How to end the Federal Reserve (possibly)Submitted by wicked93gs on Wed, 10/03/2012 - 09:13
First lets start with the definition of one dollar...in 1792 congress wrote a bill called "an act establishing a mint and regulating the coins of the united states" In this act, they described the dollar and defined it as "Dollars Or Units- Each to be the same as a Spanish milled Dollar as the same is now current, and to contain 371 4/16 parts of a grain of pure, or 416 grains of standard silver. That is the money of account of the united states"
Next we look at a current "dollar bill". Note the most important words of "Federal Reserve Note".
Next we look up the definition of the word note in a financial dictionary and come up with...."A written promise to pay a specific sum of MONEY on a certain date" now since the date for that note to come due is not specified on a dollar bill we can only assume that makes it open ended...meaning it can be collected at any time.
480 grains of silver make one troy ounce...so 416 would be .86 troy ounces of silver. What I propose is a giant protest in which everyone against the Fed decides to call their federal reserve notes due on the same day. The Fed is legally bound to pay their notes to the holder of those notes. It stands up in the full court of law. While the Fed may hold some silver, the question is do they hold enough to pay us all off without failing? Go ahead Ben...print all the FRNs you want...it wont get you out of this mess should it ever happen.