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Date Posted: 14:10:05 12/21/07 Fri
Author: mozel
Subject: What is a dollar ?

report by the Congressional Research Service:
http://www.independentamerican.org/letters/Ensign%20Dec%2020%2007%20AD.pdf

wherein it states:

Ballentines Law Dictionary, 3rd Edition (1969)

dollar. The legal currency of the United States; State v Downs, 148 Ind 324, 327 ; the unit of money consisting of one hundred cents. The aggregate of specific coins which add up to one dollar. 36 Am Jlst Money A§ 8. In the absence of qualifying words, it cannot mean promissory notes, bonds, or other evidences of debt. 36 AM Jlst Money A§ 8.

American Jurisprudence, Volume 36, A§ 8 [T]he term “dollar” means money, since it is the unit of money in this country, and in the absence of qualifying words, it cannot mean promissory notes or bonds or other evidences of debt. The term also refers to specific coins of the value of one dollar. (27 Ohio Jur pp . 125, 126, A§ 3), (United States v. Van Auken, 96 US 366, 24 L ed 852)

Then the report defines Federal reserve notes:

Black’s Law, Second Pocket Edition (1996)

Federal Reserve Note

Federal reserve note. The paper currency in circulation in the United States. The notes are issued by the Federal Reserve Banks, are effectively non-interest-bearing promissory notes payable to bearer on demand, and are issued in denominations of $1, $5, $10, $20, $50, $100, $500, $1,000, $5,000, and $10,000.

“Payable” in what? In dollars of course. You cannot pay with a “promissory note”.

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