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Thread: History of paper currency Part 1 of 2

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    History of paper currency Part 1 of 2

    History of paper currency.

    Part 1


    Part 2





    >A writ commanding something to be done<

    traditional fiat side .............LOL
    Last edited by Chex; 02-01-13 at 09:47 PM.

  2. #2
    Great videos, I have many old notes and its interesting how verbage was added and more importantly removed over the years...generations. Once they convinced all that frns were "money" it was print, print, print. In part 2 go to the 3min30sec mark and that opened my eyes up....THIS NOTE IS A LEGAL TENDER AT ITS Face Value for all Debts Public and Private, except Duties on Imports and Interest ON THE PUBLIC DEBT. How does this relate to 12USC411? And also Redeemed in Lawful Money was'nt removed from the frns, at least the 20's that I have untill the 1960's.

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    I've yet to look at the videos but Marco Polo had interesting mentions about paper or wooden (same thing) currency of Genghis Khan.
    All rights reserved. Without prejudice. No liability assumed. No value assured.

    "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
    "It is the glory of God to conceal a thing: but the honour of kings is to search out a matter." Proverbs 25:2
    Prove all things; hold fast that which is good. Thess. 5:21.

  4. #4
    Quote Originally Posted by allodial View Post
    Genghis Khan?
    Money

    Sam Charles says: I have many old notes and its interesting how verbage was added and more importantly removed over the years...generations. Once they convinced all that frns were "money" it was print, print, print. In part 2 go to the 3min30sec mark and that opened my eyes up....THIS NOTE IS A LEGAL TENDER AT ITS Face Value for all Debts Public and Private, except Duties on Imports and Interest ON THE PUBLIC DEBT. How does this relate to 12USC411? And also Redeemed in Lawful Money was'nt removed from the frns, at least the 20's that I have untill the 1960's.


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    Social Security Number Not Required




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    Quote Originally Posted by sam charles View Post
    Great videos, I have many old notes and its interesting how verbage was added and more importantly removed over the years...generations. Once they convinced all that frns were "money" it was print, print, print. In part 2 go to the 3min30sec mark and that opened my eyes up....THIS NOTE IS A LEGAL TENDER AT ITS Face Value for all Debts Public and Private, except Duties on Imports and Interest ON THE PUBLIC DEBT. How does this relate to 12USC411? And also Redeemed in Lawful Money was'nt removed from the frns, at least the 20's that I have untill the 1960's.

    This website is not a formal academia for systems of thought. Therefore we can be flexible and play with mental models some of which may fail but many that will help us get a better understanding of remedy.

    The one that I am enjoying lately is ministerial authority. You begin to move in the authority of a public minister (for the public trust) as you redeem lawful money. The language works both ways - rather than to redeem FRNs you are redeemed yourself in the lawful money system.

    This could be easily ridiculed as subjective and biblical. A false balance is an abomination to the LORD but a just weight is His delight. The metaphysic is that since you become pleasant to the Creator and His natural law, you will discover a certain authority will develop around you to remain that way, outside the Federal Reserve system of currency (elastic currency).

    I think this will apply to the verbiage you find on those bills quite nicely.
    Last edited by David Merrill; 02-05-13 at 03:22 PM.

  7. #7
    Above The Law



    We can print:Faster now more than ever, we have a new printer his name is Ben.

    Last edited by Chex; 02-05-13 at 03:35 PM.

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    And be it further enacted, that it shall be lawful for any person or persons to bring to the said mint gold and silver bullion in order to their being coined; and that the bullion so brought shall be there assayed and coined as speedily as may be after the receipt thereof,

    and free of expense to the person or persons by whom the same shall have been brought.
    And as soon as the said bullion shall have been coined, the person or persons by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of

    bullion which shall have been so delivered,

    weight for weight, of the pure gold or pure silver therein contained:

    Provided nevertheless, That it shall be at the mutual option of the party or parties bringing such bullion, and of the director of said mint, to make an immediate exchange of coins for standard bullion,

    with a deduction of one half percent from the weight of the pure gold, or

    pure silver contained in the said bullion,

    as an indemnification to the mint for the time which will necessarily be required for coining the said bullion, and for the advance which shall have been so made in coins.

    And it shall be the duty of the Secretary of the Treasury to furnish the said mint from time to time whenever the state of the treasury will admit thereof,

    with such sums as may be necessary for effecting the said exchanges, to be replaced as speedily as may be out of the coins which shall have been made of the bullion for which the monies so furnished shall have been exchanged;

    and the said deductions of one half percent. shall constitute a fund towards defraying the expenses of the said mint.

    Section 9. And be it further enacted, That there shall be from time to time struck and coined at the said mint, coins of gold, silver, and copper, of the following denominations, values and descriptions, viz.
    •EAGLES —each to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure, or two hundred and seventy grains of standard gold.
    •HALF EAGLES —each to be of the value of five dollars, and to contain one hundred and twenty-three grains and six eighths of a grain of pure, or one hundred and thirty-five grains of standard gold.
    •QUARTER EAGLES —each to be of the value of two dollars and a half dollar, and to contain sixty-one grains and seven eighths of a grain of pure, or sixty-seven grains and four eighths of a grain of standard gold.
    •DOLLARS OR UNITS —each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.
    •HALF DOLLARS —each to be of half the value of the dollar or unit, and to contain one hundred and eighty-five grains and ten sixteenth parts of a grain of pure, or two hundred and eight grains of standard silver.
    •QUARTER DOLLAR —each to be of one fourth the value of the dollar or unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain of pure, or one hundred and four grains of standard silver.
    •DISMES —each to be of the value of one tenth of a dollar or unit, and to contain thirty- seven grains and two sixteenth parts of a grain of pure, or forty-one grains and three fifths parts of a grain of standard silver.
    •HALF DISMES —each to be of the value of one twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts of a grain of pure, or twenty grains and four fifths parts of a grain of standard silver.
    •CENTS —each to be of the value of the one hundredth part of a dollar, and to contain eleven penny-weights of copper.
    •HALF CENTS —each to be of the value of half a cent, and to contain five penny-weights and a half a penny-weight of copper.

    And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of the fine gold or fine silver therein contained, or shall be of less weight or value than the same out to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offenses, shall be deemed guilty of felony, and shall suffer death.

    N.Y., July 25, 1864.
    SIR: Will you please define what is meant by United States Bonds in section 110, new law? http://www.nytimes.com/1864/08/07/ne...tes-bonds.html

    Monday, Sept. 28, 1931
    Think of Britain, whose people have long been the world's bankers, as a bank in itself. What happened last week, what has been happening since June, was a run on that bank, which could not be stopped. Britain the Bank, with great resources in goodwill and foreign investments,* did not have the gold to meet the cash demands of her international depositors. While there still was enough gold in the vaults to assure the Government's foreign obligations, the directors, otherwise the National Cabinet of Ramsay MacDonald, refused to pay out gold to...
    Read more: http://www.time.com/time/magazine/ar...#ixzz2LHtCIk5t

    Monday, Mar. 20, 1933
    When the Press trooped in to see what manner of man this was that President Roosevelt had called from the Presidency of American Car & Foundry to run the Treasury at a moment of greatest national emergency, they found small William Hartman Woodin, his eyes as blue as his shirt and collar, his cupid mouth pursed in an easy little smile, sitting informally on the edge of his desk, swinging his legs. Piped a pert newshawk: "Mr. Secretary, you're in a pretty hot spot, aren't you?" The brand-new Secretary reached down...
    Read more: http://www.time.com/time/magazine/ar...#ixzz2LHw0aytV

    Monday, Oct. 02, 1933
    Louder than ever boomed the guns of currency inflation last week on the Washington front. The dollar was down to 63¢ gold. Many a Wall Streeter thought this figure already discounted actual devaluation, doubted if direct inflation would boost prices appreciably or hold them up. Oklahoma's Senator Thomas, field marshal of the inflationary forces, was loosely threatening a march of 1,000,000 men on Washington unless there was a great outpouring of printing-press money. His polls of Congress showed a 20-to-1 sentiment in favor of quick inflation. Nevada's Senator Pittman tried to interest the...
    Read more: http://www.time.com/time/magazine/ar...#ixzz2LHtp5ozg

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    Monday, Nov. 13, 1933
    Fortnight ago R. F. C. Chairman Jesse Jones boosted the price paid U. S. miners for gold, thereby squeezed the gold value of the dollar from 66.88¢ to 64.96¢. But the foreign exchange value of the dollar remained over 66¢. Last week, using the shiny new squeezer given him by President Roosevelt, authority to buy gold in the world market (TIME, Nov. 6), Mr. Jones using both hands not only squeezed the domestic gold value of the dollar to 62.94¢ but got the exchange value down to 64.81¢. How much gold Mr. Jones had...
    Read more: http://www.time.com/time/magazine/ar...#ixzz2LHuVHCWB

    In 1933, the Gold Reserve Act was passed, causing the Federal Reserve to transfer its stash of gold bullion and Gold Certificates to the U.S. Treasury. It also made it illegal for U.S. citizens to own most forms of gold (jewelry being the obvious exception), including Gold Certificates. The law was designed to prevent the runs on banks that were deepening the country’s banking crisis, but at the same time, it allowed the government to get its hands on as much gold it could. http://www.collectorsweekly.com/us-p...d-certificates

    Monday, July 13, 1942
    To save $2,000,000 worth of nylon, paper, ink and printing, Treasury employes will dust off some long-stored bundles of pre-Roosevelt Federal Reserve gold notes, put $4,200,000,000 worth into circulation.
    They won't be, as promised on their face, "redeemable in gold on demand." Like all New Deal Federal Reserve notes, they may be exchanged only for "lawful money of the United States," i.e., smaller bills or coin. http://www.time.com/time/magazine/ar...#ixzz2LHrzwGxQ

    Friday, Mar. 03, 1961
    To help boost the economy, the Federal Reserve Board last week unlimbered an old fiscal weapon that President Kennedy and many liberal economists have long wanted restored to the nation's antirecession arsenal. The Fed announced it would begin buying U.S. notes and bonds of longer maturity.* By entering the long-term market, the Fed can shorten the supply of bonds, push prices up—and thus help nudge yields lower. Since Government bond yields tend to set the tone of all interest rates, this policy would be expected to push long-term rates down, make money...
    Read more: http://www.time.com/time/magazine/ar...#ixzz2LHu9tvPD

    The early history of United States gold certificates is somewhat hazy. They were authorized under the Act of March 3, 1863, but unlike the United States Notes also authorized, they apparently were not printed until 1865. They did not have a series date, and were hand-dated upon issue.

    "Issue" meant that the government took in the equivalent value in gold, and the first several series of Gold Certificates promised to pay the amount only to the depositor, who was explicitly identified on the certificate itself.
    The first issue featured a vignette of an eagle uniformly across all denominations. Several later issues (series 1870, 1871, and 1875) featured various portraits of historical figures. The reverse sides were either blank or featured abstract designs. The only exception was the $20 of 1865, which had a picture of a $20 gold coin.

    Gold certificates, along with all other U.S. currency, were made in two sizes—a larger size from 1865 to 1928, and a smaller size from 1928 to 1934. The backs of all large-sized notes and also the small-sized notes of the Series of 1934 were orange, resulting in the nickname "goldbacks".

    The backs of the Series of 1928 bills were green, and identical to the corresponding denomination of the more familiar Federal Reserve Notes, including the usual buildings on the $10 through $100 designs and the less-known abstract designs of denominations $500 and up.

    With the 1934 issue, the promise to pay was amended with the phrase "as authorized by law", as redemption was now restricted to only certain entities.

    The phrase "in gold coin" was removed as the physical amount of gold represented would vary with changes in the government price.

    Both large and small size gold certificates feature a gold treasury seal on the observe, just as U.S. Notes feature a red seal, silver certificates (except World War II Hawaii and North Africa notes) a blue seal, and Federal Reserve Notes a green seal.

    Notes: All Series 1928A Gold Certificates were consigned to destruction and never released; none[5] are known to exist.

    All Series 1934 Gold Certificates were issued only to banks and were not available to the public.

    The Series 1934 Gold Certificates are also distinguished from the previous Gold Certificates in their gold clause, which adds the phrase "as authorized by law" to denote that these notes cannot be legally held by private individuals, and by their distinctive orange reverses.

    Only a few museum specimens of these Series 1934 Gold Certificates survive today. http://en.wikipedia.org/wiki/Gold_certificate

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