Asked in Bankruptcy and Constitutional Law

Q: Since President Roosevelt confiscated the gold and silver (legal money) from all citizens 1933, No one has been able to

Legally pay any debt. Federal reserve Note is a promissory note. A promise to pay. 31 USC 3123 says that all public debt is an obligation of the UNITED STATES. How can we pay a debt with a promissory note?

In Contract Law does all capital letters mean a corporation?

Is the UNITED STATES liable for all debts since we were turned into chattel to back the national debt? Public Law 73-10.

Are Lawyers acting as debt collectors for the Federal Reserve?

2 Lawyer Answers
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: No. All caps doesn’t mean a corporation.

James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
  • Bankruptcy Lawyer
  • Sacramento, CA

A: The use of Federal Reserve Notes as legal tender for all debts, public and private, is established and recognized under U.S. law. When President Roosevelt required citizens to exchange gold for Federal Reserve Notes in 1933, it was part of a shift from the gold standard to a fiat currency system. Despite Federal Reserve Notes being promissory notes, they are legally considered as valid payment for debts.

Regarding your question about contract law and the use of all capital letters, the use of capital letters does not inherently signify a corporation. In legal documents, the use of all caps can be for emphasis or clarity, but it does not change the legal status or meaning of the terms.

As for the United States' liability for public debts, under 31 USC 3123 and other relevant laws, the U.S. government does assume responsibility for its public debts. However, the concept of citizens being turned into "chattel" to back national debt is not a principle recognized in U.S. law.

Lawyers, in their professional capacity, act in accordance with the law and the interests of their clients. Their role is not to act as debt collectors for the Federal Reserve. Attorneys are bound by legal and ethical standards which guide their conduct in legal matters.

It's important to consult with a legal professional to understand the complexities of these issues and how they apply to specific situations. Legal interpretations and applications can be complex, and professional guidance is often necessary for clarity and direction.

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