No. I do not advocate nationalization of any banks. I advocate removing the following words which appear on Federal Reserve Notes: “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE”.
Our founders intended the market place, and only the market place, to determine which “notes” if any, are “safe and proper”. The creation of the Federal Reserve System, a monopoly, and making its “notes” a legal tender, is exactly what our Founders specifically rejected when refusing to allow Congress to emit bills of credit on August 16th of the Convention.
For those who are not familiar with our founder’s specifically stated intentions during the framing of our Constitution, here is what transpired during the convention with regard to bank notes being made a legal tender. SEE The Debates in the Federal Convention of 1787, reported by James Madison : August 16
Mr. Govr. MORRIS moved to strike out “and emit bills on the credit of the U. States”-If the United States had credit such bills would be unnecessary: if they had not, unjust & useless.
Mr. BUTLER, 2ds. the motion.
Mr. MADISON, will it not be sufficient to prohibit the making them a tender? This will remove the temptation to emit them with unjust views. And promissory notes in that shape may in some emergencies be best.
____ cut _____
Mr. READ, thought the words, if not struck out, would be as alarming as the mark of the Beast in Revelations.
Mr. LANGDON had rather reject the whole plan than retain the three words “(and emit bills”)
On the motion for striking out
N. H. ay. Mas. ay. Ct ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay. [FN23] N. C. ay. S. C. ay. Geo. ay.
[FN23] This vote in the affirmative by Virga. was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words would not disable the Govt. from the use of public notes as far as they could be safe & proper; & would only cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts.
The irrefutable fact is, our founding fathers intended the market place, and only the market place, to determine what notes, if any, were safe and proper to accept in payment of debt, and they specifically chose to forbid folks in government to make a particular bank note, or any “note”, a legal tender, which if allowed would literally force people and business owners to accept worthless script in payment of debt.
As a matter of fact, one of the delegates to convention who helped frame our Constitution who lived in Connecticut was defrauded by a legal tender law made in Rhode Island which required him to accept worthless script in payment of debt. As one of the delegates to the Convention Rodger Sherman was quite influential in prohibiting our government to emit bills on the credit of the United States and likewise prohibiting folks in government making notes of any kind a legal tender in payment of debt!
To lean how Roger Sherman was defrauded see his work titled: A Caveat Against Injustice … An inquiry into the evils of a fluctuating medium of exchange.
And, the question is, how is it not a crime for the Treasure of the United States and Secretary of the Treasury to sign Federal Reserve Notes which declare on their face “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE“? Should they not be charged with misfeasance and malfeasance in addition to complicity with a privileged banking institution which defrauds the public with unconstitutional Federal Reserve Notes?
JWK
“Of all the contrivances for cheating the laboring class of mankind, none have been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man’s field by the sweat of the poor man’s brow.” _____ Daniel Webster.
