From APFN By Cedric X, 11-20-3
Executive Order 1110 gave the US the ability to create its own money backed by silver. ...
http://www.john-f-kennedy.net/executiveorder11110.htm
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 certificates 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 government 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has learned that the Executive Order was never repealed by any U.S. President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 -- By revoking 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 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 recognized 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 labor 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 credit of 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 credit as 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 issuing 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 its
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 enough money 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 United States; 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 came here 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.
Source:http://www.rense.com/general44/exec.htm
From The Final Call, Vol15, No.6, on
January 17, 1996
(USA)<http://www.apfn.org/apfn/eo11110.pdf>http://www.apfn.org/apfn/eo11110.pdf
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