Re: FBI Raids Liberty Dollar - Confiscates All Ron Paul Dollar

"Robert Miller" <xyzstargazzr@xxxxxxxxxxxxxx> wrote in
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"Robert Miller" <xyzstargazzr@xxxxxxxxxxxxxx> wrote in
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"Robert Miller" <xyzstargazzr@xxxxxxxxxxxxxx> wrote in
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<snip>

ange with which to discharge that debt. Am I missing
something?

A Federal Reserve Note is a promissory note.

A FRN is not a promissory note, since it doesn't say that you can
redeem it for anything. A FRN is legal tender, which means that
creditors must accept it when their debtors discharge their debts.

So what happened the day the Federal Reserve stopped backing their
Promissory Bank Notes with gold. Did they do as many banks before
them and printed more Notes than they had gold to back them?

Of course.

Then did
it again when there was not enough silver in the bank vaults to cover
them again?

Of course.

The value of a dollar (i.e., the goods and services you can exchange for
it) relies on the magical power of the pooled belief in the US government
to maintain a orderly society for commerce. This is not unlike the magical
property that you've attached to silver and gold. But you can't eat them
either.

A dollar is still defined as:
DOLLAR, money. A silver coin of the United States of the value of one
hundred cents, or tenth part of an eagle.
2. It weighs four hundred and twelve and a half grains. Of one
thousand
parts, nine hundred are of pure silver and one hundred of alloy. Act
of January 18, 1837, ss. 8 & 9, 4 Sharsw. Cont. of Story's L. U. S.
2523, 4; Wright, R. 162.

Your source is Bouvier's Law Dictionary, the 1856 edition. And it has no
applicability.

372.25 grains of pure silver

480 grains = 1 troy oz.

480 / 372.25 = .7755

1 Silver $ .7755 oz pure silver

Sept 20 Monex.com Silver @ $13.36 per ounce Spot.
Dec. 19 Monex.com Silver @ $14.12 per ounce Spot.

.7755 oz. = $10.36 in a real silver dollar Sept. 20 2007
.7755 oz = $10.95 in a real silver dollar. Dec. 19, 2007

Notice a trend?

Not from two data points.

You say below that merchants must accept FRNs in exchange for their
goods. They don't. They're free to set whatever terms they want.
If your corner gas station advertises that they want 10 pounds of
potatoes for a gallon of gasoline, then you'd better have spuds in
the trunk when you fill up.

What if they want NORFED's Silver Libertys.

Then you better be lugging around silver if you want to do business with
them.

NOTE OF HAND, contracts. Another name, less technical, for a
promissory note. (q.v.) 2 Bl. Com. 467. Vide Bank note; Promissory
note, Reissuable note.

NORFED's Silver Libertys are money because
they have value even if NORFED is permanately shut down.

I'll repeat here. Money is anything that you can commonly use as a medium
of exchange, i.e., as an intermediary that has no value other than its
exchangeability. Is NORFED's coinage money? I don't know. I've never
tried to use NORFED's coinage in a commercial transaction. Legal tender,
on the other hand, is a special kind of money, the kind that under the law
creditors have to accept as payment from debtors.

United States Federal Reserve Notes will be worthless the same day
the United States is shut down.

Well, of course. What's your point? You think that the same day the US is
shut down you'll be able to eat Silver Liberties?

Robert




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