See other Dead Constitution Articles
Title: Clean Money
Source:
Tenth Amendment Center
URL Source: http://www.tenthamendmentcenter.com/2010/10/20/clean-money/
Published: Oct 27, 2010
Author: Paul Warren, Colorado Tenth Amendment Ce
Post Date: 2010-10-27 23:56:28 by GreyLmist
Keywords: None
Views: 415
Comments: 19
The United States Constitution declares, in Article I, Section 10, “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.” State-Level Constitutional Tender laws seek to nullify federal legal tender laws in the state by authorizing payment in gold and silver or a paper note backed 100% by gold or silver. The concept of Honest Money is lost on most US citizens, thanks in part to a complete and utter lack of discussion in public schools and universities, but certainly not lost on the elite financial organizations who vehemently oppose such reform. When Nixon decoupled the dollar from its traditional gold backing and replaced it with fiat debt (private Federal Reserve notes) in 1971 because we could no longer cover our bets with gold, he substituted the last vestige of real value (our dollar) with a promissory note (debt) representing nothing more than the willingness and ability of US citizens to shoulder the artificially created debt burden via taxes. The current private US Federal Reserve, the third central bank in our history, creates money from nothing but the unacceptable privilege to do so, making an arbitrarily agreed upon bookkeeping entry and thus creating an imaginary value which it then extends to their private member banks to trickle down to Main Street, or tells the Treasury they have a like amount of credit to either print money or issue Treasury bills with nothing to back it but an elaborate accounting and taxing scheme which can be viewed as a tenuous financial house of cards. The first version of the Fed was Hamilton’s first US National or Central Bank as described in this timeline: December 12, 1791 January 21, 1793 February 20, 1811 March 4, 1811, What is astounding about our current situation is the continued willingness of Congress to take one of the highest powers granted them in the Constitution and surrenders it to the private Federal Reserve. This being the same body which consistently erodes our basic rights and freedoms with powers they do not have, passing unlawful legislation such as the Patriot Act and nebulous health care reform, yet it hands away a rightful power they do have to a highly secretive and self-serving third party. One would almost believe there was a parallel government in DC. In fact, Wright Patman, Chairman of the United States House Committee on Banking and Currency, had this exact sentiment in when he stated in 1964, “In the US today, we have in effect two governments. We have the duly constituted government, then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve, operating the money powers which are reserved to congress by the Constitution.” He went on to say, “”The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury … and has created out of nothing a … debt which the American people are obliged to pay with interest.” US monetary policy, the resultant money supply and interest rates are the life’s blood of our economy. From providing for the national defense to underwriting Main Street, nothing happens in our market without this critical resource. We depend on a stable and legitimate money supply for our basic pursuits of life and liberty and to divorce ‘We the People’ from our basic right of influence and understanding of this critical element of our lives is simply unthinkable. But it is our economic reality; all by the design of an unaudited cabal of bankers who answer to no one. There is no elected US official who has the power of the Chairman of the Fed. He dictates our monetary policy and answers to no one. It is interesting to watch the omnipotent Fed Chairman, when asked by Congress to delve into details of our current monetary state. His typical condescending reply is that the inner machinations of his private financial gambling house are simply too complex for the average citizen to understand, that it is beyond our modest comprehension, and to ‘just trust us’, they have our best interests at heart and are doing a fine job. So let’s take a quick look at exactly how this financial behemoth evolved and what our trust and ignorance of it has wrought since we lost our financial sovereignty to it in 1913. Within 20 years of its inception, the US Federal Reserve had managed to finance a world war which very well never would have happened without it, incurred a record $24b war debt which caused major US inflation and halving the net worth of the nation, then facilitating a bubble economy followed immediately by a devastating manufactured depression which literally redrew the face of the nation, allowed insider elites to plunder assets, and finally to underwrite an emerging Germany which set the stage for yet another world war. All by an organization that was simply to insure reliable and secure money supply. So rather than serving we people, instead the Federal Reserve has not only been a failure in monetary policy and controlling inflation, it has literally been an instrument of tyranny on the populace and a parasitic drain on national finance. The 10th Amendment and honest money can bring this 97 year Federal Reserve crime wave to an end, by first creating, at the state level, a competing currency to inhibit the Federal Reserve from continuing to debase the currency. Contact your State Representative and ask them to support a Constitutional Tender Law, model legislation is provided here for you. Paul Warren [send him email] is the Communications Director for the Colorado Tenth Amendment Center.
Poster Comment: "Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves."1 1Money and Wealth in the New Millennium, by Norm Franz, copyright © 2001, Whitestonepress, page 154. Some random notes next on the Constitution, money, competing currencies, and so on.
February 25, 1791
President Washington asks his cabinet members for opinions on the National Bank. Thomas Jefferson submitted that such a Bank was unconstitutional and would also violate the yet to be ratified 10th Amendment. Alexander Hamilton submitted that Congress’s power to collect taxes was also power to create a national bank. Not convinced by either side, Washington sided with Hamilton as it was Hamilton’s job as Secretary of the Treasury to know what he was doing.
The Bank of the United States opens its doors in Philadelphia.
Hamilton and the National Bank are accused of corruption and mismanagement. Opponents to the National Bank call for the demise of the unconstitutional Bank. Congress fails to act.
Congress refuses to let the National Bank renew its Charter on the grounds that the Bank is unconstitutional.
The Bank of the United States is dissolved.
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#1. To: All (#0)
First, a bit of humor...or something: The below is supposedly an actual letter sent by a customer to a bank in the United States. The bank manager apparently thought it was amusing enough to have it published in the New York Times. The intriguing aspect, however, is whether or not there is a message here of more than passing value, and if perhaps it should be taken a bit more seriously. ********* Dear Sir: I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month. By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my entire salary, an arrangement which, I admit, has only been in place for eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $50 by way of penalty for the inconvenience I caused to your bank. My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways. You have set me on the path of fiscal righteousness. No more will our relationship be blighted by these unpleasant incidents, for I am restructuring my affairs in 2002, taking as my model the procedures, attitudes and conduct of your very bank. I can think of no greater compliment, and I know you will be excited and proud to hear it. To this end, please be advised of the following changes: I have noticed that whereas I personally attend to your telephone calls and letters, when I try to contact you, I am confronted by the impersonal, ever- changing, prerecorded, faceless entity which your bank has become. From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will, therefore and hereafter, no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your branch whom you must nominate. You will be aware that it is an offense under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact Status, which I require your chosen employee to complete. I am sorry it runs eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further by introducing you to my new telephone system, which you will notice, is very much like yours. My Authorized Contact at your bank, the only person with whom I will have any dealings, may call me at any time and will be answered by an automated voice service: Press buttons as follows: 1. To make an appointment to see me. 2. To query a missing payment. 3. To transfer the call to my living room in case I am there. 4. To transfer the call to my bedroom in case I am sleeping. 5. To transfer the call to my toilet in case I am attending to nature. 6. To transfer the call to my mobile phone if I am not at home. 7. To leave a message on my computer, a password to access my computer is required. Password will be communicated at a later date to the Authorized Contact. 8. To return to the main menu and to listen to options 1 through 7. 9. To make a general complaint or inquiry. The contact will then be put on hold, pending the attention of my automated answering service. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call. This month, I've chosen a refrain from The Best of Woody Guthrie: "Oh, the banks are made of marble, with a guard at every door, and the vaults are filled with silver, that the miners sweated for." On a more serious note, we come to the matter of cost. As your bank has often pointed out, the ongoing drive for greater efficiency comes at a cost which you have always been quick to pass on to me. Let me repay your kindness by passing some costs back. * First, there is a matter of advertising material you send me. This I will read for a fee of $20 per page. * Inquiries from the Authorized Contact will be billed at $5 per minute of my time spent in response. * Any debits to my account, as, for example, in the matter of the penalty for the dishonored check, will be passed back to you. * My new phone service runs at 75 cents a minute. You will be well advised to keep your inquiries brief and to the point. * Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever-so-slightly less prosperous, New Year? Your Humble Client, (Name Withheld)
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
Nice touch, heh heh.
Space: The final frontier of egalitarianism; darkie has no sense of wonder.
“No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.” What's the meaning of that? [ref: Powers prohibited of States, not prohibiting We the People] 1. It is a prohibition against the States using and losing their resources as collateral on their debts. 2. It is a prohibition against the States using perishable items as collateral on their debts and barter in those as their medium of exchange to pay their debts: "It is apparent from the whole context of the Constitution as well as the history of the times which gave birth to it, that it was the purpose of the Convention to establish a currency consisting of the precious metals. These were adopted by a permanent rule excluding the use of a perishable medium of exchange, such as of certain agricultural commodities recognized by the statutes of some States as tender for debts, or the still more pernicious expedient of paper currency." 3. As gold and silver are scarce commoditites, it is an incentive for the States not to expand their debts beyond their capacity to repay them in that form of currency. 4. It is not a prohibition against the States using other forms of currency for their non-debt related purposes such as earned income. 5. Recalling that Article 1, Section 10 also says that States have the power to engage in war when they are invaded, which might cause them to go into debt to defend themselves, it is a prohibition against converting their war debt into stock shares -- as Alexander Hamilton did, for example: One of Hamilton’s primary goals in establishing the bank was financing the country’s war debt, which included the debts of individual states assumed by Congress. His plan for the bank provided for this by requiring that 75 percent of its privately held shares be bought with “government stock”— Treasury bonds paying 6 percent interest. (The balance was to be paid in specie.) Like the Bank of England, which had invested heavily in British government debt, the Bank of the United States would unite the interests of private enterprise in support of public credit. Bank shareholders would profit as the government paid off its debts over time. Meanwhile, the bank’s government debt—as good as gold in Hamilton’s calculus—would serve as collateral for increased currency circulation, stimulating commercial development. In hindsight, Hamilton’s bold, financially creative proposal was more than a plan for a national bank; it was the springboard for a future U.S. economy based on private capital and the creative use of various forms of bank credit, including government debt. It was the springboard for a War Based Economy, such as we have long been stumbling under, and the States are restricted by the above clause from War Profiteering.
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
Money Matters Original U.S. Constitution Art. I Sec. 8 Cl. 5 Note that there is no such prohibition against Congress, or any delegated power to make anything legal tender. Congress was originally understood to have no power to make anything legal tender outside of federal territories, under Art. I Sec. 8 Cl. 17 and Art. IV Sec. 3 Cl. 2, but in 1868 a Supreme Court packed by Pres. Ulysses S. Grant, in the Legal Tender Cases, allowed Congress to make paper currency issued by the U.S. Treasury, backed by gold, legal tender on state territory, a precedent that remains controversial to this day, when courts allow paper currency not backed by anything to be considered "legal tender".
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
I agree and especially liked the plan to bill the bank. :) And this is to remind the banks that Congress is not authorized to use anything as collateral to borrow money: [The Congress shall have Power ... ] To borrow money on the credit of the United States; If banks don't think the US is trustworthy enough to be extended a line of credit for a reasonable transaction fee without asking for collateral as "insurance", no deal. Go peddle your money business elsewhere.
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
From the article, Money: More recent Federal Reserve Notes state: “This note is legal tender for all debts, public and private” Please note that there is no period at the end of the statement, suggesting that perhaps the statement is not complete. E.g. not redeemable? There is also the aspect that the note is for all debts... not necessarily a means of accumulating wealth, but merely a means of addressing debts (and not necessarily even paying off a debt!). Take, for example, the case where a Court orders a judgment to be paid in dollars. Because the Federal government is not currently coining any Dollars (and the States are prohibited from doing so), no person can pay any debt arising from a judgment of the Court. Since there are no Dollars available to an accused to pay the debt judgment of the Court, the Court has no capacity to enforce the judgment, and therefore lacks the ability to effect a remedy (as in Remedy and Recourse). Thus, the Court has no jurisdiction in the case, and the case should be dismissed. [But don’t assume that the above constitutes legal advice, or that the Court will buy the argument for a nano-second! Their idea of remedy might be to throw you into jail! And thus not allow you to pass go.] ********** Interesting comment at the Tenth Amendment Center article, Ending the Fed From the Bottom Up: The current FRN's are NOT "Legal Tender". If one reads the original Act the FRN's were Restricted CIRCULATION between corporate FR banks as they were PRIVATE commercial paper. When the Traitor, FDR used the "Trading with the Enemies Act" to make ALL AMERICAN citizens enemies of the foreign, Corporate United States, and Congress ratified HJR 192, the subsequent Congressional efforts authorized the GENERAL CIRCULATION of the FRN's as "Legal Tender" to the General Public and the printing of lower, 2.00, 5.00, 10.00, 20.00, 50.00, 100.00 denomination to accommodate the GENERAL PUBLIC. Accordingly, it was HJR-192 that authorized the Fed to have the lower denomination notes printed with the "Legal Tender" status printed thereon for the GENERAL CIRCULATION of the "notes". [sic] Few people are aware that on September 13, 1982 the sole sponsor Peter Rodino of New Jersey successfully received congressional approval of the repeal of HJR 192 and the President signed the repeal into law. The Public Law 97-258, and 96 Stat 1074 “Schedule of Laws Repealed” clearly shows that Vol. 48, page 113 of June 5, 1933 (HJR-192) is hereby repealed! What most people do not know is that it was HJR 192 that gave “legal tender” status to the FRN’s as prior to HJR 192, the FRN’s could only be circulated exclusively between BANKS as commercial paper! After HJR 192, the FRN’s became “legal tender” status and were circulat-ed to the general public without the banks having to fulfill their fiduciary duty of redeeming the paper FRN’s with “Lawful money,” gold coin. Repeal of HJR 192 now requires the banks to have their reserve in gold and silver coin. They do not, hence all banks are essentially bankrupt! They can not redeem paper for “lawful money.” Now with the repeal of HJR 192 the 7th Amendment [My note; Amendment 7 ] has been restored in full as the common law requires “Lawful money” for common law courts to adjudicate. The commercial tribunals are essentially gone but the fraud continues as long as the people accept the frauds. The paper FRN’s that are now circulating have no value whatsoever, except that the uninformed sheeple “accept” them, thus the current financial chaos is a result of the peoples ignorance. They all want something for nothing and capital can only be created by labor! (Not printing presses)
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
More excerpts from the article, Money, which is long and I think puts too much stock in gold and silver as a medium of exchange but makes good points otherwise: Money is: “a medium of exchange in the form of coins and/or paper currency.” It can also be viewed, simultaneously, as wealth, property or assets convertible into currency. Thus, in the form of a medium of exchange, it can be anything agreed as currency by both buyers and sellers. It is a step above one-on-one bartering by virtue of it being construed to have specific value beyond any given exchange of products or services. In this basic form, Money as currency is the creation of governments or the governed. Any group can theoretically coin money, but the extent to which it is acceptable by those outside the group will be wholly dependent upon the nature of the currency. Gold coins, for example, issued in by a private group in Bhutan might be quite acceptable to a Chilean. There is no requirement that the form of money, such as paper certificates of one form or another, have some manner of intrinsic value -- provided that the individuals exchanging the currency have agreed to the valuation of the paper. But despite the fact that some of the world’s currencies (the so-called “hard currencies”) are readily acceptable everywhere, there is always the potential that sellers of products and services may decide at any point not to accept a particular form of [sic] A 1934 Federal Reserve Note, however, contained the following statement: “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.” It might be thought curious that the Federal Reserve Note is ‘legal tender’, but can be redeemed for ‘lawful money’. Obviously, the two are not the same. In effect, Federal Reserve Notes are a legal tender, but not of the United States. Dollars are legal tender, but not all legal tender are dollars. Federal Reserve Notes cannot be “lawful money” for the United States. More recent Federal Reserve Notes state: “This note is legal tender for all debts, public and private” Please note that there is no period at the end of the statement, suggesting that perhaps the statement is not complete. E.g. not redeemable? There is also the aspect that the note is for all debts... not necessarily a means of accumulating wealth, but merely a means of addressing debts (and not necessarily even paying off a debt!). [sic] “The Common Law Heritage is that Money is property. A basic question that the law has always faced is: Whose property -- that of the government or that of the governed? “Under the traditional legal precedents of the Common Law, this issue was framed in terms of the power of the sovereign. By the eighteenth century, the common law had progressed to the point at which it regarded money as private property whose debasement was beyond the rightful power of the sovereign.” [emphasis added] Under the precepts of Common Law, the Rights of the governed were superior to that of the sovereign, and limited the sovereign’s power. Not the other way around! The limits on money contained in the Constitution was an attempt to ensure the Common Law aspect of limiting any sovereign or government’s ability to debase the national currency. As per the Supreme Court, the Constitution “must be interpreted in the Light of the Common Law ... and [can] not be understood without reference to the Common Law.” When the Constitution was written, the States had powers and constitutions already in place. The Constitution did not grant the States new powers, but did impose limitations on pre-existing powers (including the printing of money). At the same time, the federal government derived all of its powers from the Constitution. And under that directive, the federal government was to have no powers other than those expressly granted it. One of those powers not granted was the power to make paper into legal tender. In the Constitution, Article 1, Section 8 gave Congress the power: “to coin Money, regulate the Value thereof, and of foreign Coin...” This principle is unambiguous, and important! [My note: It was not granted the power to dictate what is or isn't allowed to be used as money by We the People] Congress has no power granted to it, but to coin Various Justices of the Supreme Court have noted that the power of coining money and regulating its value was delegated to the Congress by the Constitution in order to create and preserve the uniformity of such a standard of value. [sic] The intent was that the dollar might represent property and not a mere shadow of it. The Constitution recognized the Common Law precept that money was private property and not to be debased by the government. [sic] The idea that only government can issue money is a fallacy. Money, like the fundamental right of free speech, properly flows from the individual. Taking the power of money creation away from the individual is, in fact, a denial of his civil rights. By the same token, it is another lie when banks claim to be lending money, when, in fact, it is the borrower who is creating the money. But because of fractional banking, US banks can now loan anywhere from $30,000 to $70,000 for each $1,000 deposited. The lie is in the banker’s claim that the money being loaned is from the bank vault, when it is actually and simply being conjured up out of thin air. I see lots of funny men, Some rob you with a six-gun, And some with a fountain pen.” [sic] Banking has become the primary “crime against humanity.” [sic] The Banksters are, of course, domestic and Transnational Corporations, and gleefully incorporate within their beings all the horrors and dishonesties of the latter. Corporate Rule is not just based upon the producers of goods and services, it is fundamentally an economic rule made viable by a medium of exchange which has no more value than the “0” in a computer byte. The fact that governments tolerate, allow, and/or encourage this situation is simply an indicator of just how far governments have left the province of being of the people, by the people, and for the people. [End excerpts]
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
What is overlooked is the bank has his money, therefore he is vunerable. He does not have the bank's money, therefore the bank is NOT vunerable.
You're very much right that Article 1 section 10 is a restriction on the States. It prevents the States from creating or designating a legal tender additional to the federally-authorized money except by using (foreign) gold & silver coins (and the same section 10 also prohibits the States from coining money) which the US Congress has already set a value upon. Contrast this with Article 1 section 8 clause 5, which empowers the US Congress "to coin money, regulate the value thereof, and of foreign coin, ...." So the Constitution expects the federal govt to issue money - and to regulate its value - and also regulate the value of foreign coins. The State govts have no such authority. And since the States are expressly prohibited from making their own coins, if a State wanted to use an additional form of currency as a legal tender it would have to use a coin already made elsewhere - meaning a foreign coin which Congress already regulated. By using the word "coin" for what the States could make a legal tender, Congress was excluding such possibilities as using gold nuggets, gold dust, etc. I might add that, when these provisions were written, there was not a single gold or silver mine in the US, so the only source for anything more than a tiny amount of either metal would have had to be foreign. Very very early on, the Congress made Spanish silver dollars a medium of exchange in the US, but after a few years the US was minting its own coins and within a few decades Congress explicitly rejected any foreign coins as legal tender. I do not know of an instance where a State adopted a foreign coin as legal tender, and since Congress, under its Constitutional authority to regulate the value of foreign coin, had declared foreign coin unusable as legal tender, that would seem to prevent States from doing such a thing. This left the States with issuing a sort of State Bank paper money, which, having authorized it, the State govt would have to accept in payment of its own taxes and fees, but which everyone else could refuse to accept (which means the State paper money was NOT "legal tender"). The authority of Congress to coin money AND regulate its value, necessarily authorized Congress to produce currency made of paper and of non-precious metals such as nickel, copper, etc., or of a mix of metals, because coins made entirely of gold or silver, whose value was determined by the purity and weight of their ingredients, would be regulated by the market value of the metal ingredients, not by Congress. The use of gold and silver as measurements of wealth, although extremely ancient, is somewhat difficult to justify in modern practical terms. Lord Keyes called gold money "a barbarous relic". The gold/silver was originally used for coins and for ornaments and jewelry which could be recycled for coins. But in the last couple of centuries other uses have been made of those metals: in medicines, electronics, photography and the like, rendering the recycle of those metals difficult and sometimes unfeasible. The gold & silver now circulating may have been dug up centuries ago, and possibly by slave labor, so putting an objectively calculated value on it is problematical. The simple fact is the gold and silver is valued, and their values are dictated, solely by popular whim and supply and demand and the difficulty of obtaining it. Much the same as tulip bulbs in Holland in 1634. When the Washington Monument was completed in 1884, its top was capped with a layer of aluminum -- then considered quite a blandishment because aluminum at that time was more expensive than gold; but within a couple of decades a new method was contrived for making aluminum so now it's considered somewhat declasse. The values of gold and silver have been affected by the discovery of new sources or the exhaustion or inaccessibility of old sources. Right now the principal producers of new gold are the Republic of South Africa and Russia, so adhering to a gold standard could put us at the mercy of countries with different priorities than ours. The use of gold and/or silver as the sole basis of our money would have the serious drawback of making our entire monetary system dependent and sensitive to the metalic production in foreign countries of just those one or two commodity metals. Instead, Federal Reserve Notes, backed by US Treasury bonds, enable the US to use as "collateral" all of its valuable resources, including national parks and forests, its industries and farming, etc., not merely the supplies of one or two metals of primarily foreign origin.
They don't have his money if they don't agree to his terms. Imagine if they lost most of their customers by refusing to comply with such terms. I'm thinking they'd be Vulnerable then with a capital "V".
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡
The US government is absolutely not authorized to use anything as collateral other than whatever value is placed on the likelihood that it will reliably repay credit extended to it in funds that it can mint or earn through tariffs and taxes which aren't considered worthless. Otherwise your input is highly appreciated and debatable on several points. I particularly liked the last 3 paragraphs up to the section quoted above. And this comment, by Jove -- as the British say, was remarkably like a PowerPoint presentation: ------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
Article 1, Sec 10 prohibits the States from impairing the Obligation of Contracts. Neither was the Federal government delegated any power to impair the Obligation of Contracts. I'm of the opinion that the destabilization of our currency -- even the manipulations up and down of the market values of gold and silver which States are required to use as a debt currency -- are an impairment of the Obligation of Contracts as it alters the value of what was agreed to at the time of the contracted labor, services, goods. How about you?
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
"It does not take a majority to prevail, but rather an irate, tireless minority, keen on setting brush fires of freedom in the minds of men." -- Samuel Adams (1722-1803)‡
I agree but don't think that money issued in paper form is why it's Unconstitutional, except that the States are required to use gold or silver based currency for their debt purposes. The Fed Res isn't needed to be a central bank for the US government. Congress can issue sound money and borrow it too without the Fed Res middle-men and their exorbitant costs for conjuring up fiat money backed by nothing of value. Nobody should have to use that idiotic, unethical, and dysfunctional money system. ------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
IF!!! It is alway "If." The fact is people are going to use banks. If you don't like the policy of your bank, you are free to find another bank with identical policies.
Thanks for your contribution, Itis. :)
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
Imagine if everybody in the world decided to be their own bank...formed billions and billions of credit unions too. Wouldn't that be grand? Sounds wonderful to me. Here's a token of my gratitude for stopping by again to chat. Have a nice day, DW. :)
------- "They're on our left, they're on our right, they're in front of us, they're behind us...they can't get away this time." -- Col. Puller, USMC
#2. To: GreyLmist (#1)
In due course, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required to access my account balance on your phone bank service.
#3. To: All (#0)
(Edited)
The United States Constitution declares, in Article I, Section 10,
Our Founding fathers, and others, about money and banking:
--President Andrew Jackson, 8th Annual Message to Congress, December 5, 1836The Bank that Hamilton Built:
#4. To: All (#3)
http://www.constitution.org/cs_money.htm [Congress shall have Power ... ] To coin Money, regulate the Value thereof, and of foreign Coin, ...;
Art. I Sec. 10 Cl. 1[No State shall ...] make any Thing but gold and silver Coin a Tender in Payment of Debts; ...
#5. To: Prefrontal Vortex (#2)
Nice touch, heh heh.
http://www.usconstituti on.net/const.html#Article1
#6. To: All (#5)
#7. To: All (#6)
(Edited)
paper money. silver and gold [My note: money -- for us, on our terms]. “Now as through this world I ramble,
Woody Guthrie, Pretty Boy Floyd
#8. To: GreyLmist (#5)
I agree and especially liked the plan to bill the bank. :)
#9. To: GreyLmist (#3)
#10. To: DWornock (#8)
What is overlooked is the bank has his money, therefore he is vunerable.
#11. To: Shoonra (#9)
#12. To: Shoonra (#9)
Federal Reserve Notes, backed by US Treasury bonds, enable the US to use as "collateral" all of its valuable resources, including national parks and forests, its industries and farming, etc., not merely the supplies of one or two metals of primarily foreign origin.
I might add that, when these provisions were written, there was not a single gold or silver mine in the US, so the only source for anything more than a tiny amount of either metal would have had to be foreign.
#13. To: ghostdogtxn (#11)
#14. To: GreyLmist (#13)
#15. To: ghostdogtxn (#14)
I think the creation and empowerment of the Federal Reserve was unconstitutional on so many different levels that the impairment of contract provision is just another example of it.
#16. To: GreyLmist (#15)
#17. To: GreyLmist (#10)
Imagine if they lost most of their customers by refusing to comply with such terms.
#18. To: Itistoolate (#16)
#19. To: DWornock (#17)
IF!!! It is alway "If." The fact is people are going to use banks. If you don't like the policy of your bank, you are free to find another bank with identical policies.
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