The justice court of Credit River Township, Scott County, minnesota, decides First National Bank v. Daly: Justice of the Peace Martin V. Mahoney declares the debt-based paper currency of the Federal Reserve System (of central) Banks to be unlawful, its debt-based paper currency (the Federal Reserve Note (a Bill of Credit)) to be a fraud, and that all contracts based on the creation of fiat (Latin for “let it become”) money are null and void.  Commercial banks may not make loans without gold and silver (lawful Money) in their vaults to provide a financial reserve.

       NOTE: During the trial the president of the First National Bank of Montgomery, minnesota, testified that the creation of money through the extension of loans is how commercial banks do business, and that there is no statute passed by CONgress that permits this.

       [restored 10/23/2022] Thanks to Bill Holmes for this entry.