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It runs deeper than that. I also make fun of folks who create a trust name longer than needed. For example, I know a guy who named his trust something like "Me, My Wife, Our Last Name NFA Gun Trust" or some such. (LittleLebowski has an advantage here. His trust could be LL Trust, PF USA. Doesn't get much shorter than that.)
Peeling back that layer reveals John Moses Browning lived in a time before the NFA and before engraving firearms and serial numbers were mandatory.
It's also an example of Browning's genius that he had the foresight to avoid the embarrassment of having "Minneapolis-St Paul, Minnesota" stamped on his fine firearms.
Now, consider that Browning was LDS and a member of the priesthood. We believe in personal revelation. the joke suggests Browning received revelation that "If thou moveth to Minneapolis-St Paul, engraving thy firearms will be a pain in thine buttocks."
It's all about economy. Four alliterations for the price of one joke.
Next, Browning probably never considered moving to Minneapolis-St Paul in the first place.
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