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RE: [tips_and_tricks] legal tender for payment

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  • Frog Farmer
    ... Why do I object? Because, first, she probably did NOT offer dollars of gold for the dollars called for in satisfaction of her debt. To do so would have
    Message 1 of 6 , Oct 26, 2006
      I had to object to frances jo saying:

      > Yeah, sure. We tried that on a mortgage on the court house steps.
      > The bank's representative said that we had a superior offer and the
      > special master accepted the bank's offer.

      Why do I object? Because, first, she probably did NOT offer dollars of
      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
      Notes.

      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 not allowed to accept gold, but if you tender the offer
      > and they refuse, the debt is considered paid.

      They are and always have been able to accept gold when that gold is in
      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.

      Regards,

      FF
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