Redeeming Lawful Money on Daily Paul

[David Merrill]

It is the difference between "lawful money" and "lawful money of the United States" we should discuss.

The former is issued by any source (conventionally and presently the private Federal Reserve Bank) declared by Congress to be "lawful money". The latter can ONLY BE issued SOLELY by the United States Treasury and it is inelastic, conforming to the biblical law of just weights and measures.

Do you endorse the former, or demand the latter?

That is the issue and it is a matter of trust.

That is a good distinction and I also want to throw in a third thought system.

Money of Account.

There is also no definition of money of account, even though Congress will sometimes refer to it. This precept stands in case law on an interesting post-Civil War case called Trebilcock v. Wilson. It develops a subsequent doctrine that if you tender legal tender to me and I refuse to accept it, then I have waived your obligation to perform. - Meaning you get the goods or services already tendered for free. Look carefully at this Public Office Money Certificate.

Oops! Small image - it says, The Undersigned will Pay To__________________ DOLLARS of the Money of Account of the United States, as Required by Law at 31 USC §371 Pending Official Determination of the Substance of Said Money.

This plays integral role in your point AJ as §371 has been repealed in order to peg US notes to the FRNs in value.