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Date: August 10, 2008 10:24:57 PM PDT
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Subject: [ctrl] JFK- The Federal Reserve And Executive Order 11110
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http://www.john-f-kennedy.net/executiveorder11110.htm
President John F.Kennedy,The Federal Reserve And Executive Order 11110
by Cedric X
From The Final Call, Vol. 15, No.6, On January 17, 1996
On June 4, 1963, a little known attempt was made to strip the Federal
Reserve Bank of its power to loan money to the government at interest.
On that day President John F. Kennedy signed Executive Order No. 11110
that returned to the U.S. government the power to issue currency,
without going through the Federal Reserve. Mr. Kennedy's order gave
the Treasury the power "to issue silver certificates against any
silver bullion, silver, or standard silver dollars in the Treasury."
This meant that for every ounce of silver in the U.S. Treasury's
vault, the government could introduce new money into circulation. In
all, Kennedy brought nearly $4.3 billion in U.S. notes into
circulation. The ramifications of this bill are enormous.
With the stroke of a pen, Mr. Kennedy was on his way to putting the
Federal Reserve Bank of New York out of business. If enough of these
silver certificats were to come into circulation they would have
eliminated the demand for Federal Reserve notes. This is because the
silver certificates are backed by silver and the Federal Reserve notes
are not backed by anything. Executive Order 11110 could have prevented
the national debt from reaching its current level, because it would
have given the gevernment the ability to repay its debt without going
to the Federal Reserve and being charged interest in order to create
the new money. Executive Order 11110 gave the U.S. the ability to
create its own money backed by silver.
After Mr. Kennedy was assassinated just five months later, no more
silver certificates were issued. The Final Call has learned that the
Executive Order was never repealed by any U.S. President through an
Executive Order and is still valid. Why then has no president utilized
it? Virtually all of the nearly $6 trillion in debt has been created
since 1963, and if a U.S. president had utilized Executive Order 11110
the debt would be nowhere near the current level.
Perhaps the assassination of JFK was a warning to future presidents
who would think to eliminate the U.S. debt by eliminating the Federal
Reserve's control over the creation of money. Mr. Kennedy challenged
the government of money by challenging the two most successful
vehicles that have ever been used to drive up debt -
war and the creation of money by a privately-owned central bank. His
efforts to have all troops out of Vietnam by 1965 and Executive Order
11110 would have severely cut into the profits and control of the New
York banking establishment. As America's debt reaches unbearable
levels and a conflict emerges in Bosnia that will further increase
America's debt, one is force to ask, will President Clinton have the
courage to consider utilizing Executive Order 11110 and, ifso, is he
willing to pay the ultimate price for doing so?
Executive Order 11110 AMENDMENT OF EXECUTIVE ORDER NO. 10289
AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING
THE DEPARTMENT OF THE TREASURY
By virtue of the authority vested in me by section 301 of title 3 of
the United States Code, it is ordered as follows:
Section 1. Executive Order No. 10289 of September 19, 1951, as
amended, is hereby further amended-
By adding at the end of paragraph 1 thereof the following subparagraph
(j):
(j) The authority vested in the President by paragraph (b) of section
43 of the Act of May 12,1933, as amended (31 U.S.C.821(b)), to issue
silver certificates against any silver bullion, silver, or standard
silver dollars in the Treasury not then held for redemption of any
outstanding silver certificates, to prescribe the denomination of such
silver certificates, and to coin standard silver dollars and
subsidiary silver currency for their redemption
and --
Byrevoking subparagraphs (b) and (c) of paragraph 2 thereof.
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Sec. 2. The amendments made by this Order shall not affect any act
done, or any right accruing or accrued or any suit or proceeding had
or commenced in any civil or criminal cause prior to the date of this
Order but all such liabilities shall continue and may be enforced as
if said amendments had not been made.
John F. Kennedy The White House, June 4, 1963.
Of course, the fact that both JFK and Lincoln met the the same end is
a mere coincidence.
Abraham Lincoln's Monetary Policy, 1865 (Page 91 of Senate document 23.)
Money is the creature of law and the creation of the original issue of
money should be maintained as the exclusive monopoly of national
Government.
Money possesses no value to the State other than that given to it by
circulation.
Capital has its proper place and is entitled to every protection. The
wages of men should be recognised in the structure of and in the
social order as more important than the wages of money.
No duty is more imperative for the Government than the duty it owes
the People to furnish them with a sound and uniform currency, and of
regulating the circulation of the medium of exchange so that labour
will be protected from a vicious currency, and commerce will be
facilitated by cheap and safe exchanges.
The available supply of Gold and Silver being wholly inadequate to
permit the issuance of coins of intrinsic value or paper currency
convertible into coin in the volume required to serve the needs of the
People, some other basis for the issue of currency must be developed,
and some means other than that of convertibility into coin must be
developed to prevent undue fluctuation in the value of paper currency
or any other substitute for money of intrinsic value that may come
into use.
The monetary needs of increasing numbers of People advancing towards
higher standards of living can and should be met by the Government.
Such needs can be served by the issue of National Currency and Credit
through the operation of a National Banking system .The circulation of
a medium of exchange issued and backed by the Government can be
properly regulated and redundancy of issue avoided by withdrawing from
circulation such amounts as may be necessary by Taxation, Redeposit,
and otherwise. Government has the power to regulate the currency and
creditof the Nation.
Government should stand behind its currency and credit and the Bank
deposits of the Nation. No individual should suffer a loss of money
through depreciation or inflated currency or Bank bankruptcy.
Government possessing the power to create and issue currency and
creditas money and enjoying the right to withdraw both currency and
credit from circulation by Taxation and otherwise need not and should
not borrow capital at interest as a means of financing Governmental
work and public enterprise. The Government should create, issue, and
circulate all the currency and credit needed to satisfy the spending
power of the Government and the buying power of the consumers. The
privilege of creating and issueing money is not only the supreme
prerogative of Government, but it is the Governments greatest creative
opportunity.
By the adoption of these principles the long felt want for a uniform
medium will be satisfied. The taxpayers will be saved immense sums of
interest, discounts, and exchanges. The financing of all public
enterprise, the maintenance of stable Government and ordered progress,
and the conduct of the Treasury will become matters of practical
administration. The people can and will be furnished with a currency
as safe as their own Government. Money will cease to be master and
become the servant of humanity. Democracy will rise superior to the
money power.
Some information on the Federal Reserve The Federal Reserve, a Private
Corporation One of the most common concerns among people who engage in
any effort to reduce their taxes is, "Will keeping my money hurt the
government's ability to pay it's bills?" As explained in the first
article in this series, the modern withholding tax does not, and
wasn't designed to, pay for government services. What it does do, is
pay for the privately-owned Federal Reserve System.
Black's Law Dictionary defines the "Federal Reserve System" as,
"Network of twelve central banks to which most national banks belong
and to which state chartered banks may belong. Membership rules
require investment of stock and minimum reserves."
Privately-owned banks own the stock of the Fed. This was explained in
more detail in the case of Lewis v. United States, Federal Reporter,
2nd Series, Vol. 680, Pages 1239, 1241 (1982), where the court said:
Each Federal Reserve Bank is a separate corporation owned by
commercial banks in its region. The stock-holding commercial banks
elect two thirds of each Bank's nine member board of directors.
Similarly, the Federal Reserve Banks, though heavily regulated, are
locally controlled by their member banks. Taking another look at
Black's Law Dictionary, we find that these privately owned banks
actually issue money:
Federal Reserve Act. Law which created Federal Reserve banks which act
as agents in maintaining money reserves, issuing money in the form of
bank notes, lending money to banks, and supervising banks.
Administered by Federal Reserve Board (q.v.).
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