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Thread: Redeeming Lawful Money on Daily Paul

  1. #1

  2. #2
    The Dailypaul is where I first encountered you , Mr. Merril. You have set me on a new course. Thank you!

  3. #3
    Quote Originally Posted by DebasedCurrency View Post
    The Dailypaul is where I first encountered you , Mr. Merril. You have set me on a new course. Thank you!
    Thank you! People benefitting from law and my intellectual property is quite rewarding.

  4. #4

    Questions

    Ok, I found this site through DailyPaul and am beginning the process. By the way, this is incredibly exciting. (I have also posted the questions on DailyPaul, but haven't heard a reply, so here goes...)

    1. If "in elastic" currency, us bank notes, is fixed at 300 million, what happens if/when there are enough suitors demanding their lawful money to exceed that number?

    2. I receive personal checks/money orders etc in the line of business I am in, can these be redeemed with lawful money?

    3. Can I write a check demanding the pay or redemption of said check be paid or disbursed in lawful money?

    4. Now, I've heard it both ways... since Federal Reserve notes have a prior lien on them, people stamp all their cashed paychecks this way, and don't have to pay income tax because they aren't receiving real money. I've heard it the other way, people claim to be paid the demand that payment in lawful money, which cannot be withheld or used as payment for interest on the national debt, so therefore don't have to pay the IRS.

  5. #5
    Name:  LMCodeDeposit.jpg
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    I have been redeeming lawful money since early Dec 2012. I have not had a single question from any teller yet. They don't even blink! Once I started redeeming LM, my deposits started having different codes instead of saying "Deposit" there. It takes about 3-4 days but then it eventually reads "Deposit".
    The officer who set up my bank account (from a business account transformed into a non-interest bearing customer account) said he wasn't sure if I could annotate the card. He is a 22 year old kid! He told me to ask the legal department who, when I got in touch with them OBVIOUSLY told me I can't do it... why would they want me to be able to deposit money they can't fractionally lend on??
    Anyhow, here's what I need to put on the contract soon, or send a certified document stating thats how it will be. Either way, I ONLY deposit lawful money.

    Picture of the disclaimer on the note was an actual 1990 series $20 FRN I had and am kicking myself for spending, as I used to use it to enlighten people. I CANNOT find a duplicate image showing the date on the web. I have found up to a 1960 or 1980 full disclaimer on the web. The bills with the full disclaimers appear to be a variation after 1960-1980 (not sure) as some have the full disclaimer and most do not, but it appears ALL had them 1960 and prior (This is anecdotal evidence from me searching).

  6. #6
    I also dont make "copies" of these. I use my iphone and snap a pic, front and back and have created a separate gmail accounts for all my documenting needs. I have one that is "income" only. Each account is a free 10gig storage space. I do the same for all my receipts, because if I dont get it logged IMMEDIATELY, it gets lost. Heres the contract and how I SHOULD'VE annotated it
    Name:  photo (8).jpg
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  7. #7
    Quote Originally Posted by mikecz View Post
    Ok, I found this site through DailyPaul and am beginning the process. By the way, this is incredibly exciting. (I have also posted the questions on DailyPaul, but haven't heard a reply, so here goes...)

    1. If "in elastic" currency, us bank notes, is fixed at 300 million, what happens if/when there are enough suitors demanding their lawful money to exceed that number?

    2. I receive personal checks/money orders etc in the line of business I am in, can these be redeemed with lawful money?

    3. Can I write a check demanding the pay or redemption of said check be paid or disbursed in lawful money?

    4. Now, I've heard it both ways... since Federal Reserve notes have a prior lien on them, people stamp all their cashed paychecks this way, and don't have to pay income tax because they aren't receiving real money. I've heard it the other way, people claim to be paid the demand that payment in lawful money, which cannot be withheld or used as payment for interest on the national debt, so therefore don't have to pay the IRS.
    Question #1 is interesting. My theory is, when demand is made, US notes are created by operation of law. The one making the demand invokes the remedy, and Treasury issues the currency, albeit indirectly. Just a thought. I'm sure others have better thoughts on that.

  8. #8
    Quote Originally Posted by Keith Alan View Post
    Question #1 is interesting. My theory is, when demand is made, US notes are created by operation of law. The one making the demand invokes the remedy, and Treasury issues the currency, albeit indirectly. Just a thought. I'm sure others have better thoughts on that.
    This is where the treasury secretary invokes the bank holiday, at least that is what I was thinking.

    Any further answers on questions 2 - 4? The question regarding an IRS stance on lawful money I feel is important.

  9. #9
    Quote Originally Posted by mikecz View Post
    Ok, I found this site through DailyPaul and am beginning the process. By the way, this is incredibly exciting. (I have also posted the questions on DailyPaul, but haven't heard a reply, so here goes...)

    1. If "in elastic" currency, us bank notes, is fixed at 300 million, what happens if/when there are enough suitors demanding their lawful money to exceed that number?

    2. I receive personal checks/money orders etc in the line of business I am in, can these be redeemed with lawful money?

    3. Can I write a check demanding the pay or redemption of said check be paid or disbursed in lawful money?

    4. Now, I've heard it both ways... since Federal Reserve notes have a prior lien on them, people stamp all their cashed paychecks this way, and don't have to pay income tax because they aren't receiving real money. I've heard it the other way, people claim to be paid the demand that payment in lawful money, which cannot be withheld or used as payment for interest on the national debt, so therefore don't have to pay the IRS.
    A specialized Libel of Review is in process demanding that the US note be unpegged from the FRN. Otherwise I agree that #1 would likely result in a bank holiday. Not so much because of the US note though, just because that is what state banks were about to do in 1933 causing that bankers' holiday.

    #2. Because of confusion to newbees I think I should say that Congress has pegged the US note in value to the FRN. Therefore your act of redemption is limited to making your demand. Make your demand. I do not think there is anything anywhere saying you cannot demand stuff.

    #3 Yes! That is what we are saying. Welcome and enjoy reading about it here on StSC.

    #4 ??

    Please try rephrasing that.

  10. #10
    I believe the question for #4 is, "Is redeemed lawful money taxable income?"

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