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--- Begin Message --- President Kennedy, the Federal Reserve and Executive Order 11110
by Cedric X.
(From The Final Call, Vol15, No.6, on January 17, 1996 (USA))
http://kamron.com/economics/executing%20order%2011110.html
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Executive Order was never repealed by any U.S. President through an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 11,110
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.
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.).
The FED banks, which are privately owned, actually issue, that is,
create, the money we use. In 1964 the House Committee on Banking and
Currency, Subcommittee on Domestic Finance, at the second session of
the 88th Congress, put out a study entitled Money Facts which
contains a good description of what the FED is:
The Federal Reserve is a total money-making machine.It can issue
money or checks. And it never has a problem of making its checks good
because it can obtain the $5 and $10 bills necessary to cover its
check simply by asking the Treasury Department's Bureau of Engraving
to print them.
As we all know, anyone who has a lot of money has a lot of power. Now
imagine a group of people who have the power to create money. Imagine
the power these people would have. This is what the Fed is.
No man did more to expose the power of the Fed than Louis T.
McFadden, who was the Chairman of the House Banking Committee back in
the 1930s. Constantly pointing out that monetary issues shouldn't be
partisan, he criticized both the Herbert Hoover and Franklin
Roosevelt administrations. In describing the Fed, he remarked in the
Congressional Record, House pages 1295 and 1296 on June 10, 1932,
that:
Mr. Chairman,we have in this country one of the most corrupt
institutions the world has ever known. I refer to the Federal Reserve
Board and the Federal reserve banks. The Federal Reserve Board, a
Government Board, has cheated the Government of the United States and
he people of the United States out of enoughmoney to pay the national
debt. The depredations and the iniquities of the Federal Reserve
Board and the Federal reserve banks acting together have cost this
country enough money to pay the national debt several times over.
This evil institution has impoverished and ruined the people of the
UnitedStates; has bankrupted itself, and has practically bankrupted
our Government. It has done this through the maladministration of
that law by which the Federal Reserve Board, and through the corrupt
practices of the moneyed vultures who control it.
Some people think the Federal reserve banks are United States
Government institutions. They are not Government institutions. They
are private credit monopolies which prey upon the people of the
United States for the benefit of themselves and their foreign
customers; foreign and domestic speculators and swindlers; and rich
and predatory money lenders. In that dark crew of financial pirates
there are those who would cut a man's throat to get a dollar out of
his pocket; there are those who send money into States to buy votes
to control our legislation; and there are those who maintain an
international propaganda for the purpose of deceiving us and of
wheedling us into the granting of new concessions which will permit
them to cover up their past misdeeds and set again in motion their
gigantic train of crime. Those 12 private credit monopolies were
deceitfully and disloyally foisted upon this country by bankers who
camehere from Europe and who repaid us for our hospitality by
undermining our American institutions.
The Fed basically works like this: The government granted its power
to create money to the Fed banks. They create money, then loan it
back to the government charging interest. The government levies
income taxes to pay the interest on the debt. On this point, it's
interesting to note that the Federal Reserve act and the sixteenth
amendment, which gave congress the power to collect income taxes,
were both passed in 1913. The incredible power of the Fed over the
economy is universally admitted. Some people, especially in the
banking and academic communities, even support it. On the other hand,
there are those, both in the past and in the present, that speak out
against it. One of these men was President John F. Kennedy. His
efforts were detailed in Jim Marrs' 1990 book, Crossfire:
Another overlooked aspect of Kennedy's attempt to reform American
society involves money. Kennedy apparently reasoned that by returning
to the constitution, which states that only Congress shall coin and
regulate money, the soaring national debt could be reduced by not
paying interest to the bankers of the Federal Reserve System, who
print paper money then loan it to the government at interest. He
moved in this area on June 4, 1963, by signing Executive Order 11,110
which called for the issuance of $4,292,893,815 in United States
Notes through the U.S. Treasury rather than the traditional Federal
Reserve System. That same day, Kennedy signed a bill changing the
backing of one and two dollar bills from silver to gold, adding
strength to the weakened U.S. currency.
Kennedy's comptroller of the currency, James J. Saxon, had been at
odds with the powerful Federal Reserve Board for some time,
encouraging broader investment and lending powers for banks that were
not part of the Federal Reserve system. Saxon also had decided that
non-Reserve banks could underwrite state and local general obligation
bonds, again weakening the dominant Federal Reserve banks.
A number of "Kennedy bills" were indeed issued - the author has a
five dollar bill in his possession with the heading "United States
Note" - but were quickly withdrawn after Kennedy's death. According
to information from the Library of the Comptroller of the Currency,
Executive Order 11,110 remains in effect today, although successive
administrations beginning with that of President Lyndon Johnson
apparently have simply ignored it and instead returned to the
practice of paying interest on Federal Reserve notes. Today we
continue to use Federal Reserve Notes, and the deficit is at an all-
time high.
The point being made is that the IRS taxes you pay aren't used for
government services. It won't hurt you, or the nation, to legally
reduce or eliminate your tax liability.
http://kamron.com/economics/Economics.htm
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