EXECUTIVE ORDER 11110

PRESIDENT KENNEDY’S EXECUTIVE ORDER 11110

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 which returned to the U.S. government the power to issue currency without going through the Federal Reserve.  President 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 before his assassination. The ramifications of this are enormous.

With one stroke of his pen, Mr. Kennedy was on his way to putting the Federal Reserve out of business. If enough silver certificates were to come into circulation they would eliminate the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are backed by nothing.  Executive Order 11110 could have prevented the national debt from reaching its current level, because the government could pay its debts without incurring interest charges from the Federal Reserve.  11110 gave the U.S. the ability to create its own money backed by silver.

After President Kennedy was assassinated just five months later, no more silver certificates were issued.  Executive Order 11110 has never been repealed by any subsequent U.S. President through an Executive Order and is still valid. Why then has no president utilized it? Virtually all of the multi-trillion dollars of US debt has been created since 1963, and if a President had utilized 11110 the debt would be nowhere near the current level.  Perhaps the assassination of JFK was a warning to future presidents not to eliminate 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 – 1) war and 2) the creation of money by a privately-owned central bank.  His effort to withdraw from Vietnam by 1965 and his Executive Order 11110 challenged the profits and the control of the banking-military establishment.  America's debt has now reached unbearable levels; American troops are in combat in 57 locations around the globe.  War-mongers and money-creators are in control.

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.

(signed) John F. Kennedy, The White House, June 4, 1963.

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 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 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.

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