"Let's look at a simplified federal reserve balance sheet with the amounts omitted:
Federal reserve notes outstanding"
I am not sure what your point is. Gold is not the only asset.
I stopped debating this thread because it is all kind of pointless and academic to a certain degree. One of the reasons I stopped arguing this thread is because it is impossible to debate when someone is repeating lawful money only means gold or silver when the term lawful money has never been defined in law. By definition "lawful money" must be something defined by law. The closest definition of lawful money is found in the original federal reserve act where it mentions deposits.
For instance if checks, notes, x, y, z, and lawful money are all allowed as forms of deposits in accordance with the federal reserve act then checks, notes, x, y, and z are obviously not lawful money because lawful money is included in the same sentence as something separate of those things.
Lawful money can only logically be something that functions as money and not outlawed ...
Federal Reserve Act of 1913 (as amended): Section 13. Powers of Federal Reserve Banks
1. Receipt of Deposits and Collections
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation, or other items, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection, may receive from other Federal reserve banks deposits of current funds in lawful money, national bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district, or other items, and maturing notes and bills payable within its district; or, solely for the purposes of exchange or of collection, may receive from any nonmember bank or trust company or other depository institution deposits of current funds in lawful money, national-bank notes, Federal reserve notes, checks and drafts payable upon presentation or other items, or maturing notes and bills
Honorable mentions for references somewhat related to lawful money would include:
March 14,1900 An Act To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes.
August 5, 1861 An Act supplementary to an Act entitled "An Act to authorize a National Loan, and for other Purposes.”
July 17, 186l An Act to authorize a National Loan and other Purposes.
February 12, 1862. An Act to authorize an additional Issue of United States Note
March 17, 1862. An Act to authorize the purchase of Coin, and for other Purposes
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