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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Investor-ex! who wrote (23517)	11/29/1998 4:15:00 AM
From: Investor-ex!	Respond to of 116753

As a diversion from the global monetary comedy/tragedy unfolding around us, here's a rather lengthy, not irrelevant "HISTORY OF UNITED STATES MONEY AND THE DOLLAR". The basic gist is the same the world over, only the particulars differ. Hope everyone "gets" this :o) u2.netgate.net Some interesting, gold-related quotes: Thomas Jefferson once said: "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." ____________________________ Our Constitution has declared that gold and silver shall be the money of the United States. Congress being fully aware of the will of the people passed Section 311 of Title 31: "It is declared to be the policy of the United States to continue to use both gold and silver as standard money, and to coin both gold and silver into money of equal intrinsic and exchangeable value ..." ____________________________ The United States can declare Federal Reserve Notes to be a legal tender in payment of money debts, but the United States cannot change the standard of value nor make anything lawful money, but the value of gold and silver. In the United States, the dollar has been declared to be the standard unit of money - and - The dollar of gold 9/10 fine consisting of the weight determined under the provisions of Section 821, of this Title shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard ... (31 USC 314) Gold has been declared to be the standard of value for the dollar, just as the inch is declared to be standard of value for the foot and the ounce for the pound. ____________________________ Congress had never, and could never, declare Federal Reserve Notes to be a "Dollar." What then are these Federal Reserve Notes? They are not a measure of value within themselves, but only exist as the representative of value. Our money must have a measure of value with the gold dollar. Congress declared that: "The gold coins of the United States shall be a one dollar piece, which at the standard weight of 24.75 grains shall be the unit of value ..." ____________________________ The Supreme court held that the issue of "United States Notes," was not an attempt by Congress to make dollars, but an attempt to borrow dollars and to repay that debt. From the beginning it was intended that "Federal Reserve Notes" would represent the dollar at a ratio of $1 in "Federal Reserve Notes" to be equal to $1 in value ... but by 1935; the ratio of gold to "Federal Reserve Notes" had slipped to 40% and at that time it was enacted: "Every Federal Reserve Bank shall maintain reserves in gold certificates, or lawful money of not less than 35% against its deposits, and reserves in gold certificates of not less than 40% against its Federal Reserve notes in actual circulation." ____________________________ From 1913 until 1934, the "Federal Reserve Note" have this inscription: "Redeemable in Gold on demand at the United States Treasury or in Gold or lawful money at any Federal Reserve Bank - Will pay to the bearer on demand one dollar" From 1934 to 1968, the "Federal Reserve Note" bore the inscription: "This note is legal tender for all debts public and private and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank - Will pay to the bearer on demand one dollar" And from 1968, the "Federal Reserve Note" was to bear this inscription: "This note is legal tender for all debts public and private" "One Dollar" Until 1968, the "Note" was intended to be paid in Dollars. Did something occur in 1968 to suddenly give this paper a value of its own? Did this paper suddenly become the measure of value equal to the inch that was relative to the foot? We think not, but in fact we believe that the "Federal Reserve Notes" were given up by Congress as they being depreciated beyond all possible hope of redemption. This is evident by the following Public Law: "A bank note or bill must be payable over the counter immediately upon demand made in business hours at any time after its issue." ____________________________ In other words, the Federal Reserve Banks merely create whatever funds it wishes to loan, without restraint. ... The Federal Reserve did not have the 465 Billion to loan Congress, so it merely created it upon the credit of the United States, giving nothing of value to Congress, but demanding in return value from the people in the form of interest and, when possible principal payments. The interest that the people pay upon the national public debt (creation and use of Federal Reserve Notes) amounts to a taking of private property without just compensation, in contravention to the 5th Amendment. What have the Federal Reserve Banks done for Congress that Congress could not do for itself? There would be no objection to Congress borrowing something of value from the banks, such as lawful money, gold and silver dollars or bullion, but when the banks create the money, the United States guarantee the redemption of the paper. The people pay an interest to the banks, and the banks end up owning all the property because of their unrestricted inflation of the Currency; the sanity of this entire process is above our comprehension. The taking of the wealth of the people to pay an interest tribute to these private banks for a contract containing no lawful consideration again makes one wonder what has happened to sanity and justice for which our forefathers spilled their blood. We can all go back to sleep now...