Silver All
Silver All
How much Silver Bullion was paid to France for all the 1 dollar "silver certificates" they had accumulated.
About 1954 France demanded "Silver" for all the 1 dollar "Silver certificates" they had accumulated and they demanded and received "Silver" for the US paper dollar "Silver certificates.
Now, all our fiat Paper Money says; Federal Reserve Note.
The Federal Reserve Board gets a prime rate of interest for the use of our own currency. With out investing a single solitary penny of their own. They get the prime rate interest for nothing.
To answer your question, anybody who turned in a silver certificate in 1954 either got a one-Ounce Silver dollar for every dollar turned in, or they received the equivalent weight in silver bullion.
The rest of your statement shows you have some misconceptions about the Federal Reserve and Federal Reserve notes. While it is true that the Federal Reserve does hold about $800 billion in U.S. Government debt and it does receive interest payments on that, the Federal Reserve is required to return excess income to the U.S. Treasury. This can clearly be seen on the independently audited financial statements of the Federal Reserve.
http://www.federalreserve.gov/boarddocs/rptcongress/annual06/pdf/audits.pdf
In 2006, the Federal Reserve received $36.5 billion in interest from the government. The Federal Reserve returned to the U.S. Treasury $29.1 billion. BTW, they don't get the interest for nothing either. The Federal Reserve performs many services for the U.S. Treasury and banks. The Federal Reserve also performs banking oversight, all of which is performed at no charge. The interest on the U.S. Government debt is a method of funding the Federal Reserve without it having to rely on funding from Congress.
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