Basis in Law

[American_National]

David,

Do you have a URL reference to an online copy of a Public Law or act of Congress that initially established the $300 MILLION Dollar limit on United States issues of the "United States (currency) notes" that are present-day described in 31 U.S.C. ?5115(b)(1), please?

http://www.law.cornell.edu/uscode/text/31/5115
31 USC ?5115
(a) The Secretary ofthe Treasury may issue United States currency Notes. The notes—
(1) are payable to bearer; and
(2) shall be in a form and indenominations of at least one dollar that the Secretary prescribes.
(b) The amount of United States currency notesoutstanding and in circulation—
(1) may not be more than $300,000,000; and
(2) may not be held or used for a reserve.

The notes section states that the words “United States currency notes” are substituted for “United States notes” for clarity and consistency in the revised title.

Also, per the United States Treasury website, under the subheading of “What are United States Notes and how are they different from Federal Reserve notes?” we find the following important information:

“Because United States Notes serve no function that is not already adequately served by Federal Reserve Notes, their issuance was discontinued, and none have been placed into circulation since January 21, 1971.” http://www.treasury.gov/resource-cen...al-tender.aspx

I can see why the Treasury had to publish the above statement seeing as how there are $239 MILLION Dollars in "United States notes" currently outstanding and in circulation. (see page 11 of the September 2012 .pdf report for the sum of United States notes currently outstanding and remaining in circulation http://www.treasurydirect.gov/govt/r...opdm092012.pdf)

United States (currency) note issues were discontinued and none have been placed into circulation due to the fact that the Treasury thinks that $61 MILLION remains outstanding and in circulation - if you don't count the $25 million in United States Notes issued prior to July 1, 1929, that was determined pursuant to Act of June 30, 1961, 31 U.S.C. 5119, to have been destroyed or irretrievably lost. (see note 13 on page 15 of the above monthly report.)