the Board of Governors of the
Federal Reserve System, of all Federal Reserve notes, except for the
cancellation and destruction, and accounting with respect to such
cancellation and destruction, of Federal Reserve notes unfit for
circulation, the chief officer of which bureau shall be called the
Comptroller of the Currency, and shall perform his duties under the
general directions of the Secretary of the Treasury. The Comptroller of
the Currency shall have the same authority over matters within the
jurisdiction of the Comptroller as the Director of the Office of Thrift
Supervision has over matters within the Director's jurisdiction under
section 1462a(b)(3) of this title. The Secretary of the Treasury may not
delay or prevent the issuance of any rule or the promulgation of any
regulation by the Comptroller of the Currency.
This one sees the above as stating that ‘their’ national currency is under the direct enforcement of regulations by a bureau of ‘their’ ‘Department of the Treasury.’
This one sees the above as stating that ‘their’ federal reserve notes are under the same such bureau but, also under the ‘general’ supervision of ‘their’ Federal reserve system’s ‘Board of Governors.’
Thus, ‘their’ national currency and ‘their’ federal reserve notes are not deemed by ‘them’ to be the same. The enforcement for each falls under different supervision. The only logical conclusion this one can see is that Federal reserve notes are not considered by ‘them’ to be a national currency.
RThomas
Last edited by RThomas; 09-09-11 at 05:34 AM.