The Federal Reserve first starts off by telling the truth about United States Notes:
“U.S. notes, the first national currency, began circulating during the civil war; they were authorized by the Legal Tender Act of 1862. The Department of the Treasury issued these notes directly. Issuance was subject to limitations; the Congress established a statutory limitation of $300 million on the amount of U.S. notes outstanding and in circulation. Although this amount was significant in Civil War days, it is a very small fraction of the total currency now in circulation in the United States.“
Then, they tell a big lie:
“U.S. notes serve no function that is not already served by Federal Reserve notes.”
Completely false! U.S. Notes were issued interest-free by the government. The purpose they served was to not bankrupt the American people in funding the Civil War, by not subjecting them to an unpayable, interest-accruing debt, from the moment of creation, as Federal Reserve notes do.
They lie, not only mislead, since they give so many accurate details, only to lie about the most important distinguishing function of U.S. Notes from Federal Reserve notes — their interest-free issuance. Sarah Emery, in her 1887 work, Seven Financial Conspiracies Which Have Enslaved the American People, states: “the enactments of July 17, 1861, and February 12, 1862, authorizing the issue of $60,000,000 treasury notes, not bearing interest and payable for all debts, public and private.“
The function they serve that isn’t already served by Federal Reserve notes is that not a single penny of interest was ever due on them, nor will ever be due, by the American people to the bankers or the government.
Furthermore, Federal Reserve member banks are unable to draw United States Notes whenever they please, unlike Federal Reserve notes. As the U.S. Treasury states,
“A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.“
While the Federal Reserve gives some very factual information on its website, such as the fact that they don’t ‘print’ any money, in this case, however, they told a lie about U.S. Notes — their interest-free competitor.
Ok
[...] Exposing Faux Capitalism [...]
Look at the chevron in the Treasury Seal on old U.S. notes or Silver Certificates- it’s 90 degrees square. Look at it on the ‘Federal’ Reserve notes in your wallet- it’s obtuse, over 90 degrees –Because it’s not fair and SQUARE, it’s not square with the Constitution and the federal law that says ‘lawful money shall be construed to mean that which is coined of gold or silver by act of Congress’ (Title 12 sec. 152) The F.R.A.U.D.s in your wallet (‘federal’ reserve accounting unit devices) are not lawful money, do not square with the Supreme Law of the land—and they admit it! They admit it occulticly, symbolically right there on the seal by the chevron change.
From: johnturmel.com/poembank.htm
Two notes used in America can clearly show the way,
Both legal tender now down south. They can be spent today:
“United States Note” issued by the nation’s Treasury,
And “Federal Reserve Note” which is banker’s currency.
Their fronts are very similar except the name they state,
Their backs are very different, it means another plate.
The Treasury provided notes for federal expense,
And taxed them back to balance books with numbers that made sense.
In 1913, other plates were given to the banks,
Creation of the money. They gave politicians thanks.
The Government had given banks permission to create,
A batch of brand new money to be lent at interest rate.
The Government then borrowed from them and at their request,
The Congress passed the Income Tax to pay them interest.
One Congressman objected, Louis T. McFadden, loud,
“The greatest crime in history,” he said with head unbowed.
Ten dollars out, eleven back, it often takes a while,
But after years, the end result’s a melancholy style.
The money from the Treasury, its use did almost cease,
To pay the interest to banks, the taxes did increase.
And when we ask “The Treasury, why is it never used?”
In answer, we get silence and an attitude bemused.
So to this day the bulk of the American supply,
Is borrowed from the banks at rates that make debts multiply.
All Governments do service debt by taxing you and me,
Instead of letting Treasury create it interest free.
I see no reason for a tax to pay them interest,
When use of plates by Treasury would lower taxes best.
The money from the Treasury was used down south before.
The “Greenbacks” used by Lincoln paid to win the Civil War.
The “Continentals” did their job until King George did state:
“There’ll be no use of your own plates, for gold you’ll have to wait.”
Though we’ve been told that their revolt was over tax for tea,
Ben Franklin said “The war’s because they took our currency.”
Jct: Yes, banking by the Treasury interest-free is the way to go. See my videos on banking systems engineering at http://youtube.com/kingofthepaupers
Picked up by Infowars.com at http://www.infowars.com/the-federal-reserve-lies-about-united-states-notes/
More comments at http://www.ronpaulforums.com/showthread.php?t=216922
and http://www.dailypaul.com/node/112746
[...] Exposing Faux Capitalism October 30, 2009 [...]