A Proposal that Would Require the
Following Amendment to the Federal
Constitution:
AMENDMENT XXVIII
Money and Credit Congress Asserts Power To
Coin Money, and Emit Bills of Credit
[SECTION 1.] The Congress hereby asserts the power,
granted in this Constitution, to coin money, and to
regulate the value thereof. -- And further,
to emit non-interest-bearing bills of credit
directly through the Treasury Department [ on the
Credit, and in the Name of the People ].
[SECTION 2.] The Congress hereby authorizes the
Treasury to issue a sufficient quantity of dollars
to purchase back the capital stock of
the Federal Reserve Bank from the private owners, by
eminent domain.
[SECTION 3.] The Federal Reserve Bank shall
henceforth be subsumed into the Treasury, and function
as a Sub-Treasury Central Bank of issue. Henceforth
they shall be one institution, and be called,
formally, the Treasury of the Common=Wealth of the
United States of America, or commonly, The Treasury
of Common=Wealth.
[SECTION 4.] The Treasury of Common=Wealth [as the
fountainhead of Credit-Creation in the nation ]
shall henceforth issue as Money only
non-interest-bearing Notes, and Mint coins of pure
Specie, stamped with their weight and fineness. The
books, accounts and records of the Treasury shall
continually be open to public scrutiny.
[SECTION 5.] The Treasury of Common=Wealth shall
honor, and continue to pay (by means of
non-interest-bearing notes, and checks) the interest
on all outstanding U. S. Treasury Securities, as they
come due. There shall be no further issues of Treasury
Securities, or Bonds.
[SECTION 6.] The State Treasury departments,
of each of the fifty States, are also hereby
empowered, by the same creative principle [formerly
given by charter to banks ] to create Credit within
their own jurisdictions, in the form
of checks, signed by the State comptrollers, in
accordance with appropriations made by the State
legislatures, for the purpose of maintaining State
institutions, infrastructure, and salaries.
[SECTION 7.] In accordance with the provisions of
this Article, all banks and financial institutions in
America shall receive new charters from the Treasury.
The Treasury shall henceforth have the unique and
sole power within the nation to create Credit a
function formerly granted by the government [and
thus erroneously delegated] only to Banks.
Henceforth private banks may charge interest, to
service accounts.
[SECTION 8.] In Sum, this Article defines, and
enhances the powers granted to Congress and the
Treasury, under Article I, Section 8, clause 5,
of this Constitution. Furthermore, it amends and
modifies Article II, Section 10, clause 1, to empower
State Treasuries to create [ a limited amount of ]
non-inflationary Credit, in the form of check-book
money in order to meet the pressing needs of the
states.
