"Gold still represents the
ultimate form of payment in the world."
--Alan Greenspan, Chairman, US Federal Reeseerve Board, testimony before
US House Banking
Committee, May 1999
What the Warehouse Receipt Contract Says
In legal terms, the Liberty
Dollar Silver Certificates are negotiable warehouse receipts governed
under the provisions of the Uniform Commercial Code (UCC) which has
been adpoted by every state with minor modifications. The face of
each certificate clearly shows its denomination ($1, $5, $10, or $20),
its
silver base (currently $20/Troy ounce), and its unique serial
number. The face also bears the words "negotiable" and
"redeemable by bearer on demand." These are necessary to make it
fit the definitions of the UCC for a negotiable warehouse
receipt. Also on the face is the petition to the government for a
redress of grievance which states:
This is a receipt for One (US$1.00) Dollar given in exchange for Title to One Twentieth (1/20) Troy ounce of .999 Fine Silver. The acceptance and use of this One (US$1.00) Dollar Receipt is an exercise of the Bearer's First Amendment right to petition the Government for a silver based currency as mandated by the U.S. Constitution.
For the $5, $10, and $20 certificates it is changed to read either Five (US$5.00) Dollars or Ten (US$10.00) Dollars or Twenty (US$20) and the amount of silver is changed to One Fourth (1/4) or One Half (1/2) or One (1) ounce of .999 Fine Silver.
The reverse of the certificates clearly show the amount of silver you have received title to and the Restricted Warehouse Receipt Terms:
It is hereby agreed by the bearer that this warehouse receipt is for an undivided interest of one twentieth (1/20) Troy ounce of .999 fine silver and that redemption is restricted to combination with other like warehouse receipts or the balance may be paid in Federal Reserve Notes so that when combined equal one Troy ounce of .999 fine silver. This warehouse receipt at the warehouse identified below shall expire unless renewed or surrendered within twenty (20) years from date of issue. The undersigned warehouse official certifies that this silver is insured against fire and theft. Storage and insurance fees have been prepaid for five (5) years from date of issue. Thereafter, storage and insurance fees are one percent (1%) per year of the value of silver prorated at the time of surrender. Additional fees limited to shipping and handling may be incurred upon surrender of this warehouse receipt.
For the $5, $10, and $20 certificates the amount of silver is changed to one fourth (1/4), one half (1/2), and one (1) ounce respectively. This contract is then followed by a stamped date of issue, warehouse official signature, and the name of the warehouse (Shelter System Warehouse, Coeur d'Alene, ID).
This is a receipt for One (US$1.00) Dollar given in exchange for Title to One Twentieth (1/20) Troy ounce of .999 Fine Silver. The acceptance and use of this One (US$1.00) Dollar Receipt is an exercise of the Bearer's First Amendment right to petition the Government for a silver based currency as mandated by the U.S. Constitution.
For the $5, $10, and $20 certificates it is changed to read either Five (US$5.00) Dollars or Ten (US$10.00) Dollars or Twenty (US$20) and the amount of silver is changed to One Fourth (1/4) or One Half (1/2) or One (1) ounce of .999 Fine Silver.
The reverse of the certificates clearly show the amount of silver you have received title to and the Restricted Warehouse Receipt Terms:
It is hereby agreed by the bearer that this warehouse receipt is for an undivided interest of one twentieth (1/20) Troy ounce of .999 fine silver and that redemption is restricted to combination with other like warehouse receipts or the balance may be paid in Federal Reserve Notes so that when combined equal one Troy ounce of .999 fine silver. This warehouse receipt at the warehouse identified below shall expire unless renewed or surrendered within twenty (20) years from date of issue. The undersigned warehouse official certifies that this silver is insured against fire and theft. Storage and insurance fees have been prepaid for five (5) years from date of issue. Thereafter, storage and insurance fees are one percent (1%) per year of the value of silver prorated at the time of surrender. Additional fees limited to shipping and handling may be incurred upon surrender of this warehouse receipt.
For the $5, $10, and $20 certificates the amount of silver is changed to one fourth (1/4), one half (1/2), and one (1) ounce respectively. This contract is then followed by a stamped date of issue, warehouse official signature, and the name of the warehouse (Shelter System Warehouse, Coeur d'Alene, ID).