The very first Federal Reserve Notes were literally "as good as gold," just as United States Government Silver Certificates were "as good as silver." - - -Here is the writing on the first Federal Reserve Note issued in 1914. On the reverse side of this note, we could read the following: "This note is receivable by all National Banks and Member banks and for all taxes, customs and other public uses. It is redeemable in gold on demand at the Treasury Department of the United States in the city of Washington, District of Columbia or in gold or lawful money at any Federal Reserve Bank."

Over the years words have been removed from the Federal Reserve Notes, a few words at a time. The words gradually and quietly removed included;

will pay
to the bearer
on demand
gold
silver

New words added - redeemable and lawful money.

   These gradual changes took many years and their importance went unnoticed by the general public. If you take an older Federal Reserve Note to your bank, point out the "redeemable in lawful money statement," then ask for "lawful money," if the teller understands your request, she will have to say, "I'm sorry sir, but we have no lawful money."

   What is "lawful money?" What were you asking the teller to give you in exchange for the paper dollar?

   Here is the definition of "Lawful Money": "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold and silver coin of the United States." 12 U.S.C. 152

   The teller had no silver coins. Therefore, the Bank had no "lawful money!" Today's Federal Reserve Notes have no promise to pay. They do not state that they can be redeemed for anything such as "lawful money," silver or gold. They claim to be money (legal tender). They are not issued by the government but by a private banking corporation. The government now says the "notes" of private corporations (banks) were now lawful money (legal tender). With all these changes, are these "notes" still "notes"? What does the law dictionary say?

According to Black's Law Dictionary, for a "note" to be a real "note," it must (1) Identify who is paying; (2) State what is being paid; (3) State who is being paid; and, (4) State when payment is made. For example, the Silver Certificate, a real note, stated:

1. Who is paying? ....................................... The United States of America
2. What is being paid? ................................. Silver (Measured in dollars)
3. Who is being paid?................................... The bearer
4. When payment is made? .......................... Upon demand

The older 1928 Federal Reserve Note above stated:

1. Who is paying? ........................................ The United States of America
2. What is being paid? ................................. Ten Dollars (Like "ten gallons")
3. What is being paid? ................................. The bearer
4. When payment is made? .......................... Upon demand

   Now, to illustrate some of the modern day deception, let's compare the writing on  a modern Federal Reserve Note from your pocket alongside a Monopoly Game "dollar." Here is a picture of a one dollar note from a Monopoly game.

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Question 3a: Which 'note' says in writing who is paying?