Re: More On HJR 192; Got Lawful Money?
--- In email@example.com, vicki mangum <vickivarner55@...> wrote:
> Here is what I got from the United States Code on money and dollars:
...and here are my thoughts for the benefit of newer
members not familiar with how our government works in
[My comments/observations are made within brackets,
like this, or key words, or letters of words, have been
underlined, and/or made bold, within the text, for
emphasis, worth noting.]
I also deleted many sections, for the economy of space. See original
post from for full text.
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XII--FEDERAL RESERVE NOTES
Sec. 411. Issuance to reserve banks; nature of obligation;
Federal reserve notes, [mn: Not to be confused with Federal
Reserve Notes, or FEDERAL RESERVE NOTES] to be issued at
the discretion of the Board of Governors of the Federal Reserve System
for the purpose of making advances to Federal reserve banks through
the Federal reserve agents as hereinafter set forth and for no other
purpose, are authorized. The said notes shall be obligations of the
United States and shall be receivable by all national and member banks
and Federal reserve banks and for all taxes, customs, and other public
dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of
Columbia, or at any Federal Reserve bank.
[mn: Note that what is only to be redeemed in lawful money,
gold and silver, are Federal reserve notes because those
specific notes were also specie backed, at the time. Nowhere
does it say "FRNs" are to be redeemed in lawful money.]
(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 265; Jan. 30, 1934, ch.
6, Sec. 2(b)(1), 48 Stat. 337; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
References in Text
Phrase ``hereinafter set forth'' is from section 16 of the Federal
Reserve Act, act Dec. 23, 1913. Reference probably means as set
forth in sections 17 et seq. of the Federal Reserve Act. For
classification of these sections to the Code, see Tables.
[mn: Now doesn't that instill confidence, a reference
"probably means" something? "Well, judge, the law
probably means..." (for those of us who have not
disqualified "judges" as step one, per FF)]
Par. 12 of section 16, formerly classified to section 422 of this
title, was repealed by act June 26, 1934, ch. 756, Sec. 1, 48 Stat.
1225. [I have no idea what was repealed here.]
TITLE 18--CRIMES AND CRIMINAL PROCEDURE
CHAPTER 1--GENERAL PROVISIONS
Sec. 8. Obligation or other security of the United States
The term ``obligation or other security of the United States''
includes all bonds, certificates of indebtedness, national bank
currency, Federal Reserve notes, [mn: The R in Reserve just
got capitalized, but the important word "note" remains
small "n."] Federal Reserve bank notes, coupons, United States
notes, Treasury notes, gold certificates, silver certificates, fractional
notes, certificates of deposit, bills, checks, or drafts for money,
drawn by or upon authorized officers of the United States, stamps
and other representatives of value, of whatever denomination,
issued under any Act of Congress, and canceled United States stamps.
TITLE 31--MONEY AND FINANCE
CHAPTER 51--COINS AND CURRENCY
SUBCHAPTER II--GENERAL AUTHORITY
Sec. 5112. Denominations, specifications, and design of coins
(a) The Secretary of the Treasury may mint and issue only the
following coins: [NOT Congress, anymore, Art I, sec 8]
(1) a dollar coin that is 1.043 inches in diameter.
(7) A fifty dollar gold coin that is 32.7 millimeters in
diameter, weighs 33.931 grams, and contains one troy ounce of fine
(8) A twenty-five dollar gold coin that is 27.0 millimeters in
diameter, weighs 16.966 grams, and contains one-half troy ounce of
(e) Notwithstanding any other provision of law, the Secretary shall
mint and issue, in quantities sufficient to meet public demand, coins
(1) are 40.6 millimeters in diameter and weigh 31.103 grams;
(2) contain .999 fine silver;
(3) have a design--
(A) symbolic of Liberty on the obverse side; and
(B) of an eagle on the reverse side;
(f) Silver Coins.--
(1) Sale price.--The Secretary shall sell the coins minted under
subsection (e) to the public at a price equal to the market value of
the bullion at the time of sale, plus the cost of minting,
marketing, and distributing such coins (including labor, materials,
dies, use of machinery, and promotional and overhead expenses).
(2) Bulk sales.--The Secretary shall make bulk sales of the
coins minted under subsection (e) at a reasonable discount.
(3) Numismatic items.--For purposes of section 5132(a)(1) of
this title, all coins minted under subsection (e) shall be
considered to be numismatic items. [mn: not legal tender.]
(g) For purposes of section 5132(a)(1) of this title, all coins
minted under subsection (e) of this section shall be considered to be
(h) The coins issued under this title shall be legal tender as
provided in section 5103 of this title.
(i)(1) Notwithstanding section 5111(a)(1) of this title, the
Secretary shall mint and issue the gold coins described in paragraphs
(7), (8), (9), and (10) of subsection (a) of this section, in quantities
sufficient to meet public demand, and such gold coins shall--
(2)(A) The Secretary shall sell the coins minted under this
subsection to the public at a price equal to the market value of the
bullion at the time of sale, plus the cost of minting, marketing, and
distributing such coins (including labor, materials, dies, use of
machinery, and promotional and overhead expenses).
(B) The Secretary shall make bulk sales of the coins minted under
this subsection at a reasonable discount.
(3) For purposes of section 5132(a)(1) of this title, all coins
minted under this subsection shall be considered to be numismatic
items. [mn: Not legal tender.]