[macebowman]

When the organization committee shall have established Federal reserve districts as provided in section two of this Act, a certificate shall be filed with the Comptroller of the Currency showing the geographical limits of such districts and the Federal reserve city designated in each of such districts. The Comptroller of the Currency shall thereupon cause to be forwarded to each national bank located in each district, and to such other banks declared to be eligible by the organization committee which may apply therefor, an application blank in form to be approved by the organization committee, which blank shall contain a resolution to be adopted by the board of directors of each bank executing such application, authorizing a subscription to the capital stock of the Federal reserve bank organizing in that district in accordance with the provisions of this Act.

http://www.federalreserve.gov/aboutthefed/section4.htm

Do you know what a stock subscription agreement is?

[ml/nj]

You can point me to whatever documents you want to or tell me to read about Jekyll Island. The bottom line is the Fed is not what it started out to be. It's notes originally were notes. They were redeemable in gold and they weren't legal tender. Now they are not redeemable for anything and are legal tender. The little pieces of paper they print all carry the words "United States of America" and a signature of the Treasury Secretary. They are as much a part of the Federal Government as the Post Office which is also supposedly independent. The Fed is a legal fiction, and so is all of the stuff that most people think of as money.

ML/NJ