Legal Question in Constitutional Law in Virginia

My queston is about banking laws;The definition of a dollar is not money, but a unit of measurement for gold and silver coin.

Title 12 United States Code Section 152 says: "The terms lawful money or lawful money of the United States shall be construed to mean gold or silver coin of the United Sates." Title 31 United States Code, Section 5101 says: "The money of account of the United States shall be expressed in dollars." Now Congress passed the Federal Reserve Act on December 23, 1913 allowing the F.R. to print dollars basiclly outta thin air.

The Federal Reserve printed on each bank note promising to pay in lawful money but Congress passed the Emergency Banking Act declaring it illegal for U.S. citizens to own gold under penalty of up to a $10,000 fine and/or up to 10 years in prison

IS THIS LEGAL???!!


Asked on 3/21/12, 4:09 am

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

YES IT IS; you, like Cervantes' notorious Don Quijote, are "tilting at

windmills", legally speaking, in regard to this issue (in my opinion).

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Answered on 3/21/12, 6:32 am
Edward Hoffman Law Offices of Edward A. Hoffman

It has been many years since the dollar was defined in terms of gold or any other substance.

12 U.S.C. � 152 was repealed long ago. Lawful money (aka "legal tender") is currently defined by 31 U.S.C. � 5103, which expressly authorizes paper money. It says "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts."

Federal restrictions on owning gold were also repealed decades ago.

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Answered on 3/21/12, 1:41 pm


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