|CITES BY TOPIC: money|
Black's Law Dictionary, Sixth Edition, p. 1005:
"Money: In usual and ordinary acceptation it means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate. Lane v. Railey, 280 Ky. 319, 133 S.W.2d 74, 79, 81."
[Black's Law Dictionary, Sixth Edition, p. 1005]
COMMENT: Federal Reserve Notes (FRN) are not "money", but they are "currency" from a legal perspective.
12 U.S.C. §411: Issuance to Reserve Banks; nature of obligation;redemption-FRN's can be redeemed for lawful money, which is only gold and silver
Under the power to borrow money on the credit of the United States, and to issue circulating notes for the money borrowed, [Congress'] power to define the quality and force of those notes as currency is as broad as the like power over a metallic currency under the power to coin money and to regulate the value thereof. Under the two powers, taken together, Congress is authorized to establish a national currency, either in coin or in paper, and to make that currency lawful money for all purposes, as regards the national government or private individuals. . . . (Emphasis added)
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
Congress has delegated the power to establish this national currency which is lawful money to the Federal Reserve System. 12 U.S.C. § 411. Congress has made the Federal Reserve note the measure of value in our monetary system, 12 U.S.C. § 412 (1968),*fn1 and has defined Federal Reserve notes as legal tender for taxes, 31 U.S.C. § 392 (1965). Taxpayers' attempt to devalue the Federal Reserve notes they received as income is, therefore, not lawful under the laws of the United States.
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