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Thread: Redemption of Lawful Money at US Bank

  1. #21
    Thank you for bringing your inquiries to an appropriate thread.

    The Contract you sign is naked. What that means is that the agreement is to be constructed or construed. I suppose that the Agreement is really framed in the Federal Reserve Act of 1913 but at that time it was for Fed banks, including state and other banks as described in the Fed Act. In 1933 when FDR saved the Fed from the expiration of the 20-year charter the greatest pronunciation of the Contract is probably:



    Quote Originally Posted by freedave View Post
    That is good that several people are finding the remedy to be beneficial.

    Are you saying that if one endorses a check, one is signing a contact? If so, how would one find out what the contract is?

    And how would one endorse cash in any form, or did you mean use cash in any form?

    When you receive cash and are asked to sign for it - that is likely what I meant. At stores, when I get a cash refund I just sign "Lawful Money" anymore.

    What is the nature of the private credit -- is it something the user (other than the U.S. Gov't) is required to pay back?

    I have never studied into the nature of private credit in depth. There is a great court case citation though, actually several expressing that if you use somebody's private credit to purchase something, there is residual ownership of the items bought with whoever granted you the credit.

    What does FDR saving the Fed from the run in 1933 have to do with accepting private credit?

    That is how the option became available to you. Or you became like a Fed bank, whichever is clearer.

    Where is the contact stating that there is a fee for accepting private credit?

    You create that agreement by signing and filing a 1040 Form. Well actually the W-4 or 1099 causes you to have Withholdings taken from you that you wish to recover.

    Where is the contact stating that there is a fee for using this private credit to purchase goods and services or for any other use?
    The fee schedule is integrated into the 1040.

  2. #22
    Quote Originally Posted by freedave View Post
    In my last post, "contact" should be "contract."
    Look carefully and you should find an Edit button somewhere around your post, while you are logged in anyway. I bet that is what happened. You were not logged in when you noticed no editing function.

  3. #23
    "When you receive cash and are asked to sign for it - that is likely what I meant. At stores, when I get a cash refund I just sign..."

    I understand that.

    But I don't see from your response that there is any contract or that what happened in 1933 created a contract or has anything to do with accepting private credit or that I became a Fed bank or that a fee for using this private credit is incorporated into the 1040 form.

    Is there any simpler, more direct, more conclusive data or evidence available?

  4. #24
    Quote Originally Posted by 12 USC 411
    Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized.
    freedave, do you hold and use Federal Reserve Notes?

  5. #25
    Thank you for your response, Earl.

    Is the implication here that if individuals are using them they are either doing so illegally or that they are Federal reserve banks?

    Yes, I do you hold and use Federal Reserve Notes.

  6. #26
    Quote Originally Posted by freedave View Post
    Thank you for your response, Earl.

    Is the implication here that if individuals are using them they are either doing so illegally or that they are Federal reserve banks?

    Yes, I do you hold and use Federal Reserve Notes.
    Well, the statute is written right there -- as I have pasted to you. That is the issuance of Federal Reserve Notes.

    Quote Originally Posted by 12 USC 411
    The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues.
    Since you are using and holding Federal Reserve Notes, you are in possession of obligations.
    Last edited by Richard Earl; 12-31-11 at 04:31 AM. Reason: and please, call me Richard :)

  7. #27
    Since you are holding and using Federal Reserve Notes, you are holding an advance or credit.

    The obligations become many.

    Quote Originally Posted by 12 USC 411
    They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
    When they are redeemed, the obligations remain with the United States and the Federal Reserve banks.

  8. #28
    Quote Originally Posted by Richard Earl View Post
    Since you are holding and using Federal Reserve Notes, you are holding an advance or credit.

    The obligations become many.



    When they are redeemed, the obligations remain with the United States and the Federal Reserve banks.
    Technically when you redeem your paychecks you reduce the national debt rather than raise it. I like your explanation! It makes it seem so simple to understand. One way I have been saying it is that fully bonded FRNs function like lawful money. The question is whether or not you pledged your own substance during the initial transaction?

  9. #29
    Quote Originally Posted by Richard Earl View Post
    Well, the statute is written right there -- as I have pasted to you. That is the issuance of Federal Reserve Notes.

    Since you are using and holding Federal Reserve Notes, you are in possession of obligations.
    Obligations of the United States to whom?

  10. #30
    An advance or credit from the Federal Reserve to the United States?

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