Mike Gallagher gets outfoxed by socialist Alexandria Ocasio-Cortez and co

[johnwk2]

@adroit

@johnwk2

@adroit

@johnwk2

Now we are getting somewhere. You approve of a private bank’s notes [Federal Reserve Notes] being made a legal tender. Do you have any idea why our founder rejected bank notes of any kind to be made a legal tender?

And yet, Hamilton’s plan was accepted within a few years of our founding to establish a central bank and create such notes to be legal tender.

Baloney as to your assertion about legal tender.

The truth is, the
Coinage Act of April 2, 1792 established the silver dollar as the unit of money and lawful tender in the United States of America.

JWK

see SEC. 16. And be it further enacted , That all the gold and silver coins which have been struck at, and issued from the said mint, shall be a lawful tender in all payments whatsoever, those of full weight according to the respective values herein before declared, and those of less than full weight at values proportional to their respective weights.

What you just posted doesn’t negate that banknotes issued by the First Bank of the United States were in fact legal tender.

Once again you are in error. Under the “Act to incorporate the subscribers to the Bank of the United States” of February 25, 1791, Section 10 declared:

that the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, in gold and silver coin, shall be receivable in all payments to the United States.”

By the Act, the U.S. government was required to accept those notes, e.g., in the payment of taxes. They were not made a “legal tender for all debts, public and private” by said Act.

JWK