From: "Perry E. Metzger" <perry@imsi.com>
Date: Tue, 9 Aug 94 10:52:05 PDT
To: jdd@aiki.demon.co.uk
Subject: Re: e$
In-Reply-To: <4651@aiki.demon.co.uk>
Message-ID: <9408091751.AA23619@snark.imsi.com>
MIME-Version: 1.0
Content-Type: text/plain



Jim Dixon says:
> In message <9408091402.AA23089@snark.imsi.com> perry@imsi.com writes:
> > > point.	The US government does not object to the use of financial
> > > instruments so long as they are backed by the US $ (or another
> > > accepted currency).
> > 
> > Yes it does. Bearer bonds are illegal in the US.
> 
> Perhaps my use of terms was insufficiently precise.  Bearer bonds do not
> actually represent money in the same sense that a check does.

Perhaps you don't actually know what it is that you are trying to say?

> If A writes a check to 'cash', pays B with it, and B passes it on to
> C, and so forth, are you saying that this is or will one day be illegal?

If the check is written to "cash" and is used to avoid federal
transfer reporting requirements, it is CURRENTLY illegal. I suspect
that checks made out to "cash" would be illegal in all cases if they
were widely used to avoid reporting requirements.

Perry