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    Road Back To Sound Money

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    Carl Mullan
    Will the U.S. ever return to sound money? Many have been pushing in this direction for decades. Here is one case from the seventies.

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    Road Back To Sound Money

    Uploaded by

    Carl Mullan
    100 views1 page
    Will the U.S. ever return to sound money? Many have been pushing in this direction for decades. Here is one case from the seventies.

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    Road Back to Sound Money

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    Will the U.S. ever return to sound money? Many have been pushing in this direction for decades. Here is one case from the seventies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    100 views1 page

    Road Back To Sound Money

    Uploaded by

    Carl Mullan
    Will the U.S. ever return to sound money? Many have been pushing in this direction for decades. Here is one case from the seventies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    The Road Back To Sound Money Is Not An Easy One...

    35 years ago, in early 1974 an American named Mobley M. Milam brought a legal challenge to the U.S.
    government(courts). He requested that his $50 Federal Reserve Note be redeemed for what he felt the Constitution
    considered lawful money --gold or silver.

    On behalf of the United States, Robert H. Filsinger acting as Assistant U.S. Attorney for San Diego, CA rejected
    the idea and found Mr. Milam’s request to be “frivolous”. He even went so far as to make a reference to silver
    dollars as used in Vegas casinos. (what an ass)

    Mobley M. Milam, Appellant, v. United States of America et al., Appellees


    United States Court of Appeals, Ninth Circuit. - 524 F.2d 629
    Jan. 29, 1974
    1 W. Jefferson Davis, La Jolla, Cal., for appellant.

    2 Robert H. Filsinger, Asst. U.S. Atty., San Diego, Cal., for appellees.

    3 MEMORANDUM

    4 Before KILKENNY and TRASK, Circuit Judges, and CRAIG, District Judge.

    5 Appellant has filed a substantial brief and an adequate reply brief and has argued his full share of allotted time
    in support for a demand that his $50.00 Federal Reserve Bank Note be redeemed in “lawful money” of the United
    States, which he says, in effect, must be gold or silver. Appellant refused appellees’ tender of an equivalent value
    in Federal Reserve Notes.

    6 Appellant’s contentions, in our view, were put at rest close to a century ago in Juilliard v. Greenman, 110 U.S.
    421, 448, 4 S.Ct. 122, 130, 28 L.Ed. 204 (1884), in which it was said:

    7 “ . . . Under the power to borrow money on the credit of the United States, and to issue circulating notes for
    the money borrowed, its 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 supplied.)

    8 The power so precisely described in Juilliard has been delegated to the Federal Reserve System under the
    provisions of 12 U.S.C. § 411. Appellant’s challenge to the validity of this legislation is meritless. Cf.31 U.S.C.
    § 392.

    9 While we agree that golden eagles, double eagles and silver dollars were lovely to look at and delightful to
    hold, we must at the same time recognize that time marches on, and that even the time honored silver dollar
    is no longer available in its last bastion of defense, the brilliant casinos of the houses of chance in the state of
    Nevada. Appellant is entitled to redeem his note, but not in precious metal. Simply stated, we find his contentions
    frivolous.

    10 Judgment affirmed.
    http://cases.justia.com/us-court-of-appeals/F2/524/629/430631/
    DGC Magazine February 2010 Issue § 17

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