Redemption of Lawful Money at US Bank

[motla68]

In regard to a Trust that I PROTECT, not as Trustee, but as Agent to Beneficiary who has power of direction, when setting up the account for the NAME OF TRUST, a honest friendly conversation occurred whereby the Trustee said it is our intention to only handle Lawful Money per 12USC411 so that we can remain without the Federal Reserve districts and cities; however, we are setting up a General Account whereby we know that the law that governs banking allows you to MIX the funds received with other types of deposits into a sort of General Fund. However, let us now be clear, when we come to withdraw the deposit, we expect to receive Lawful Money per 12USC411.

The banker had her manager oversee what we were doing, she called Legal - no problems. Confidence most times wins the day.

Analysis and Summary:

We deposit an instrument - redeeming it in Lawful Money - but we put it in General Deposit. The bank LOVES this. Why? Because they do not have to take the Lawful Money from their reserves and they get to employ Fractional Reserve Banking. Also, when we come to withdraw the money in Lawful Money- Cash - the banker is happy because he now has the Cash to pay and then some.

Win - Win all around. I suppose we could open a Special Deposit account and maybe one day we will, but how is that a win for the bank? A worker is worthy of his hire, yes? How does the bank receive compensation for money held, in Special Trust, on account? They can't do anything with it - nothing. I like the agreement where both sides win. So do others.

Now that is what I like to hear, we are all users and have families to take care of so why take something away from a neighbor? Operate in common, not Solomon.

[Anthony Joseph]

In regard to a Trust that I PROTECT, not as Trustee, but as Agent to Beneficiary who has power of direction, when setting up the account for the NAME OF TRUST, a honest friendly conversation occurred whereby the Trustee said it is our intention to only handle Lawful Money per 12USC411 so that we can remain without the Federal Reserve districts and cities; however, we are setting up a General Account whereby we know that the law that governs banking allows you to MIX the funds received with other types of deposits into a sort of General Fund. However, let us now be clear, when we come to withdraw the deposit, we expect to receive Lawful Money per 12USC411.

The banker had her manager oversee what we were doing, she called Legal - no problems. Confidence most times wins the day.

Analysis and Summary:

We deposit an instrument - redeeming it in Lawful Money - but we put it in General Deposit. The bank LOVES this. Why? Because they do not have to take the Lawful Money from their reserves and they get to employ Fractional Reserve Banking. Also, when we come to withdraw the money in Lawful Money- Cash - the banker is happy because he now has the Cash to pay and then some.

Win - Win all around. I suppose we could open a Special Deposit account and maybe one day we will, but how is that a win for the bank? A worker is worthy of his hire, yes? How does the bank receive compensation for money held, in Special Trust, on account? They can't do anything with it - nothing. I like the agreement where both sides win. So do others.

Just out of curiosity, how did you get around the "required" SS# of a person who is supposedly providing the "personal guarantee" as they say? In other words, did they accept ONLY a TIN for the TRUST? If so, how did that go?

[Michael Joseph]

Just out of curiosity, how did you get around the "required" SS# of a person who is supposedly providing the "personal guarantee" as they say? In other words, did they accept ONLY a TIN for the TRUST? If so, how did that go?

I will only discuss this aspect on the private. Yet in actuality, I have already given it in full to the Suitors via email. I will not put that into the Public arena here as there is Liability there and I will not be responsible for some poor soul attaching or grabbing onto bits and pieces and going straight to jail. I will not abide that. See now the Secret Society. Does it now seem so repugnant?

If the "Good and Friendly Way" was still secret it would rule the world - it was opened to "whomsoever will". Teach my sheep, Teach my sheep, Teach my lambs.

shalom,
mj

[freedave]

That is good that several people are finding the remedy to be beneficial.

Are you saying that if one endorses a check, one is signing a contact? If so, how would one find out what the contract is?

And how would one endorse cash in any form, or did you mean use cash in any form?

What is the nature of the private credit -- is it something the user (other than the U.S. Gov't) is required to pay back?

What does FDR saving the Fed from the run in 1933 have to do with accepting private credit?

Where is the contact stating that there is a fee for accepting private credit?

Where is the contact stating that there is a fee for using this private credit to purchase goods and services or for any other use?

[freedave]

In my last post, "contact" should be "contract."

[David Merrill]

Thank you for bringing your inquiries to an appropriate thread.

The Contract you sign is naked. What that means is that the agreement is to be constructed or construed. I suppose that the Agreement is really framed in the Federal Reserve Act of 1913 but at that time it was for Fed banks, including state and other banks as described in the Fed Act. In 1933 when FDR saved the Fed from the expiration of the 20-year charter the greatest pronunciation of the Contract is probably:

That is good that several people are finding the remedy to be beneficial.

Are you saying that if one endorses a check, one is signing a contact? If so, how would one find out what the contract is?

And how would one endorse cash in any form, or did you mean use cash in any form?

When you receive cash and are asked to sign for it - that is likely what I meant. At stores, when I get a cash refund I just sign "Lawful Money" anymore.

What is the nature of the private credit -- is it something the user (other than the U.S. Gov't) is required to pay back?

I have never studied into the nature of private credit in depth. There is a great court case citation though, actually several expressing that if you use somebody's private credit to purchase something, there is residual ownership of the items bought with whoever granted you the credit.

What does FDR saving the Fed from the run in 1933 have to do with accepting private credit?

That is how the option became available to you. Or you became like a Fed bank, whichever is clearer.

Where is the contact stating that there is a fee for accepting private credit?

You create that agreement by signing and filing a 1040 Form. Well actually the W-4 or 1099 causes you to have Withholdings taken from you that you wish to recover.

Where is the contact stating that there is a fee for using this private credit to purchase goods and services or for any other use?

The fee schedule is integrated into the 1040.

[David Merrill]

In my last post, "contact" should be "contract."

Look carefully and you should find an Edit button somewhere around your post, while you are logged in anyway. I bet that is what happened. You were not logged in when you noticed no editing function.

[freedave]

"When you receive cash and are asked to sign for it - that is likely what I meant. At stores, when I get a cash refund I just sign..."

I understand that.

But I don't see from your response that there is any contract or that what happened in 1933 created a contract or has anything to do with accepting private credit or that I became a Fed bank or that a fee for using this private credit is incorporated into the 1040 form.

Is there any simpler, more direct, more conclusive data or evidence available?

[Richard Earl]

Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized.

freedave, do you hold and use Federal Reserve Notes?

[freedave]

Thank you for your response, Earl.

Is the implication here that if individuals are using them they are either doing so illegally or that they are Federal reserve banks?

Yes, I do you hold and use Federal Reserve Notes.

[Richard Earl]

Thank you for your response, Earl.

Is the implication here that if individuals are using them they are either doing so illegally or that they are Federal reserve banks?

Yes, I do you hold and use Federal Reserve Notes.

Well, the statute is written right there -- as I have pasted to you. That is the issuance of Federal Reserve Notes.

The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues.

Since you are using and holding Federal Reserve Notes, you are in possession of obligations.

[Richard Earl]

Since you are holding and using Federal Reserve Notes, you are holding an advance or credit.

The obligations become many.

They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.

When they are redeemed, the obligations remain with the United States and the Federal Reserve banks.

[David Merrill]

Since you are holding and using Federal Reserve Notes, you are holding an advance or credit.

The obligations become many.



When they are redeemed, the obligations remain with the United States and the Federal Reserve banks.

Technically when you redeem your paychecks you reduce the national debt rather than raise it. I like your explanation! It makes it seem so simple to understand. One way I have been saying it is that fully bonded FRNs function like lawful money. The question is whether or not you pledged your own substance during the initial transaction?

[freedave]

Well, the statute is written right there -- as I have pasted to you. That is the issuance of Federal Reserve Notes.

Since you are using and holding Federal Reserve Notes, you are in possession of obligations.

Obligations of the United States to whom?

[freedave]

An advance or credit from the Federal Reserve to the United States?