Silver

[Elihu]

The American Presidency Project
John T. Woolley & Gerhard Peters • Santa Barbara, California return to original document
• John F. Kennedy
Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury
June 4, 1963
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 denominations 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.

SEC. 2. The amendment 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
Citation: John F. Kennedy: "Executive Order 11110 - Amendment of Executive Order No. 10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury", June 4, 1963. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=59049.

© 1999-2011 - Gerhard Peters - The American Presidency Project

[DrEvil]

The bankers have their tentacles in silver too (Guess who sets the price?):

http://uk.reuters.com/article/2014/05/1 ... IS20140514

London silver fix to be scrapped from August

(Reuters) - The London silver "fix", a global benchmark for spot silver prices, will cease to operate after Aug. 14, the company that administers the process said on Wednesday, amid rising regulatory scrutiny of price-setting in bullion markets.

Deutsche Bank AG, HSBC and Bank of Nova Scotia will continue to participate in the fix until then, the London Silver Market Fixing Ltd said.

Last month, Deutsche Bank had resigned its seat on the London gold and silver fixes without finding a buyer after its decision to withdraw from the bulk of its commodities business.

"Deutsche Bank has postponed its resignation from the London Silver Market Fixing from 29 April 2014 to 14 August 2014, at which point the benchmark will terminate," according to an emailed statement from the bank. The gold fix, along with other commodity benchmarks, has come under increasing scrutiny by regulators in Europe and the United States since the London Interbank Offered Rate (Libor) manipulation case last year.

Deutsche Bank's decision earlier this year to leave the fix process raised questions about the future of such a price-setting process, which happens through a teleconference between the participating banks. The banks are facing lawsuits accusing them of alleged price manipulation.

The silver fix, which started in 1897, is also run similarly.

The lawsuits have not targeted the silver fix, but in a five-year probe the U.S. Commodity Futures Trading Commission investigated allegations that some of the world's biggest bullion banks distorted silver futures prices.

After 7,000 staff hours of investigation, the regulator found no evidence of wrongdoing and dropped the probe last September.

Silver prices were up 1 percent at $19.72 an ounce at 0736 GMT.

(Reporting by A. Ananthalakshmi and Veronica Brown in London; Editing by Richard Pullin and Muralikumar Anantharaman)

[Elihu]

poster's edits

There is a delicious irony in the situation where workers are burning factories to the ground in protest at the working conditions. Why would they burn their own factories down? Don’t the workers people own use the means of production? It is time for the workers people of the world to unite wake up and demand use honest money – Gold. Spoiler:Silver

reference
http://www.goldstandardinstitute.net/wp ... June14.pdf

[brainpanhandler]

Executive Order 11110

So can you elaborate on your personal opinion on the purpose and effect/s of EO 11110? Presumably you have investigated multiple sources with disparate opinions in order to get a broad perspective?

[Elihu]

Executive Order 11110

So can you elaborate on your personal opinion on the purpose and effect/s of EO 11110? Presumably you have investigated multiple sources with disparate opinions in order to get a broad perspective?

i presume the may of '33 act to have been the roosevelt executive order bank closure and gold grab, and Kennedy is saying here, by adding a paragraph 30 years later, that the president has the authority to order the treasury (and presumably is hereby ordering the treasury) to issue (sell, presumably for federal reserve notes) an amount and number of silver certificates equal to the coined value of any and all unencumbered silver in the treasury, and to go ahead and coin the silver for payout when the certificates are presented for redemption. that's what i understand it to mean. Then it's kinda left to the Treasury to go ahead and do all that (amount and quantity not addressed here). the obvious observation is, had that happened, there would be silver coins and united states silver notes circulating freely.

[DrEvil]

http://en.wikipedia.org/wiki/American_Silver_Eagle

[brainpanhandler]

Executive Order 11110

So can you elaborate on your personal opinion on the purpose and effect/s of EO 11110? Presumably you have investigated multiple sources with disparate opinions in order to get a broad perspective?

i presume the may of '33 act to have been the roosevelt executive order bank closure and gold grab, and Kennedy is saying here, by adding a paragraph 30 years later, that the president has the authority to order the treasury (and presumably is hereby ordering the treasury) to issue (sell, presumably for federal reserve notes) an amount and number of silver certificates equal to the coined value of any and all unencumbered silver in the treasury, and to go ahead and coin the silver for payout when the certificates are presented for redemption. that's what i understand it to mean. Then it's kinda left to the Treasury to go ahead and do all that (amount and quantity not addressed here). the obvious observation is, had that happened, there would be silver coins and united states silver notes circulating freely.

It is a somewhat mysterious eo, but the mystery may well just be a product of my ignorance as to how the nuts and bolts of such orders, proclamations, and acts actually happen. be that as it may I have to wonder why eo 11110 is tacked onto eo 10289, which has nothing whatsoever to do with monetary policy. And I can't seem to find out what was in subparagraphs (b) and (c) of paragraph 2 of eo 10289 which were revoked by eo 11110 . The copies I have found so far simply list them as 'revoked'.

While I'm not buying the wikipedia article's debunkery at face value, neither am I inclined to accept Marrs' take. And pretty clearly Kennedy wanted to phase out silver certificates as the value of silver as an industrial commodity was rapidly growing and therefore it's utility as a monetary marker was decreasing.

Jim Marrs, in his book Crossfire, presented the theory that Kennedy was trying to rein in the power of the Federal Reserve, and that forces opposed to such action might have played at least some part in the assassination.[15][16][17] According to Marrs, the issuance of Executive Order 11110 was an effort by Kennedy to transfer power from the Federal Reserve to the United States Department of the Treasury by replacing Federal Reserve Notes with Silver Certificates.[16] Actor and author Richard Belzer named the responsible parties in this theory as American "billionaires, power brokers, and bankers ... working in tandem with the CIA and other sympathetic agents of the government."[18]

A 2010 article in Research magazine discussing various controversies surrounding the Federal Reserve stated that "the wildest accusation against the Fed is that it was involved in Kennedy's assassination."[16] Critics of the theory note that Kennedy called for and signed legislation phasing out Silver Certificates in favor of Federal Reserve Notes, thereby enhancing the power of the Federal Reserve; and that Executive Order 11110 was a technicality that only delegated existing presidential powers to the Secretary of the Treasury for administrative convenience during a period of transition.[16][17]

I've always wondered what the truth of eo11110 was. I've occasionally made half hearted attempts to discover the truth only to have my eyes glaze over at the legalese.

I think eo11110 needs to be taken apart piece by piece. If I find the time and inclination I'll do so.

I'm going to place this list of links to relevant documents I've gathered so far here for future study:

http://www.presidency.ucsb.edu/ws/?pid=14750
https://www.gold.org/sites/default/file ... 4jan31.pdf
http://www.archives.gov/federal-registe ... 10289.html
http://fraser.stlouisfed.org/docs/histo ... 330512.pdf
http://en.wikipedia.org/wiki/May_1933#M ... 8Friday.29
http://en.wikipedia.org/wiki/Executive_Order_11110

This bit "The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933" can be found on page 23 here: http://fraser.stlouisfed.org/docs/histo ... 330512.pdf

I don't know why that can be characterized as: "the roosevelt executive order bank closure and gold grab".

[Elihu]

you presume i've done way more homework than i've led you to believe. i am curious about the intervening orders. so i've done nothing but speculate really. but i think we are still groping to understand the import of this cryptic Kennedy order, gently worded as it was.

the import is not the silver coin. the import IS the silver PAPER! yes, the paper, a silver piece of green paper. legal. think about that.

[Elihu]

This bit "The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933" can be found on page 23 here: http://fraser.stlouisfed.org/docs/histo ... 330512.pdf

I don't know why that can be characterized as: "the roosevelt executive order bank closure and gold grab".

that was presumptuous, state of emergency notwithstanding. it bet it's close by though. <edit: the roosevelt gold grab happened two months prior in March of 33 by proclamation, the ink barely dry on a banking bill that quickly followed. no, this one, Dealt with by Kennedy in 63, was an agricultural emergency declared in May of 33. i suck i apologize

I've always wondered what the truth of eo11110 was. I've occasionally made half hearted attempts to discover the truth only to have my eyes glaze over at the legalese.

starting in 63-64, there would have been two pieces of paper out there instead of one. people would have asked, "what's the difference?" <edit, further comment in subsequent post>

[Elihu]

Mexico 1980 ley una onza troy de plata pura casa de moneda 33.625 gramos .jpg

[Elihu]

http://en.wikipedia.org/wiki/American_Silver_Eagle

i appreciate everyone's participation in my thread i am sorry i am so rude. i edited some earlier posts

the silver eagles are awesome what a priviledge to hold one. really, when you think about it, the US Government has no Note of its own. the only notes there are belong to the Federal Reserve. the US Government has no Note all of its own. that's what was going to happen may still happen.

thats the significance of eo 11110 today.

[Elihu]

Confusion Prior To New “London Silver Price” Launch This Friday
http://www.24hgold.com/english/news-gol ... +O%27Byrne

starting in 63-64, there would have been two pieces of paper out there instead of one. people would have asked, "what's the difference?"

the silver certificates would have been different than federal reserve notes but also legal for paying bills at the market price of the underlying silver since they were redeemable.

They also would have put a legal bid on the extant 90% (or any percent) silver coinage then in use.

They would have prevented the Treasury beginning to mint coins out of pot metal. one could have gone to a cash register to legally pay for coffee potentially using two or more quarters of unequal value. the silver quarter bringing more coffee. potential bargaining power out there.

Without a legal bid and pot metal copies, the 90% coins can't pay for anything, except by mistake, at par value, $0.10, $0.25, etc. but they themselves have a legal fed note bid on them. They progressively become private property. Out of circulation. they used to be a medium. it used to be stuff=coins=stuff. now it's coins=fednotes=stuff.

i don't know, it would have been weird. probably why they didn't try it

[smiths]

you know, Dorothy was originally wearing silver slippers, and the bankers only just held the populist tornado down in the defining election of 1896

that would have meant 'free silver', whoah, just think of it

once that threat was fixed JP really got cracking in 1907, all down hill since

[Elihu]

relocated

[Elihu]

Ditto