“Federal Reserve Bank notes, and other notes constituting a part of common currency of country, are recognized as good tender for money, unless specially objected to.”

MacLeod v. Hoover (1925), 159 La. 244, 105 S. 305.

Today, we have two competing monetary systems: The Federal Reserve System with its private credit and currency, and the public money system consisting of legal tender United States Notes and coins. One could use the public money system, paying all bills with coins and United States notes (if the notes can be obtained), or one could voluntarily use the private credit system and thereby incur the obligation to make a return of income.

United States v. Berg, 636 F.2d 203 (1980).

TITLE 12

CHAPTER 3 > SUBCHAPTER XII> §　411 §　411. Issuance to reserve banks; nature of obligation; redemption Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues.