Originally Posted by
Chex
Most Interesting . . . It would be really great to obtain a regulatory reference requiring the Federal Reserve system cartel to regard "Gold as Currency", especially in light of the FACT that the board of Governors of the foreign/private Federal Reserve system cartel are required to produce sufficient quantities of their acquired "gold certificates" at times and in amounts the appointed delegate of the Secretary of the Treasury decides are necessary to MAINTAIN the EQUAL PURCHASING POWER of each kind of United States currency . . . Which means that FRN's are considered to be a form of United States currency . . .
Why else would the foreign/private Federal Reserve system cartel be required to redeem their own "gold certificates" to prop-up the purchasing power of various forms of U.S. issued currency notes/coins/securities???!!!???
I believe that the answer is simple: the Federal Reserve system cartel is solely responsible for keeping the purchasing power of their elastic currency "notes" at par with various other forms of U.S. issued currency.
Title 31 U.S.C. §5119. Redemption and cancellation of currency(a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When redemption in gold is authorized, the redemption may be made only in gold bullion bearing the stamp of a United States mint or assay office in an amount equal at the time of redemption to the currency presented for redemption.
Here's further proof of this fact showing where the U.S. Congress has repealed portions of 48 Stat. 112 [HJR-192] and is no longer liable to assure uniform value (equal purchasing power) to those foreign/private elastic-currency commercial-paper FRN's . . . that duty has now become the joint responsibility of the foreign/private Federal Reserve system and the designated delegate of the Secretary of the Treasury as detailed above in Title 31 U.S.C. §5119:
91 Stat. 1229, Enacted Oct. 27, 1977, Public Law 95-147 at subsection (c):(c) The joint resolution entitled "Joint resolution to assure uniform value to the coins and currencies of the United States," approved June 5, 1933 (P. L. 10 48 Stat. 112; 31 USC 463), shall not apply to obligations issued on or after the date of enactment of this section.
1. If the Federal Reserve Board of Governors are required by international treaty/agreement and/or federal-venue statute to recognize a certain range of weights and fineness of gold as a specie of tangible "Currency", and;
2. The U.S. Congress has authorized and established the standard of weight, fineness and dollar-unit value in the money of account for the United States for each of the Gold bearing Coin(s) described in federal-venue Title 31 U.S.C. §5112 (a)(7..10), and;
3. The U.S. Congress has also authorized and established the standard of weight, fineness and legal tender value expressed in "$50" increments for such U.S. minted and issued Gold bullion bearing Coin that is authorized and described in federal-venue Title 31 U.S.C. §5112 (a)(11), and;
4. The U.S. Congress has authorized and established that each of these U.S. minted and issued §5112(a)(7..11) Gold bearing/bullion Coins shall be a "legal tender" as described in Title 31 U.S.C. §5112(h), and;
5. The U.S. Mint and Secretary of the Treasury has been ordered by the U.S. Congress to Mint and to issue a range of these (Constitutionally compliant, Article 1, Section 10, Clause 1) described Gold Coins to meet the needs of the United States, and;
6. The Secretary of the Treasury must also, by international treaty/agreement and/or federal-venue Statute also recognize those federal-venue Title 31 U.S.C. §5111(a)(1) and §5112(a)(7..10) U.S. minted and issued Gold Coin as a form of "monetary reserve" currency of the U.S., and;
Title 31 U.S. Code § 5111 - Minting and issuing coins, medals, and numismatic items(a) The Secretary of the Treasury—
(1) shall mint and issue coins described in section 5112 of this title in amounts the Secretary decides are necessary to meet the needs of the United States;
Title 31 U.S. Code § 5112 - Denominations, specifications, and design of coins(a) The Secretary of the Treasury may mint and issue only the following coins:
(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold.
(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.966 grams, and contains one-half troy ounce of fine gold.
(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold.
(11) A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold.
Payment is authorized in U.S. minted and issued Gold (or Silver) Coin as reauthorized by the U.S. Congress since October 27, 1977 , Pub. L. No. 95-147, § 4(c), 91 Stat. 1227, 1229. This amendment made clear that parties could include "gold clauses" in their contracts formed after 1977, and this fact is presently described/authorized and codified in federal-venue Title 31 U.S.C. §5118 (a)(1)(B..C) & (d)(2) as shown below.
Checks/drafts are a "medium of exchange" instrument that is not "United States currency" . . .
Title 31 U.S. Code § 5118 - Gold clauses and consent to sue(a) In this section—
(1) “gold clause” means a provision in or related to an obligation alleging to give the obligee a right to require payment in—
(A) gold;
(B) a particular United States coin or currency; or
(C) United States money measured in gold or a particular United States coin or currency.
(d)
(1) In this subsection, “obligation” means any obligation (except United States currency) payable in United States money.
(2) An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment.
This paragraph does not apply to an obligation issued after October 27, 1977.
Given each of the above shown regulatory facts, shouldn't we be making our Notice/Demand for the use of Lawful money in each of our transactions very specific like the example shown below - because it appears that we currently have the choice of specie available to us in transacting our checks/drafts at Federal Reserve affiliated member banks?
The front of the check/draft plainly says: Pay to my order (not to the bank teller's order) in transacting it . . . .
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Payee orders payment made in the specie of Title 31 U.S.C. §5112(a)(7..10)
U.S. issued lawful money of value in legal tender dollar-units ONLY; redeemed
at par per ch. 6, 38 Stat. 251, Sec. 16 of the Federal Reserve Act of 1913,
presently codified in Title 12 U.S.C. §411.
By demand: __________________________________, Payee
(transacting absent accommodation is authorized per U.C.C. 4-205)
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Also - here are a few federal court cites that support the above:
[ compare to: "Paper currency, in the form of the Federal reserve note, is defined as an "obligation of the United States" that may be "redeemed in lawful money on demand." 12 U.S.C. §411 (2002). These bills are not "money" per se but promissory notes supported by the monetary reserves of the United States”. UNITED STATES of America –vs- Thomas 319 F.3d 640 (2003)
“When the words of a statute are unambiguous, the first canon of statutory construction – that courts must presume that a legislature says in a statute what it means and means in a statute what it says there – is also the last, and judicial inquiry is complete.” Connecticut National Bank v. Germain, 503 US 249, L. .Ed 2nd 391 (1992) ]
What are your (and other forum members) thoughts in regard to the above?
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