A note is a note is a note.
Anything outside of gold or silver is prohibited for money. A warehouse receipt for deposit of gold or silver is valid for face value just like the old silver certificates. A note is a debt. So the new treasury notes coming out are no better than the unlawful Federal Reserve Note.
Ponder that for a while.
~Freewill
Ps. Reference National Constitution Article 1 Section 10.
Tuesday, November 21, 2017
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3 comments:
The problem is not the note itself but the "promise" of exchange. The TRN is "better" if it is worth its exchange in gold or silver.
Agreed. The FRN is a debt note based on the full faith and credit of the United States. See 12 USC 411-412. IF the TRN is backed by silver or gold, and I can walk into a bank and exchange my $1 TRN for a silver dollar, that works for me.
Article 1 - The Legislative Branch
Section 10 - Powers Prohibited of States
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
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