Moreover, Federal Reserve Notes and coins together compose less than 3 percent of the money supply. A debt the nation can never get out of unless the Federal Reserve Act of 1913 is abolished. Federal Reserve Notes (dollar bills) are issued by the Federal Reserve, a private banking corporation, and lent to the government at interest, creating a huge debt to the nation. money supply, all of our money is created by private banks. Except for coins, which compose only about one one-thousandth of the total U.S. Most people think money is issued by fiat through the government, but that is not the case. The creation of money privatized, and usurped from Congress by a private banking cartel. sections, in connection with a tax scheme involving the "Basic Bible Church of America.It’s been called the most astounding sleight of hand ever devised.
First national bank of montgomery v jerome daly pdf code#
section 371, fifteen counts of willfully aiding and assisting in the preparation of false individual income tax returns under Internal Revenue Code section 7206(2), and one count of aiding and abetting the making of a false statement to the United States government under 18 U.S.C. Without justifiable explanation or excuse, intentionally and defiantly disregarded an order of this court prohibiting him and a justice of the peace from further proceedings in a declaratory judgment action, then pending before the justice of the peace, which was obviously, and for numerous reasons outlined in our decision, beyond the limits of jurisdiction of a justice of the peace.ĭaly was also convicted of conspiracy to defraud the United States under 18 U.S.C. This contention is clearly frivolous."ĭaly had been an attorney, but was later disbarred by a decision of the Minnesota Supreme Court in a case similar to the Credit River case, involving the same justice of the peace, in which disbarment proceeding the Court stated that Daly had: His apparent thesis is that the only 'Legal Tender Dollars' are those which contain a mixture of gold and silver and that only those dollars may be constitutionally taxed. In rejecting his appeal, the United States Court of Appeals for the Eighth Circuit noted: "Defendant's fourth contention involves his seemingly incessant attack against the federal reserve and monetary system of the United States. He was convicted of willfully failing to file federal income tax returns for the years 19. The defendant, Jerome Daly, was a longtime tax protester. Jerome Daly's disbarment and criminal convictions District Court decision in Utah in 2008 mentioned half a dozen such citations, noting that similar arguments have "repeatedly been dismissed by the courts as baseless" and that "courts around the country have repeatedly dismissed efforts to void loans based on similar assertions." Because the Credit River decision was nullified, the case has no value as precedent.
Such groups argue the case demonstrates that the Federal Reserve System is unconstitutional. This nullified case and its reasoning have nevertheless been cited by groups opposing the Federal Reserve System and, in particular, the practice of fractional-reserve banking. However, the bank appealed the next day, and the decision was ultimately nullified on the grounds that a justice of the peace did not have the power to make such a ruling. The immediate effect of the decision would have been that Daly would not have been required to pay the mortgage debt or relinquish the property. The justice admitted in his order that his decision might run counter to provisions in the Minnesota Constitution and some Minnesota statutes, but contended that such provisions were repugnant to the Constitution of the United States and the Bill of Rights in the Minnesota Constitution. The jury returned a verdict for the defendant, and the justice of the peace declared that the mortgage was "null and void" and that the bank was not entitled to possession of the property. The jury and the justice of the peace, Martin V. Daly argued that the bank had thus not given him anything of value and was not entitled to the property that secured the loan. The plaintiff was the First National Bank of Montgomery, which had foreclosed on Daly's property for nonpayment of the mortgage, and was seeking to evict him from the property.ĭaly based his defense on the argument that the bank had not actually loaned him any money but had simply created credit on its books. 3 Jerome Daly's disbarment and criminal convictionsĪn attorney named Jerome Daly was a defendant in a civil case in Credit River Township, Scott County, Minnesota, heard on December 9, 1968.
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