RESERVE ACT RULED UNCONSTITUTIONAL!
Martin Mahoney wrote the following about a case he ruled over, The First
National Bank of Montgomery v. Jerome Daly, December 7, 1968: (See 17 Am. Jur.
85, 215, and 1 Mer. Jur. 2nd on Actions, Section 550)
is no lawful consideration for these Federal Reserve Notes to circulate as
money. The banks actually obtained these notes for the cost of printing. A
lawful consideration must exist for a note...
activity of the Federal Reserve Banks...and the First National Bank of
Montgomery, is contrary to public policy and contrary to the Constitution of the
United States, and constitutes an unlawful creation of money and credit for no
valuable consideration. Activity of said banks in creating money and credit is
not warranted by the Constitution of the United States.
Federal Reserve Banks and National Banks exercise an exclusive monopoly and
privilege of creating credit and issuing notes at the expense of the public,
which does not receive a fair equivalent. This scheme is obliquely designed for
the benefit of an idle monopoly to rob, blackmail, and oppress the producers of
wealth [you and me and our ability to work and be productive].
Federal Reserve Act and the National Bank Act are, in their operation and
effect, contrary to the whole letter and spirit of the Constitution of the
United States, for they confer an unlawful and unnecessary power on private
parties; they hold all of our fellow citizens in dependence; they are subversive
to the rights and liberation of the people.
Acts have defied the lawfully constituted Government of the United States. The
Federal Reserve Act and National Banking Act are not necessary and proper for
carrying into execution the legislative powers granted to Congress [See Article
1, Section 8, Clause 5 of the Constitution of the United States] or any other
powers vested in the government of the United States, but on the contrary, are
subversive to the rights of the People in their rights to life, liberty, and
rights can be acquired by fraud. The Federal Reserve Notes are acquired through
the use of unconstitutional statutes and fraud. The law leaves wrongdoers where
it finds them. Slavery and all its incidents, including peonage, thralldom, and
the debt created by fraud is universally prohibited in the United States. This
case represents but another refined form of slavery by the bankers. Their
position is not supported by the Constitution of the United States."
weeks after Judge Mahoney ruled in favor of Daly, and wrote the above, he was