Source: https://www.thepagg.com/what-is-money.html
Timestamp: 2019-04-26 06:49:11+00:00

Document:
Over 135 Points to help you discover what Money really is.
1. A promissory note is a written promise by one person to pay to another or to bearer a fixed sum of money. See: Davis v. Spencer, 267 Ill 57; 107 NE 826; Jencks v. Rice, 119 Iowa 451; Cherry v. Sprague, 187 Mass 113.
2. As a decree by a court of the U.S. for the payment of money can be made only for the payment of so many dollars of some specie of money that is made lawful money by a statute of the U.S., it follows that a recovery upon such a promissory note or contract must be for some dollars in gold and silver coins. See: The Edith, D.C. N.Y. (1875), 5 Ben. 144, 8 Fed. Cases 4,281; Forbes v. Murray, D.C. N.Y. (1869), 3 Ben. 497, 9 Fed. Cases 4,928.
3. The general rule is that a final judgment for money must specify the amount awarded. See: U.S. v. F. & M. Shaefer Brewing, 356 US 227; 45 Am Jur 2d 81.
4. An act by the legislature of Alabama, September 30, 1920, page 36, providing when a check is presented or forwarded to the payee bank for payment, it may at its option pay or remit the same in money or in exchange drawn on its reserves. However, it is unconstitutional and void as an attempt by the state to make a class of debts payable at the option of the debtor in something other than gold and silver coin. See: Capitol Grain and Feed Co v. Federal Reserve Bank of Atlanta, D.C. Ga. (1925), 3 F.2d 614, 269 US 589, 70 L Ed 427.
6. Congress was vested with the power to borrow money and that the promise of payment having been given, no authority remained to alter or destroy the original promise. See: Perry v. U.S., 294 US 330.
8. Neither the president nor the cashier of a bank has a right to accept anything but money in payment of an obligation due the bank. See: Aliquippa National Bank v. Harvey, 12 A.2d 409, 340 Pa 223; First National Bank of Mt. Holley Springs v. Cumbler, 21 A.2d 120; Re Bowen 46 F. Supp 631, 16 A.2d 409.
9. "Some years ago a new type of installment credit appeared in banks throughout the country. It became known as check credit or revolving check credit. Basically, it provided that those eligible for such credit be granted a line of credit in the agreed amount. In order to use that line, the borrower needed merely to write checks. The checks were special checks, and were NOT actually checking accounts. The check was merely the instrument by which the loan account was activated. Usually it did not go through all the processes that an ORDINARY check does once it reaches the bank. However, it had the APPEARANCE of an ORDINARY check, and was so used by the customer and the person to whom he gave the check." Source: "The Bankers Handbook" (? edition), page 530. (Does the bank disclose this information to you? It should be quite important for you to know that the bank just created a bookkeeping entry to create the "loan", and that the checks were not actually checks, but had the appearance of checks. This is what is known as a common law cheat and should be in violation of Fair Trade Practices because it gives banks a much greater advantage in business than you or I, or other businesses.) See: Title 15, Sec. 1635 of Chap. 41.
10. Unless there is what the law considers a valuable consideration, it will not be sufficient to maintain an action. And there is a distinction between a valuable consideration, other than money, and a money consideration. While in the "former" case the slightest consideration will support a promise (consideration other than money) to pay the largest amount to the full extent of the promise, in the latter the consideration will support a promise only to the extent of the money forming the consideration. The law leaves the measure of a valuable consideration other than money, for a promise to pay, to the parties to the contract; but money being the standard of value, is not the subject to be changed by contract, and will support a promise to pay money only to the extent of the amount of the consideration. See: Sawyer v. McLouth, 46 Barb 350.
11. The term "tender" as used in the books, denotes a legal OFFER, one which one party is under obligation to make and the other bound to accept. See: Duluth v. Knowlton, 42 Minn. 229; Patnote v. Sanders, 41 Vt. 66.
14. An agent (clerk) has no implied authority to receive anything else than MONEY in satisfaction of a debt due his principal. He cannot, therefore, take payment in a check. See: Hall v. Storrs, 7 Wis. 217; Buckwalter v. Craig, 55 Mo. 71.
15. Payment of debts is imperative/axiomatic/essential for the right of contract/property to exist, for without payment (delivery of money), the debt still exists. See: Stanek v. White, 215 NW 784.
16. It is the general rule that a pledger, whose tender (offer) has been refused, will not be granted affirmative relief of an equitable nature, unless he has kept the tender good or at least comes before the court in an attitude of willingness to pay what is due him. See: Norton v. Baxter, 41 Minn. d 146; Tuthill v. Morris, 81 NY 94.
18. Federal Reserve notes may be refused. See: MacLeod v. Hoover, 105 So 205, 159 La 244.
19. The only substances ever declared as money within the U.S. were gold and silver, in coin form, with copper/nickel serving in token capacity only. See: 12 USCA 152 re. "lawful money" and Coinage Act of April 2, 1792, at Sections 11, 16, & 20; re. copper/nickel tokens, see Sec. 9, and 31 USCA 460.
20. A legal tender, when made, must be kept good according to the rules of the common law. See: William Wolf Co. v. Canadian R.R. Co., 56 Pac. Rep 453.
21. It has been held that if the instrument recites on its face its consideration, the consideration must be proved. See: Smith v. Doherty, 60 SW 380, 109 Ky 616.
22. Where the instrument sued upon is nonnegotiable, plaintiff must prove its consideration. See: Shubert Theatrical Co. v. Dalton, 167 NY S 332.
25. Money has value only by law and not by nature so that a conviction of those who use it is sufficient to deprive it of its value and of its purchasing power. See: Incitti v. Ferrante, 175 A 908.
26. When a contract is agreed to be paid in dollars, a payment in money is meant and not the transfer of notes. See: Simon v. Douglas, 225 SW 721; 189 Ky 644.
30. Money is defined as meaning a representative standard or measure of value. See: Jones v. Overstreet, 4 T.B. Mon. 547.
31. The courts have found occasion to decide that the pleading did not raise certain issues such as: want of consideration See: Sopp v. Linfrand, 36 P.2d 794; negotiability Banca Commission Italiana Dr. Genova v. P. Schlegal Co., 80 P 414; ownership Sheffield v. Hatch, 135 So 165); payment Minor v. Carpenter, 152 P 737.
32. Checkbook money is not legal tender. See: Story of Checks, Federal Reserve Bank of NY, p 20.
33. Commercial banks are important financial institutions because they can create money – checkbook money. See: Money's Economic Balance, Federal Reserve Bank of NY, P 17 (8th ed., 1979).
37. It cannot be doubted that under the Constitution the power to provide a circulating of coins is given to Congress. And it is settled by the uniform practice of the government and repeated decisions, that Congress may constitutionally authorize the omission of bills of credit. Having this in the exercise of undisputed constitutional power undertaken to provide a currency for the whole country, it cannot be questioned that Congress may constitutionally secure the benefit of it to the people by appropriate legislation. To this end, Congress has denied the quality of legal tender to foreign coins, and has provided by law against the imposition of counterfeit and base coin on the community. See: Veazie Bank v. Fenno, 8 Wall 533, 19 L Ed 48.
38. "Federal Reserve notes are valueless." See: Internal Revenue Code at section 1.1001-1 (4657) C.C.H..
40. Securities are defined as notes or evidences of debt. See: Rev. Rule 66-321, CB 1966-2, p 59.
41. Negotiable note must be promise to pay money. See: Roads v. Webb, 91 Me 410.
45. Congress may issue treasury notes, their issue being an exchange of credit for money or property. See: Metropolitan Bank v. Dyke, 27 NY 400.
46. A state cannot, by indirect means, or any device, emit bills of credit. See: Briscoe v. Bank of Kentucky, 11 Pet 431.
47. A bill of credit is not a good consideration for a contract. See: Craig v. Missouri, 4 Pet 431; Bank v. Clark, 4 Mo 59; Linn v. Bank, 5 Ill 87.
49. Tender is an unconditional offer to perform couples with a manifested ability to carry out the offer and production of the subject matter of the tender. See: 243 F. Supp 741, 744.
50. An offer of performance which, if unjustifiably refused, places the refusing party in default and permits the party making tender to exercise his remedy for breach of contract. See: 17 P.2d 952, 953.
54. A check given in exchange for a negotiable instrument is a conditional payment only unless there is an express agreement to the contrary. See: Steele v. Vanderslice, 367 p 2d 636.
55. Promissory note within meaning of V.A.M.S. Sec. 401.001 is a promise to pay sum certain in money. See: Dillard v. Dillard, 269 SW 2d 481.
60. The essence of a check is that the instrument is an unconditional order in writing to pay a sum certain in money. See: State v. DeNicola, 126 NE 2d 62; Aetna Oil Co. v. Glenn, 53 F. Supp. 961.
63. Nothing is consideration for a note that is not regarded as such by both parties. See: Standly v. Western Mutual Life Ins., 95 Ind 254; Sterns v. Franks, 96 P.2d 802; 35 Cal App. 2d 676.
65. A note is an instrument which, by its terms, purports to evidence unconditional promise to pay. See: McCullough Tool v. C.I.R., (1963), 318 F.2d 790.
66. Note which was not payable to order or bearer was not negotiable. See: Strom v. Dickson, (1962), 361 SW 2d 823.
68. In order for a note to be negotiable it must contain both an unconditional promise to pay and a fixed or determined date of payment. See: Bank of Kimbol v. Rostek, (1967), 423 P 2d 579.
69. A promissory cannot be received as cash. Nothing shall be deemed capital paid in except money bona fide. Under no circumstances shall a promissory note, check, or other obligation be treated as actual paid in capital. See: Pac. Trust v. Dorsey, 72 Cal 55.
71. It will not do to say that their interest in the welfare of the state and their responsibility to their constituents will be sufficient safeguards against corrupt legislation of this or any other character. Suppose the powerful mining and other corporations doing business in this territory were to concentrate a heavy and combined moneyed influence upon a corrupt and venal legislature – an institution not entirely unknown to the history of our republic – and should procure the passage of an act making their certificates of stock lawful money in the payment of taxes, I think it would be difficult to find a lawyer who valued his legal opinion as worth anything, who would be willing to defend such an act as valid. See: Haas v. Misner, 1 Idaho 170, 178.
72. Act of Dec. 23, 1923, Sec. 317: Upon the deposit with the treasurer of the U.S. of bonds so purchased, and Federal Reserve bank making such deposit, shall be entitled to receive from the comptroller of the currency circulating notes in blank. Such notes shall be the obligations of the Federal Reserve Bank. They shall be issued and redeemed under the same terms as national bank notes. (In the beginning the Federal Reserve banks bought the bonds with money; they issued notes in the amount of bonds purchased. The Federal Reserve banks bought bonds and deposited them with the treasurer. The U.S. Treasurer had possession of both the bond and the money. The Federal Reserve banks issued the notes. The notes were to be obligations of the Federal Reserve banks. The Federal Reserve banks loaned the notes to the government, and in this way the Federal Reserve banks got back all the money they paid for the bonds; but also, in the beginning, the notes were to be used only for settling accounts between the 12 Federal Reserve banks, and for no other purpose were they authorized.) See: 12 USC 411.
73. The case of a State which pays off its own debts with paper money, no more resembles this than do those to which we have already adverted. The courts have no jurisdiction over the contract. They cannot enforce it, nor judge of its violation. Let it be that the act discharging the debt is a mere nullity, and that it is still due. Yet the federal courts have no cognizance of the case. But suppose a State to institute proceedings against an individual, which depended on the validity of an act emitting bills of credit; suppose a State to prosecute one of its citizens for refusing paper money, who should plead the constitution in bar of such prosecution. If his plea should be overruled, and judgment rendered against him, his case would resemble this; and, unless the jurisdiction of this court might be exercised over it, the constitution would be violated, and the injured party be unable to bring his case before that tribunal to which the people of the United States have assigned all such cases. See: Cohens v. Virginia, 6 Wall 100.
74. According to State v. Thomas money was property but Federal Reserve notes are only a claim on property and, Federal Reserve notes shall be redeemed in lawful money–not legal tender. See: State v. Thomas, 12 USC 411.
75. Make the bank identify the thing loaned. Certainly if the bank claims to have loaned something they can identify it, and according to the law of tender, the tender must be kept good. If a judgement could be settled with a tender, then the litigation would never end. A Federal Reserve note being a chose in action, something to be sued upon (UCC), but then, under state law, there can be no "holder in due course" on an incomplete instrument, and a fed note is an incomplete instrument as it will not pay to bearer. This amounts to a common law cheat, which is the obtaining of money or property by means of false tokens, symbols, or device; this being the definition of a cheat or cheating at common law. See: State v. Renick, 33 Or 584, 56 p 275, 44 L R A 266, 72 Am. St. Rep. 758.
76. What a triumph for the advocates of despotism to find that we are incapable of governing ourselves, and that systems founded on the basis of equal liberty are merely ideal and fallacious. In a word, they are determined to annihilate all debts, public and private, and have agrarian laws, which are easily effected by means of unfunded paper money which shall be a tender in all cases. See: Gen. Knox.
77. In order to constitute a loan, there must be a contract whereby one party transfers to the other a sum of money. See: U.S. v. Neifert White, 247 F.Supp. 878.
78. A loan may be defined as the delivery by one party to, and the receipt by another of a sum of money. See: Kirkland v. Bailes, 155 S.E. 2d 701. (Yet the Federal Reserve Bank of Chicago says in Modern Money Mechanics that banks make loans by promising to lend.) (However a promise to lend cannot be enforced. In order to constitute a loan, money must be loaned, but banks make loans by promising to lend, and promises to lend cannot be enforced.) 5 MRSA.
79. The thing given or taken in exchange must be specific and so distinguishable from things of like kind as to be clearly known and identifiable. See: Preston v. Keene, 14 Pet 133.
80. The extension of credit is not the giving of value. See: UCC 3-303:0; Atkinson v. Englewood State Bank, 141 Colo 436.
81. A loan is the creation of debt by the lenders agreement to pay MONEY TO THE DEBTOR. See: Maine Consumer Credit Code 9-A, Sec. 1.301 (23)(a)(1).
82. Banks extend credit, not money. See: National Bank v. Atkinson, 55 Fed. Rep. 571.
83. Fair and reasonable value means the best price to be at once in money – cash being the antonym of credit– cash value importing value in money. See: State v. Woodward, 93 SO 826, 208 Ala 31.
84. A note given to town treasurer in payment of a tax, being illegal as against public policy, does not discharge the tax. See: Embden v. Bunker, 86 Me 313.
85. There is a distinction between a debt discharged and one paid. When discharged the debt still exists though divested of its character as a legal obligation during the operation of the discharge. Something of the original vitality of the debt continues to exist, which may be transferred even though the transferee takes it subject to the disability incident to the discharge. The fact that it carries something which may be a consideration for a new promise to pay so as to make an otherwise worthless promise a legal obligation makes it the subject of transfer by assignment. See: Badger v. Gilmore, 33 N.H. 361, 66 Am. D. 729; William R. Stank v. M.W. White, 172 Minn. Reports 390.
86. Although it apparently was still necessary in the 1790's to allege fictionally that such bills were drawn "according to the custom of merchants,' Butter v. Ouchterloney, S SC, 3-68) all agreed that an instrument executed by a non merchant was negotiable if it contained words of negotiability customarily used by merchants, such as "or order" in an appropriate place. See: Whitney v. Whitney, Quincy 117 (1765); Laws and Usages Respecting Bills of Exchange and Promissory Notes, by John Tisdall.
87. According to the Uniform Commercial Code (UCC), "a debt can only be paid with money or goods." The UCC, of course, is state law which supersedes federal law. "The Federal Government has no power to impose on any state officer any duty whatsoever, and compel him to perform it." See: Commonwealth v. Dennison, 24 How. 66.
89. In the absence of any provision of law precluding payment in a particular kind of coin specifically designated in a contract, the general rule is that such contract may be enforced by the rendition of a judgement for the particular kind of coin designated. See: The Emily Sounder, 17 Wall 666; Trebilcock v. Wilson, 12 Wall 687; Land v. Gluckauf, 28 Cal 288; Gilman v. Douglas County, 6 Nev. 27.
90. The support of the general rule by the courts has been based not on the difference in the kinds of money, but on the ground that the party specifically contracted for payment in a specific thing. See: Thompson v. Butler, 95 US 694.
91. The issuance of Federal Reserve notes is not an attempt by the government to coin money, it is a pledge of the government to pay dollars. See: U.S. v. Ballard, 14 Wall 457.
95. For judgements payable in US funds. See: Shaw Savill Albion & Co. v. The Frederickburg, C.A. N.Y. 189 F.2d 952.
96. Definition of funds: Money in hand; assets; cash; money available. See: Galena Ins. Co. v. Kupfer, 28 Ill 335; U.S. v. Jenks, D.C. Pa. 264 F 697; Johnson v. State, 37 Ga. App 129.
97. Money is property. Federal Reserve notes are liabilities, not assets. Cash, according to the book. See: "The Federal Reserve Bank; Its Purposes and Functions," is coin.
98. Current money: Whatever is receivable and current by law as money. See: Henderson v. Farmers Savings Bank, 199 Iowa 496.
99. The precious metals alone are money, and whatever else is to perform the functions of money must be their representative and capable of being turned into them at will. So long as bank paper retains this quality it is a substitute for money; divested of this, nothing can give it that character. See: 3 Websters Works 41; Woodruff v. Miss, 162 US Reports 307.
100. A Note is only promise to pay. See: Fidelity Savings v. Grimes, 131 P 2d 894.
101. Legal tender notes are not good as lawful money of the U.S.. See: Rains v. State, 226 S.W. 189.
102. Checks, drafts, money orders, and bank notes are not lawful money of the U.S.. See: State v. Nealan, 43 Ore 158.
103. Where the Fed. Gov. is a party to commercial paper, it is bound by same rules which govern private persons. See: Continental American Bank v. U.S., C.C.A. La. (1947) 161 F.2d 93.
104. The government assumes all responsibilities of private persons when it issues commercial paper. See: U.S. v. First National Bank, 138 F.2d 681.
105. The term "dollar" means money since it is the unit of money in this country, and in the absence of qualifying words, it cannot mean promissory notes or bonds or other evidences of debt. See: Devenny v. Devenny, 74 Ohio St. 96, 76 NE 688.
107. Negotiable Instruments Law was designed to cover commercial paper and U.S. currency. See: LSA-R.S. 17; 1 et seq LSA-C.C. art 2139.
108. The public's use of demand deposits as money is not based on authorization by the Federal Government. Even today, legal tender, the kind of money in which debts are payable, does not include demand deposits. See: An Introduction to Money and Banking, by Colin and Rosemary Campbell, Professors of Economics.
109. U.S. Currency does not contain all of essence of negotiable instrument under Louisiana law. U.S. currency is the object for which negotiable instruments issue. The very first requirement of our negotiable instrument law is that the instrument be signed by the maker. The signatures on paper money are made by facsimile stamp put there by machine. See: Civil Code Art. 2139 La; 120 So. 2d 845.
110. We are involved in a confidence game; there is nothing to our currency except the confidence the people have in it. See: Congressman Ron Paul.
111. Whoever controls the volume of money in any country is absolute master of all commerce and industry. See: President James Garfield.
112. The money power preys upon the nation in times of peace, and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces as public enemies all who would question its methods or throw light upon its crimes. See: Abraham Lincoln.
113. Funny money supply: The Feds can't count it let alone control it. See: Barron's Financial Report, Feb. 3, 1975.
114. This sound state of the currency will have another most happy effect upon the laboring man. He will receive his wages in gold and silver; and this will induce him to lay up, for future use, such portion of them as he can spare. This he will not do at present, because he knows not whether the trash which he is now compelled to receive as money will continue to be of any value a week or a month hereafter. See: James Buchanan, Jan. 22, 1840.
116. With respect to a consumer credit sale, the creditor may not take a negotiable instrument other than a currently dated check or a draft payable within seven days. See: Maine Consumer Credit Code, Title 9, Sec. 3.307.
117. A promise to pay is not the equivalent of actual payment. See: Christianson v. Beebe, 91 P 129, 32 Utah 406.
118. Notes do not operate as payment in the absence of an agreement that they shall constitute payment. See: Blackshear Manufacturing Co. v. Harrell, 12 S.E. 2d 766.
119. A court will take judicial notice of the worth of a dollar. See: Read v. State, 92 NY 321.
121. Par: When used in connection with currency, treasury notes or bank bills, par means equal to gold. See: Crim v. Sellars, 37 Ga 324.
122. Equal to gold and silver. See: Galloway v. Jenkin, 63 NC 147; Harrisburg Bank v. Commonwealth, 26 Pa 451.
124. One who is the cause or occasion of a condition by which a loss has been caused ought to bear it. See: Marion Mortgage Co. v. Grennan, 87 A LR 1492; 106 Fla 913.
125. One who is not the cause of an occasion should not be made to suffer for it. See: Marion Mortgage Co v. Brennal, 87 A LR 1492; Buxbaum v. Assicurazioni v. Winston, Tx Civ. App 137 SW 2d 93.
126. The simple meaning of money is current coin. See: Salt Lake County v. Utah Copper Co., CCA Utah, 93 F.2d 127.
127. Payment is the discharge of an obligation by the actual delivery of money or its equivalent. See: Chrysler Corp. v. Hanover Ins. Co., C.A. 7, Ind. 350 F.2d 652; 383 US 906.
128. Money is what is coined or stamped by public authority and has its value fixed by public authority. See: Paul v. Ball, 31 Tex 10' Kennedy v. Briere, 45 Tex 305; Richard v. American Union Bank, 253 NY 166.
129. The USA has no inland jurisdiction Arndt v. Griggs, 134 US 316 and thus cannot compel one, upon one's proper objection, to obtain, use, tender, nor alienate any private negotiable instruments– not excluding FRAUDS (Federal Reserve Accounting Unit Devices), and this was held so by the state supreme courts, even when federal gold and silver coins were in existence (see ALZR administrative agency related fines, taxes, bails, etc. See: Perry v. Washburn, 20 Cal 318; Lane County v. Oregon, 7 Wall 71.
130. Thus, where the judge (sic) chancellor adjudges imprisonment where he cannot fine, the same operation of law/equity destroys his necessary "discretion" and without discretion, he ceases to be a judge/chancellor, and the court CORAM NON JUDICE (no judge in attendance) as in Windsor v. McVeigh, 93 US 274, where the court is without power or refuses to grant a hearing; Windsor, Supra. Thus no fine nor imprisonment can be enforced at all.
131. "Thou shalt not have in thy bag divers weights, a great and a small. Thou shalt not have in thine house divers measures, a great and a small. But thou shalt have a perfect and just weight, a perfect and just measure shalt thou have: that they days may be lengthened in the land which the Lord thy God giveth thee." See: Deuteronomy 25: 13-15.
132. From the Constitutional debates on bills of credit contained in Article 1, Section 8 which stated: The legislature of the United States shall have the power to . . . coin money . . . and emit bills of credit of the United States. Notes of Debates in the Federal Convention of 1787, by James Madison, Ohio University Press, Athens, Ohio, 1966. Mr. G. Morris moved to strike out and "and emit bills of credit." If the United States had credit such bills would be unnecessary; if they had not, unjust and useless.
MADISON: Will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.
MORRIS: Striking out the words will leave room still for notes of a responsible minister which will do all the good without the mischief. The moneyed interest will oppose the plan of Government, if paper emissions be not prohibited.
MERCER: (A friend of paper money) It was impolitic . . . to excite the oppression of all those who were friends to paper money.
Mr. ELSEWORTH thought this was a favorable movement to shut and bar the door against paper money. This mischiefs of the various experiments which had been made, were now fresh in the public mind and had excited the disgust of all the respectable part of America. By withholding the power from the new Government more friends of influence would be gained to it than by almost anything else . . .. Give the Government credit, and other resources will offer. The power may do harm, never good.
Mr. WILSON: It will have a most salutary influence on the credit of the United States to remove the possibility of paper money. This expedient can never succeed whilst its mischiefs are remembered, and as long as it can be resorted to, it will be a bar to other resources.
Mr. READ, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelation.
Mr. LANGDON had rather reject the whole plan than retain the three words "and emit bills." – The motion for striking out carried. On August 28, Article 1 Section 10 was debated. The standing version was worded this way: "No state shall coin money; nor grant letters of marquee and reprisal; nor enter into any treaty, alliance, or confederation; nor grant any title of nobility."
133. "By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." See: John Maynard Keynes, The Economic Consequences of the Peace, 1920.
134. The mischief to be prevented, as disclosed in the history of the country, has been considered by the court in construction of the constitutional provisions against the emission of bills of credit by the states. See: Craig v. Missouri, 4 Pet. 410.
136. Lawful money under the Constitution Article 1, Section 10, Paragraph 1, is "Gold and Silver." This provision of the constitution has never been amended. Thus, any other form of promised money is a fraud.
137. The dollar of gold, nine-tenths fine, consisting of the weight determined under the provision of section 821 of this title, shall be the standard unit of value: and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the secretary of treasury to maintain such parity. See: Title 31, Sec. 314.
138. . . . Bank notes which are issued for circulation by authority of law, and are in actual and general circulation at par with coins, as a substitute for coin, interchangeable with coin, bank notes which actually represent dollars and cents, and are paid and received for dollars and cents at their legal standard value. Whatever is at a discount – that is, whatever represents less than the standard value of coined dollars and cents at par – does not properly represent dollars and cents and is not money. See: Klauber v. Biggerstaff, 47 Wis. 551.
139. Federal Reserve Notes are not legal money. See: Jerome Daly v. First National Bank of Montgomery, Minn. Justice Martin v. Mahoney, Credit River Township, December 7-9. 1968. Ruled that Federal Reserve notes were fiat money and not legal tender.

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