Income Tax - A Legitimate Usage Fee

[doug555]

Income Tax - A Legitimate Usage Fee



IRC is simply used to calculate and disguise the FRN Usage Fee!
legitimate usage fee for the use12 USC 411, by making a substantive record of that demand on records (checks and deposit slips) used by financial institutions in their normal course of business documentation, and thereby creating admissible evidence per Federal Rules of Evidence 803(6), and causing the presumed FRNs to be redeemed on an annual basis when 1040 Tax Returns are filed to enable this reconciliation of accounts.

When 12 USC 411 is effectively-connected to 12 USC 95a(2)full acquittance and discharge

12 USC 95a(2)

[Michael Joseph]

A fee is a long way from usury. It truly is amazing how the house is built upon the foundation of terms. By the way check out a W-9 form. Look at US person. Do you see ESTATE?

Consider a transfer of estate in fee. Do you see the lock and the key?

Shalom
MJ

[David Merrill]

Very edifying! Thank you both!

ACCESS TO THE KEEP

[walter]

http://www.federalreserve.gov/faqs/currency_15197.htm

[David Merrill]

http://www.federalreserve.gov/faqs/currency_15197.htm

.....the term "lawful money" has not been defined in federal legislation. It first came into use prior to 1933 when some United States currency was not legal tender but could be held by national banking associations as lawful money reserves. Since the act of May 12, 1933, as amended by the Joint Resolution of June 5, 1933, makes all coins and currency of the United States legal tender and the Joint Resolution of August 27, 1935, provides for the exchange of United States coin or currency for other types of such coin or currency, the term "lawful currency" no longer has such special significance.

---Michael E. Slindee, Acting Treasurer of the United States, in a letter to Mr. A. F. Davis of Cleveland, Ohio dated Dec. 29, 1947, published in "A Dollar Is a Dollar Is a Dollar," American Affairs, Vol. 10, p. 88 (April 1948), as re-printed in Money and Banking: Theory, Analysis, and Policy, p. 5, ed. by S. Mittra (Random House, New York 1970); also cited in Paul M. Horvitz, Monetary Policy and the Financial System, p. 28, footnote 3, Prentice-Hall, 3rd ed. (1974).

What is interesting is the substitution of "lawful currency" instead of "lawful money" in the Letter!

[David Merrill]

---Michael E. Slindee, Acting Treasurer of the United States, in a letter to Mr. A. F. Davis of Cleveland, Ohio dated Dec. 29, 1947, published in "A Dollar Is a Dollar Is a Dollar," American Affairs, Vol. 10, p. 88 (April 1948), as re-printed in Money and Banking: Theory, Analysis, and Policy, p. 5, ed. by S. Mittra (Random House, New York 1970); also cited in Paul M. Horvitz, Monetary Policy and the Financial System, p. 28, footnote 3, Prentice-Hall, 3rd ed. (1974).

What is interesting is the substitution of "lawful currency" instead of "lawful money" in the Letter!

I presume the quote is accurate but only show it because I have explained away Milam in context of Juilliard so many times it is redundant.

[Chex]

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit (obligations of the United States) of the United States." -- Sen. Barry Goldwater (Rep. AZ)

Notes issued by the Federal Reserve, however, were generally lent out, with interest due. (Usufruct) So for every Federal Reserve dollar in circulation, somebody needed that dollar to pay off a debt.

During the Roaring Twenties, a lot of people took on debt, resulting in a great credit expansion. When only physical gold and silver was used as money, institutions were very cautious about lending it out because if the debtor defaulted, the creditor would be out some serious (sound) money. http://www.moonlightmint.com/bailout.htm

THE BAILOUT . Gold Certificates were no longer legal tender when held by the general public, unless exchanged at the US Treasury or Federal Reserve Bank for other non-gold paper.

The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. http://themoneyconverter.com/USD/MXN.aspxFederal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them. http://www.treasury.gov/resource-cen...al-tender.aspx

As fiscal agent and depository for the U.S. government, Federal Reserve Banks sell, service, and redeem Treasury securities. They also maintain currency and coin processing operations to ensure an adequate supply. http://www.newyorkfed.org/banking/payment_services.html

[David Merrill]

Thank you Chex;


Nicely put!

[pumpkin]

There is a real problem here with any type of fee. The Federal Reserve and its notes are given its status and relevance by the Congress of the United States of America. That government of the people is a trust, and the beneficiaries of the trust are the people. The Trust cannot place a fee upon the beneficiary to receive the benefits of the trust, this would be a failure of fiduciary duty and against the interests of the beneficiary. This is just as bad as a tax on the fruits of the labor of the people.

[walter]

http://www.investopedia.com/terms/l/lawfulmoney.asp

Definition of 'Lawful Money'

Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes.

Also known as "specie", which means "in actual form."

Investopedia explains 'Lawful Money'

Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads "Legal Tender for All Debts, Public and Private", and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.

[walter]

To illustrate how some people were confused by this, consider the following correspondence between the U.S. Treasury and citizen of Cleveland. 2



December 9, 1947

Honorable John W. Snyder
Sec. of the Treasury
Washington, D.C.

Dear Sir:

I am sending you herewith via registered mail one ten-dollar Federal Reserve note. On this note is inscribed the following:

"This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury or at any Federal Reserve bank."

In accordance with this statement, will you send me $10.00 in lawful money?

Very truly yours,
A.F. Davis

*****

December 11, 1947

Mr. A.F. Davis
12818 Colt Road
Cleveland 1, Ohio

Dear Mr. Davis,

Receipt is acknowledged of your letter of December 9th with enclosure of one ten dollar Federal Reserve note.

In compliance with your request, two five-dollar United States notes are transmitted herewith.

Very truly yours,
M.E. Slindee,
Acting Treasurer

*****

December 23, 1947

Mr. M.E. Slindee
Acting Treasurer
Treasury Department
Fiscal Service
Washington 25, D.C.

Dear Sir:

Receipt is hereby acknowledged of two $5.00 United States notes, which we interpret from your letter to be considered lawful money. Are we to infer from this that Federal Reserve notes are not lawful money?

I am enclosing one of the $5.00 notes which you sent me. I note that it states on the face,
"The United States of America will pay to the bearer on demand five dollars."

I am hereby demanding five dollars.

Very truly yours,
A.F. Davis

*****

December 29, 1947

Mr. A.F. Davis
12818 Colt Road
Cleveland 1, Ohio

Dear Mr. Davis:

Receipt is acknowledged of your letter of December 23rd, transmitting one $5 United States note with a demand for payment of five dollars.

Your are advised that the term "lawful money" has not been defined in federal legislation. It first came to use prior to 1933 when some United States currency was not legal tender but could be held by national banking institutions as lawful money reserves. Since the act of May 12, 1933, as amended by the Joint Resolution of June 5, 1933, makes all coins and currency of the United States legal tender and the Joint Resolution of August 27, 1935, provides for the exchange of United States coin or currency for other types of such coin or currency, the term "lawful money" no longer has such special significance.

The $5 United States note received with your letter of December 23rd is returned herewith.

Very truly yours,
M.E. Slindee,
Acting Treasurer

*****

It is understandable how reasonable people can become confused when studying the history of the terms 'lawful money' and 'legal tender' in U.S. history. The blame for this rests with Congress who never bothered to define lawful money when it first used the term. However, the line of thinking that it is defined by the constitution as only gold or silver coin is incorrect. The constitution makes no such definition. Moreover, the restriction that States not make anything but gold or silver a legal tender does not apply to Congress, only to the States. Congress may declare anything it wishes a legal tender. And as the history above shows, it certainly has.

http://famguardian.org/Subjects/MoneyBanking/FederalReserve/FRconspire/lawful.htm

[Chex]

It is understandable how reasonable people can become confused when studying the history of the terms 'lawful money' and 'legal tender' in U.S. history. The blame for this rests with Congress who never bothered to define lawful money when it first used the term. However, the line of thinking that it is defined by the constitution as only gold or silver coin is incorrect. The constitution makes no such definition. Moreover, the restriction that States not make anything but gold or silver a legal tender does not apply to Congress, only to the States. Congress may declare anything it wishes a legal tender. And as the history above shows, it certainly has. http://famguardian.org/Subjects/Mone...ire/lawful.htm

To illustrate what is it that these two corporations are trading with each other? M&M's?

[David Merrill]

the term "lawful currency" no longer has such special significance.

Interesting how the quote has become corrupted between "lawful money" and "lawful currency".

[Michael Joseph]

There is a real problem here with any type of fee. The Federal Reserve and its notes are given its status and relevance by the Congress of the United States of America. That government of the people is a trust, and the beneficiaries of the trust are the people. The Trust cannot place a fee upon the beneficiary to receive the benefits of the trust, this would be a failure of fiduciary duty and against the interests of the beneficiary. This is just as bad as a tax on the fruits of the labor of the people.

Status is estate. Fee is a long way from charge or usury. A fee is an interest.

[Brian]

http://www.investopedia.com/terms/l/lawfulmoney.asp

Definition of 'Lawful Money'

Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves. Fiat money includes legal tender such as paper money, checks, drafts and bank notes.

Also known as "specie", which means "in actual form."

Investopedia explains 'Lawful Money'

Oddly enough, the dollar bills that we carry around in our wallets are not considered lawful money. The notation on the bottom of a U.S. dollar bill reads "Legal Tender for All Debts, Public and Private", and is issued by the U.S. Federal Reserve, not the U.S. Treasury. Legal tender can be exchanged for an equivalent amount of lawful money, but effects such as inflation can change the value of fiat money. Lawful money is said to be the most direct form of ownership, but for purposes of practicality it has little use in direct transactions between parties anymore.

I strongly disagree with investopedia's definition here: "Lawful Money: Any form of currency issued by the United States Treasury and not the Federal Reserve System"
"Lawful money" is the broadest view of money. In that it encompasses ALL circulating forms of money that are authorized by law. Regardless of who issues it.

"Lawful money of the U.S." is circulating money authorized by law and emitted by the U.S. Treasury.

You will find both of those terms sprinkled all over state and federal statutes.