The point was to allude to their tendency to try to pull counterfeits "over our eyes", so to speak. When it comes to 'beginnings' the beginnings of mankind are likely distinct from the beginnings of artificial political entities. When dealing with modern banks, one might be dealing with contracts, covenants or pledges of a system a few steps removed from reality.
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Lawful money:
When it comes to lawful money the ability of a bank to make substitutes is apparent. Redemption for lawful money appears to touch upon who is the one that imparts credit to the instrument in question. The act of redemption for lawful money appears to trump the FRB's or the FRB member's imparting credit to the instrument and thusly affects tax liability. However, there is reason to believe that a separate ledgering exists with respect to redemption of lawful money.