RE: [tips_and_tricks] legal tender for payment
- I had to object to frances jo saying:
> Yeah, sure. We tried that on a mortgage on the court house steps.Why do I object? Because, first, she probably did NOT offer dollars of
> The bank's representative said that we had a superior offer and the
> special master accepted the bank's offer.
gold for the "dollars" called for in satisfaction of her debt. To do so
would have been a stupid choice considering the value of hard assets
relatively speaking. Instead, she probably offered only enough gold to
buy the same number of FRNs necessary to discharge the debt. SHE was
the one calling FRNs "dollars", at the same time not offering enough
gold to mint enough dollars to pay the note in question which most
likely specified dollars and not ounces of gold or Federal Reserve
The bank representative merely noted the obvious, that something (any
gold at all, no matter how little) is always superior to nothing (FRNs).
Still, a certain amount of gold constitutes dollars, and there was
obviously not enough gold offered to be able to mint that requisite
number of dollars to satisfy the written promise on the note. The
special master accepted the bank's offer because he could then discharge
more debt than he could with the gold offered.
> Dvoltzow@... wrote:They are and always have been able to accept gold when that gold is in
> They are not allowed to accept gold, but if you tender the offer
> and they refuse, the debt is considered paid.
coin form minted by the US Mint, and offered in the proper number
necessary to pay the same number of dollars as are due to be paid. Show
me where anyone has offered US coined gold in payment to the government
when the need to do that was eliminated with the introduction of FRNs,
which were specially created for use in paying taxes and government
charges. People who use this argument want to be able to change the
definition of "dollar" to their own liking whenever they may so choose.
On the witness stand they can seldom defend their statements.