For every ounce of silver in the U.S. Treasury's vault, the
government could introduce a certificate or warehouse receipt to be used as money.
This followed IMO the constitution's requirement that the government
provide the medium of exchange and it follows the coinage act
requirements. Basing the monetary system on silver
and not gold was also very important because silver is abundant and very
difficult to control.
Kennedy issued nearly $4.3 billion in U.S. notes and was introducing them into
circulation, with a plan to continue until sufficient currency was in
circulation to manage the flow of goods and services. The ramifications of this bill are enormous. President Kennedy was on his way to putting the Federal Reserve Bank of New York out of business.
When enough of his United States Notes were in circulation he would eliminate the
Federal Reserve notes.
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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- a. 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 --
b. By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
Section 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.
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Executive Order 11110 could have prevented the national debt from reaching its current
level. The government would not have been able to increase debt and this
would have curtailed its growth.
Click here to see one of Kennedy's
United States Notes
Kennedy was assassinated just five months after installing this EO.
EO 1110 was never repealed and is still valid. If we had started or
continued Kennedy's Plan the debt would be nowhere near the current level,
and we would have a financial system that would increase currency levels
without increasing the debt and its inflationary interest. We would escape
the trap of the irreversible transfer of wealth from the debtors to
the lenders giving up all our assets
to the Federal Reserve.
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.