Old Silver Money
Is Gold And Silver Real Money Legal
Is Gold And Silver Real Money Trading
Is Gold And Silver God's Money

There are two main ways to invest in precious metals: Buying the gold, silver or platinum outright. Buying an exchange-traded fund (ETF) or a mutual fund with gold in the mix. When you buy the precious metal outright, you might feel like you’ve struck gold (literally). Just like when you hold a dollar bill in your hand, you have the security. The King James Bible mentions gold 417 times, silver 320 times, and money, which is mentioned 140 times, refers to physical silver and gold. Not once does it mention a paper currency. Gold and silver are mentioned all through the bible as real wealth, even through the end of Revelation.

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Old Silver Money

Is U.S. currency still backed by gold?

Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: 'The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.' Federal Reserve notes have not been redeemable in silver since the 1960s.

The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.

Back to TopThe constitution in ArticleI, section 10 reads 'No state shall..coin money, emit bills of credit,make any thing but gold and silver a tender in payment of debts..' This means that the only constitutionally valid forms of money are goldor silver coin. This is called 'lawful money.' U.S. paper moneyused to be redeemable in lawful money, but no more. Our monetarysystem is based on unconstitutional forms of money. At least, thisis how a few conspiracy theorists see it.

The source of their confusion iseasy to see and, in this case, easy to understand. Simmons (1939)and Cross (1939) shed some light on the subject. The phrase 'lawfulmoney' had appeared repeatedly in the money and banking laws of the U.S.in the first half of this century, but had never been explicitly defined. It first appeared on February 25, 1862 when Congress authorized the issueof greenbacks and declared them to be 'lawful money and a legal tender'for all debts, public and private. ¹This terminology may have been adopted to promote the acceptability ofthe currency, since the occasion was the first in which Congress attemptedto make a paper money a legal tender. ³ At this point in time, then, the terms 'lawful money' and 'legal tender'had no distinct meaning. They were they same thing.

During the Civil War era Congressgave several types of money the status 'lawful money.' On March 17,1862 Congress declared that Treasury notes (not the T-note debt instrumentwe know by that name today) were lawful money. February 12, 1862saw Congress make clearinghouse certificates a lawful money. Afterthe Civil War, on July 12, 1870, Congress placed the U.S. back on the goldstandard and specified what types of money national banks could count tomeet their legal reserve requirements. 'The terms 'lawful money'and 'lawful money of the United States,' the Act read, 'when applied tothese banks shall be held and construed to mean gold or silver coin ofthe United States.'¹ How to get free money on planet 7 casino. So, by 1870 greenbacks,Treasury notes, clearinghouse certificates, and gold and silver coin wereall 'lawful money.' The annoying part, though, is that Congress neverstated exactly what lawful money was supposed to be. The only concreteconclusion that can be reached is that lawful money and legal tender weretwo separate things. Lawful money was money that banks could counttoward satisfying their reserve requirements. Legal tender was anymoney that government would accept in payment of taxes. Some moneywas lawful money, but not all lawful money was legal tender. Andvice versa. Confused?

One last example of the confusionCongress created on the lawful money topic concerns Federal Reserve notes. Prior to 1933-34, they were redeemable at any Federal Reserve bank 'ingold or lawful money,' and Federal Reserve banks were compelled to holda 35% reserve 'in gold or lawful money' behind their deposits. Congressdid not use the phrase 'in gold or in other forms of lawful money.' It definitely set the terms in contrast to each other. This leadsone to conclude that Congress did not deem gold to be lawful money, whichat the time would have been absurd. ¹

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Is Gold And Silver Real Money Legal

After 1933 all forms of U.S. moneywere conferred with legal tender status. This set up a paradox forcurrency redeemability. Federal Reserve notes and U.S. Notes, forexample, were redeemable in 'lawful money,' but what was lawful money? Because redeemability had ended, there was no longer any distinction betweenlawful money and legal tender. Federal Reserve notes were thereforeredeemable with other Federal Reserve notes, or with U.S. Notes, or withany other legal tender.

Is Gold And Silver Real Money Trading

Is Gold And Silver God's Money

To illustrate how some people wereconfused by this, consider the following correspondence between the U.S.Treasury and citizen of Cleveland. ²