The following post is the record of testimony given in a suit brought at common law in Minnesota in 1968 -- not all that long ago.
Explaining what the banks don't want you to know may shatter most of the public's religiously entrenched assumptions about money and banking. What the general public "thinks" it knows about money and banking is largely based upon a collection of canards gleaned from TV, radio, newspapers and their own personal experiences with money and banking.
There is no academic curriculum that offers an intellectively [sic] comprehensive course in the modern "Credit Money" mechanism and banking. There is no academic or news media that explains the awesome power possessed in having access to clearing your own checks. If you and I could clear our own checks, through our own operated check-clearing house, we could then create "checkbook" money to buy/pay for our investments, just like the banks do. Checkbook or Credit Money is not a cash currency "representing" money. Credit Money, better
known as Bank Credit, is a cash currency "substitute" that circulates in the marketplace by means of checks as cash.
First National Bank of Montgomery,
Plaintiff
vs
Jerome Daly,
Defendant
JUDGMENT AND DECREE
The above entitled action came on before the Court and a Jury of 12 on December 7, 1968 at 10:00 am. Plaintiff appeared by its President Lawrence V. Morgan and was represented by its Counsel, R. Mellby. Defendant appeared on his own behalf.
A Jury of Talesmen were called, impaneled and sworn to try the issues in the Case. Lawrence V. Morgan was the only witness called for Plaintiff and Defendant testified as the only witness in his own behalf.
Plaintiff brought this as a Common Law action for the recovery of the possession of Lot 19 Fairview Beach, Scott County, Minn. Plaintiff claimed title to the Real Property in question by foreclosure of a Note and Mortgage Deed dated May 8, 1964 which Plaintiff claimed was in default at the time foreclosure proceedings were started.
Defendant appeared and answered that the Plaintiff created the money and credit upon its own books by bookkeeping entry as the consideration for the Note and Mortgage of May 8, 1964 and alleged failure of the consideration for the Mortgage Deed and alleged that the Sheriff’s sale passed no title to plaintiff.
The issues tried to the Jury were whether there was a lawful consideration and whether Defendant had waived his rights to complain about the consideration having paid on the Note for almost 3 years.
Mr. Morgan admitted that all of the money or credit which was used as a consideration was created upon their books, that this was standard banking practice exercised by their bank in combination with the Federal Reserve Bank of Minneapolis, another private Bank, further that he knew of no United States Statute or Law that gave the Plaintiff the authority to do this. Plaintiff further claimed that Defendant by using the ledger book created credit and by paying on the Note and Mortgage waived any right to complain about the Consideration and that the Defendant was estopped from doing so.
At 12:15 on December 7, 1968 the Jury returned a unanimous verdict for the Defendant.
Now therefore, by virtue of the authority vested in me pursuant to the Declaration of Independence, the Northwest Ordinance of 1787, the Constitution of United States and the Constitution and the laws of the State of Minnesota not inconsistent therewith ;
IT IS HEREBY ORDERED, ADJUDGED AND DECREED:
1.That the Plaintiff is not entitled to recover the possession of Lot 19, Fairview Beach, Scott County, Minnesota according to the Plat thereof on file in the Register of Deeds office.
2.That because of failure of a lawful consideration the Note and Mortgage dated May 8, 1964 are null and void.
3.That the Sheriff’s sale of the above described premises held on June 26, 1967 is null and void, of no effect.
4.That the Plaintiff has no right title or interest in said premises or lien thereon as is above described.
5.That any provision in the Minnesota Constitution and any Minnesota Statute binding the jurisdiction of this Court is repugnant to the Constitution of the United States and to the Bill of Rights of the Minnesota Constitution and is null and void and that this Court has jurisdiction to render complete Justice in this Cause.
The following memorandum and any supplementary memorandum made and filed by this Court in support of this Judgment is hereby made a part hereof by reference.
BY THE COURT
Dated December 9, 1968
Justice MARTIN V. MAHONEY
Credit River Township
Scott County, Minnesota
Documents From The Courts Files 1st National Bank Of Montgomery vs. Jerome Daly, Scott County MN.
http://www.restoretherepublic.org/?p=58
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Sunday, May 31st 2009 at 3:30PM
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