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Re: More On HJR 192; Got Lawful Money?

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  • mn_chicago
    ... , vicki mangum ... ...and here are my thoughts for the benefit of newer members not familiar with how our
    Message 1 of 1 , Jan 30, 2009
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      --- In tips_and_tricks@yahoogroups.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
      manipulating words...

      [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;
              redemption
             
          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)]

                                Codification


          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
       
                                   PART I--CRIMES
       
                            CHAPTER 1--GENERAL PROVISIONS
       
      Sec. 8. Obligation or other security of the United States
              defined
             
          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
       
                                 SUBTITLE IV--MONEY
       
                           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.
             
      [Etc, etc...]
              (7) A fifty dollar gold coin that is 32.7 millimeters in
          diameter, weighs 33.931 grams, and contains one troy ounce of fine
          gold.
              (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
          fine gold.

          [Etc, etc...]

          (e) Notwithstanding any other provision of law, the Secretary shall
      mint and issue,
      in quantities sufficient to meet public demand, coins
      which--
              (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
      numismatic items.
          (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.]
          ...
         

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