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Originally Posted by Shoonra
Gilpin's drafts were not predecessors of anything, but a lingering relic and imitation of the paper money issued by the Colonies prior to and during the War of Independence. Similar paper notes and scrip had been issued at various times in communities too small and remote to be able to bring in sufficient amounts of Congressionally-authorized currency.
US Notes - also called Greenbacks and Legal Tender notes, were issued in an amount specified by Act of Congress, partly to facilitate the monetary system which had sometimes bogged down for lack of metallic coinage, which had followed the Act of Feb 21, 1857, which revoked the legal recognition of foreign coinage in domestic transactions.
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That is interesting but again goes to prove my point. You have completely ignored a major change that took place on March 28, 1861 when Congress adjourned sine die for the last time. I point this out in the video with photos from the
Congressional Globe. Congress was convened on July 4, 1861 and the Executive Orders of
emergency are still in full force and effect today. We effectively still have that
de facto Congress in place today.
On that point Gilpin's drafts were the first notes issued after the Emergency began and prior to Greenbacks. Like I have said many times now; FRNs are foreign emergency currency and USNs are domestic emergency currency.
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Gilpin's drafts were not predecessors of anything, but a lingering relic and imitation of the paper money issued by the Colonies prior to and during the War of Independence.
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Exactly. The formation of a Congress and formal nation ended the emergency of being under the tyranny of England. The War Between the States destroyed the de jure 13th Amendment and it was "subsequently never ratified" (Afroyim v. Rusk) into the new federal Constitution. However it is still in full force and effect in the Territory of Colorado.
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Originally Posted by Shoonra
The US is not bankrupt, at least not in the financial sense. If it were, other countries would not be quite so willing to accept US FRNs -- some countries don't even bother minting their own bills but simply use US FRNs for their currency.
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Read the attached article about the default. I may get to the library for the Associated Press (January 26, 1995?) article
Rubin predicts default date. You may have a technically viable point but at best the US government simply plays the bankrupt card whenever it is adventageous and plays liquid with Federal Reserve private credit NOTES when that is adventageous.
Simply put; if the US were not in bankruptcy as you say, then Congress would not keep voting to raise the debt ceiling. Being indentured to the IMF/Treasury/UN is enough to convince people with eyes to see and ears to hear. Don't get me wrong Shoonra, your feeble attempts to explain around the facts are welcome. I am surprised after all this time that I still find you interesting enough to argue with...
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Originally Posted by Shoonra
No such thing. The Gold Clause Resolution resolved a serious problem - which was making some bankers insanely rich. But virtually none of those Gold Clauses were to the benefit of "the people" - they mostly worked to the advantage of businesses, esp large corporations, at the expense of ordinary people. The Bank Holidays, which were separate legislation, were set to break up the momentum of bank panics and failures, and give the Federal Reserve and other supervisory authorities a chance to audit banks - as a result of which some weak and failing banks were merged with stronger ones to protect the depositors.
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The Bankers' Holiday was to prevent people from cashing in all the gold certificates for gold. The people in that intent were labeled by the FDR administration as
hoarding their own gold! If you kept gold or gold certificates you would go to prison.
I heard a rumor that the 1933 gold coins are still illegal to hold. However you can get replicas of them as a novelty collector item.
Regards,
David Merrill.