It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Article One Section 10 of the US Constitution declares it forbidden to "coin money, emit billes of credit, make anything but gold and silver coin a tender in payment of debts."
1982 ruling by Ninth Circuit Federal Court of Appeals states that Federal Reserve Banks are "independent, privately owned and locally controlled corporations."
The first notes issued by the Fed in 1914 stated, "This Note is Redeemable in Gold on Demand." In 1950 the text was revised to "This Note is Redeemable in Lawful Money." It was still legal though, because only silver and gold were "lawful money" under the Constitution.
JFK bypasses the Fed and issued "United States Notes" (sometimes referred to as silver certificates) with his Executive Order of 4 june 1963.
They were to be issued in denominations of 2, 5, 10, and 20 dollar denominations. After his assasination, the 10's and 20's were canceled with the 2's and 5's destroyed on the recall ordered by President Johnson.
Also after the assasination, the Fed once again changed the text on its notes. They read, "This Note is Legal Tender for all Debts, Public and Private." However, all notes issued since 1964 are no longer redeemable for gold, silver or lawful money. They are illegal under the Constitution.
What is your opinion on how the conversion ratios will pan out if the Amero is introduced?