The “Credit River Decision”
County of Cumberland )
This amounts to the emancipation of all Americans from personal, national and state debt, purportedly owed to the Federal Reserve Bank. Every American owes it to himself, his country, and to the people of the world, to study and understand this decision, for upon this decision hangs the question of freedom or slavery for the world.
On May 8, 1964, Mr. Jerome Daly executed a Note and Mortgage to the First National Bank of Montgomery, Minnesota, which is a member of the Federal Reserve Bank of Minneapolis. Both banks are privately owned and are a part of the Federal Reserve Banking System.
In the spring of 1967, Mr. Jerome Daly was in arrears $476.00 in the payments on this Note and Mortgage. The Note was secured by a Mortgage on real property in Spring Lake Township in Scott County, Minnesota. The Bank foreclosed by advertisement and bought the property at a Sheriff’s Sale held on June 26, 1967. Mr. Jerome Daly made no further payments after June 26, 1967 and did not redeem within the 12 month period of time alloted by law after the Sheriff’s Sale.
The bank brought an action to recover possession of the property to the Justice of the Peace Court at Savage, Minnesota. The first 2 Justices were disqualified by Affidavit of Prejudice; the first by Mr. Daly, the second by the bank, and a third judge refused to handle the case. It was then sent, pursuant to law, to Martin V. Mahoney, Justice of the peace, Credit River Township, Scott County, Minnesota, who presided at a Jury trial on December 7, 1968.
The Jury found the Note and Mortgage to be void for failure to give any validity to the Sheriff’s Sale. The Verdict was for Mr. Daly with costs in the amount of $75.00.
The acting President of the Bank, Mr. Lawrence V. Morgan, admitted that the Bank created the money and credit upon its books by which it acquired or gave as consideration for the Note; that this was standard banking practice; that the credit first came into existence when they created it; that he knew of no United States Statute which gave them the right to do this, and that this is the universal practice of these banks.
Mr. Lawrence V. Morgan appeared at the trial on December 7, 1968 and was perceived to be candid, open, direct, experienced, and truthful. He testified to 20 years of experience with the Bank of America in Los Angeles, the Marquette National Bank of Minneapolis, and as the Plaintiff in this case. He seemed to be familiar with the operations of the Federal Reserve System.
The banker testified about the mortgage loan given to Mr. Jerome Daly, and then Mr. Jerome Daly cross examined the banker about the creating of money “out of thin air”.
Mr. Jerome Daly asked the Bank President, “If you were just opening up your bank and no one had yet made a deposit, and I came into your bank and wanted to take out a loan of $18,000.00, could you loan me that money?”
When the Bank President said, “Yes”, Mr. Jerome Daly then asked, “Does this mean that you can create money out of thin air?” And the Bank President said, “Yes, we can create money out of thin air.”
He freely admitted that his Bank created all of the Money or Credit upon its books with which it acquired the Note and Mortgage of May 8, 1964.
The credit first came into existence when the Bank created it upon its books by ledger entry. Further, he freely admitted that no United States Law gave the bank the authority to do this. There was obviously no lawful consideration for the Note. The Bank parted with absolutely nothing except paper and a bit of ink.
Justice Martin V. Mahoney then said, “IT SOUNDS LIKE FRAUD TO ME” and everybody in the court room nodded their heads indicating that they agreed with Justice Martin V. Mahoney.
No complaint was made by the banker that the bank did not receive a fair trial. From the admissions made by Mr. Lawrence V. Morgan, the path of duty was clearly made and very direct and clear for the jury. Their verdict could not reasonably have been otherwise.
Justice was rendered completely, and without denial, promptly, and without delay, freely, and without purchase, comfortable to the laws in this Court on December 7, 1968.
This was the first time the question has been passed upon in the United States. This decision is one of the great documents of American history. It is a huge cornerstone wrenched from the temple of Imperialism — one of the solid foundation stones of Liberty.
The “Credit River Decision”, as it is known, was and still is the most important legal decision ever decided by a Trial Jury of 12 women and men!
/s/____David Everett Robinson_____
David Everett Robinson, Affiant, Authorized
Representative, Attorney-In-Fact in behalf of
DAVID EVERETT ROBINSON, Ens legis
3 Linnell Circle, Brunswick, Maine 04011