What is money? Lets begin with an interesting story... Some years ago, a Mr. A.F. Davis mailed a $10 bill to the treasury department. In his letter of transmittal, he called attention to the inscription on the bill which said that it was redeemable in lawful money, & then requested that such money be sent to him. In reply, the Treasury merely sent two $5 bills from a different printing series bearing a similar promise to pay. Mr. Davis in his reply letter responded: Dear Sir: Receipt is hereby acknowledged of two $5 US notes, which we interpret from your letter are to be considered as lawful money. Are we to infer from this that the Federal Reserve notes are not lawful money? I am enclosing one of the $5 notes which you sent to me. I note that it states on the face, The United States of America will pay to the bearer on demand five dollars. I am hereby demanding five dollars. One week later, Mr. Davis received the following reply from Acting Treasurer, M.E. Slindee: Dear Mr. Davis: Receipt is acknowledged of your letter of December 23rd, transmitting one $5 US Note with a demand for payment of five dollars. You are advised that the term lawful money has not been defined in federal legislation.... The term lawful currency no longer has such special significance. The $5 US Note reserved with your letter of December 23rd is returned herewith. The phrases will pay to the bearer on demand and is redeemable in lawful money were deleted from our currency altogether in 1964. Is money really so mysterious that it cannot be defined? Source: The Creature from Jekyll Island book by G Edward Griffin amazon/Creature-Jekyll-Island-Edward-Griffin-ebook/dp/B00ARFNQ54/ref=sr_1_1_title_0_main?s=books&ie=UTF8&qid=1383715418&sr=1-1&keywords=the+creature+from+jekyll+island
Posted on: Wed, 06 Nov 2013 05:31:53 +0000