Posted by Oh Really? on July 27, 1998 at 13:54:28:
In Reply to: Re: Or, Look at it this way... posted by New Kid on the Block on July 19, 1998 at 17:46:34:
I suggest New Kid take a minute and read Juilliard v. Greenman, 110 US 421 (1884) where the good ol' Supreme Court ruled that private parties are indeed required to accept FRNs as payment even when a contract specifies gold coin. You're 115 years behind the times Kid.
: : Dear Shane,
: I too have struggled with this issue and have resolved it thusly...
: T. Mann here is right. Bouvier's, under lawful money, and 31 USC 3115 state that Federal Reserve Notes (FRN's) are "obligations of the United States". They are not "legally" your obligations, but the obligations of the "U.S. Inc." I guess if you are claiming to be subject to the U.S. Inc. then perhaps they are your debts.
: Presently, I have no knowledge of any statute that requires or makes mandatory an individual to accept FRN's. The Fed Reserve Banks and the Federal, State, and local governments are not allowed to refuse to accept them in payment of taxes, or debt to the Fed banks; but you are not. You are volunterily participating in the illusion that FRN's are actually money.
: We are in reality using them as barter paper. Since most American's know that the FRN's are devaluing, and that through inflation, their "money's" purchasing power is becoming less and less, this is a defacto notice of percieved value. The FRN's, after what Nixon did, do not exist in parity. So, when you exchange FRN's for gasoline at your local gas station, you have extinguished you debt, because it is the basis of exchange demanded by the gas station. In private contract law, it's enforcement is not so strict, as the enforcement of statutory law. The law looks at the intent and actions of the grantor and grantee. If the local high school graduate demands and accepts FRN's at a fixed demonination in exchange for pumping a determined volume of gasoline, then the contract is fulfilled, and the debt is extinguished. If the pump jockey demanded lawful money, and you handed him FRN's, then your in trouble.
: The constitutional requirement for gold or silver is limiting only to the states. (So I guess you could demand that your tax refund be paid in gold or silver.) You have a constitutional basis for unlimited right to contract. [emphasis on unlimited] Your participation in the illusion that FRN's are money perpetuates the problem.
: Most self proclaimed constitutionalist that I know are unwilling to forgo the convience of the use of FRN's to demand consitutional money. They like spouting their dogma, but they like more, trading FRN's at the local WALMART.
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