The History and Nature of Corp. U.S. and the Federal Reserve Bank…
The Federal Reserve Bank Offer
As it was presented in 1913 The Federal Reserve Bank of 1913 was not willing to loan Corp. U.S. money, they had plenty of it (gold and Silver coin minted by the United States of America Mint) they simply were not willing to loan it to Corp. U.S. based on the fact that in 1912 Corp. U.S. failed to pay back its debts owed to the Federal Reserve Bank’s founders. Instead they offered that if Corp. U.S. wanted to learn about the Federal Reserve Bank’s offer they would have to come down to Jekyll Island, off the cost of Georgia, to find out about it.
The Jekyll Island deal was this: the Federal Reserve Bank would not loan money to Corp. U.S. but they would loan what they called the ‘Federal Reserve Note’ (hereinafter “FRN”). Corp. U.S. could borrow FRNs at a specific rate related to the arbitrary value printed on the face of the so called notes. The deal included that the rental rate would only accrue so long as the note was in circulation and it would then be due and payable; it also included the guarantee that if Corp. U.S. could get the people to accept these notes in circulation as if they were money, the Federal Reserve Bank would guarantee their exchange by redeeming the notes from the people at their face value in United States of America gold or silver coin money.
So long as the notes remained in circulation the rent would accrue and until the rent was paid it would compound with interest at the same rate as the loan accrued. Corp. U.S. accepted the offer. To understand the deal lets take a closer look: it works a lot like a car loan (rental) where the car is borrowed at the specific rate agreed upon. You pay the rate of the rental agreement and you get to keep the car for the term of the agreement.
In the case of the Federal Reserve Bank’s loan of their FRNs, Corp. U.S. could borrow the notes, which had a specific face value printed on them, and the loan rate was set respective of that value at the time of the agreement. Let’s say the loan rate was set at 3%. That means that as long as Corp. U.S. keeps those specific FRNs, they have to pay 3% of the notes’ face value per year. Thus if they were to borrow $100,000.00 total face value in FRNs for a day, they would have to pay $8.22 cents in rental costs for the use of those FRNs for that day. If they were to hold such notes for a year, they would have to pay, $3,000.00 in rental costs for the use of the notes.
Corp. U.S. could return the FRNs at any time and would only have to pay the agreed upon rental fee for the time the notes were held or were in circulation. The deal also included the provision that if the people were to turn the notes in to the Federal Reserve Bank it would redeem the notes for their face value from the people.
In 1913, that was all there was to it. The notes were borrowed much like a car is rented (borrowed). As you can see this appears to be a very good deal for Corp. U.S. The Federal Reserve Bank Offer As it was compelled in 1933 In 1933 Corp. U.S. was bankrupt.
See: http://www.scribd.com/doc/206033828/FRN-NOTES-ARE-DEBT
Source:
http://nesaranews.blogspot.com/2014/02/frn-notes-are-debt.html
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