- 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. 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that the Executive Order was never repealed by any U.S. President through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, if so, is he willing to pay the ultimate
price for doing so?
- (All Readers are urged to obtain a copy
of Executive Order 11110 by contacting their Congressional representative,
it is dated June 4, 1963.)
- Reply From Col. Prouty to [witheld]
- Thanks for your good question [witheld],
- Your comment about "The power of
the Fed" as a factor in the over-all decision to assassinate JFK is
correct. Do you recall the line at the beginning of the conversation of
Garrison and Man X in Washington in Stone's movie "JFK"?
- Jim Garrison asks, "How do you think
it all started?"
- Man X (Prouty) responds, " I think
it startedi n the wind. Money -- arms, big oil, Pentagon people, contractors,
bankers, politicians like L.B.J. were committed to a war in Southeast Asia.
As early as '61 they knew Kennedy was going to change things... He was
not going to war in Southeast Asia. Who knows? Probably some boardroom
or luncheon somewhere - Houston, New York -- hell, maybe Bonn, Germany...
who knows, it's international now."
- You're correct, and the above is what
I wrote for Oliver Stone. It is what I believe from my experience. And,
you are correct to go back to Exec. Order no. 11110. That money JFK putinto
circulation was an enormous challenge to the business world.
- I am a graduate of the American Bankers
Assn "Graduate School of Banking" at the University of Wisconsin
and I have heard some of the top bankers, such as Arthur Burns lecture.
That was in the late Sixties; but you could still feel the stress of those
JFK years in what they had to say.
- JFK was serious about getting "all
Americans" out of Vietnam by the end of 1965. That was NSAM 263 and
my boss General Victor Krulak, with the JCS, had worked on that document.
Even the Pentagon Papers made an attempt to conceal NSAM #263.
- In addition to the references you have
cited, may I suggest that you get the "Foreign Relations of the united
States. 1961-1963, Volume IV, VIETNAM, August-December 1963" from
the US Gov't Printing Office and see what it was all about in those days.
- Colonel L. Fletcher Prouty [Ret. USAF]
- From Diane
- I am 99% sure the article you have on your website re
JFK and Executive Order 11110 is bogus. It is one of those hoaxes that
is all over the internet and radio shows and is so widely believed
by folks that someone needs to put a stop to it asap. As long as you keep
this article in your archives without the debunking info displayed alongside,
it will serve to damage your credibility (which in my book is exemplary).
You most likely have never seen the following research before. It is
- http://home.hiwaay.net/~becraft/EO11110.htm --
- Executive Order No. 11110
- There is currently floating around the Net one theory
of the Kennedy assassination based upon certain legal documents. According
to this idea, Kennedy was assassinated because he was about ready to start
issuing silver certificates; to prevent him from doing so, the "powers
that be" had him killed. Please understand that what I offer below
explaining the flaw of this argument does not mean that I am an apologist
for the Fed or banking industry; it should be obvious from my site that
I am not. I only offer these comments because this argument demonstrates
just one of the completely erroneous arguments which is allegedly based
upon the "law" but are not.
- When Congress enacts a law, it often delegates authority
to enforce and administer the law to some executive official, typically
the President. Naturally, the President does not personally attend to such
duties and must himself delegate to others within the Executive branch.
The Agricultural Adjustment Act of May 12, 1933, was one of these acts
and it permitted the President in ¤43 to issue silver certificates.
- Public Law 673 enacted by Congress in 1950 was similar
to many previous ones and it allowed the President to delegate his statutory
functions to others within the Executive branch. It provided:
- The President of the United States is hereby authorized
to designate and empower the head of any department or agency in the executive
branch, or any official thereof who is required to be appointed by and
with the advice and consent of the Senate, to perform, without approval,
ratification, or other action by the President (1) any function which is
vested in the President by law, or (2) any function which such officer
is required or authorized by law to perform only with or subject to the
approval ratification, or other action of the President: * * *
- Pursuant to this statutory authority, on September 19,
1951, President Truman issued Executive Order No. 10289, which delegated
to the Secretary of the Treasury lots of the statutory duties of the President.
This executive order provided in part as follows:
- By virtue of the authority vested in me by section 1
of the act of August 8, 1950, 64 Stat. 419 (Public Law 673, 81st Congress),
and as President of the United States, it is ordered as follows:
- 1. The Secretary of the Treasury is hereby designated
and empowered to perform the following described functions of the President
without the approval, ratification, or other action of the President:
- (a) The authority vested in the President by section
1 of the act of August 1, 1914, c. 223, 38 Stat. 609, as amended (19 U.S.C.
2), (1) to rearrange, by consolidation or otherwise, the several customs-collection
districts, (2) to discontinue ports of entry by abolishing the same and
establishing others in their stead, and (3) to change from time to time
the location of the headquarters in any customs-collection district as
the needs of the service may require.
- (b) The authority vested in the President * * *
- Thereafter, this executive order listed another 8 statutory
powers of the President which he was delegating to the Treasury Secretary,
the substance of which is not important for this discussion. Please remember
that this delegation to the Treasury Secretary was to be exercised "without
the approval, ratification, or other action of the President." It
should also be noted that this particular executive order did not delegate
to the Treasury Secretary the authority to issue silver certificates granted
to the President in the 1933 law noted above.
- From 1933 until 1963, the President alone possessed the
statutory authority to issue silver certificates. But then on June 4, 1963,
President Kennedy amended Truman's 1951 Executive Order No. 10289 by Executive
Order No. 11110. This particular order read as follows:
- 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
- (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
- SECTION 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
- By this executive order, the statutory authority of the
President to issue silver certificates was delegated to the Treasury Secretary.
In Kennedy's administration, the Treasury Secretary was Douglas Dillon,
a man from a banking family and a known established "power" in
the banking community. Kennedy delegated the authority to issue silver
certificates to Dillon and his successors, and this power could be exercised
"without the approval, ratification, or other action of the President."
- The only reasonable conclusion which may be reached based
upon the facts are the exact opposite of the argument made on the Net.
For some 30 years, the President himself held the power to issue silver
certificates. But some 5 months before his assassination, Kennedy delegated
this power to Dillon, and via this order, Dillon could do as he pleased
with this power. To assert that Kennedy was by Executive Order No. 11110
getting ready to issue silver certificates is contrary to the plain facts.
Instead, Kennedy was surrendering this power and delegating it to the Treasury
Secretary, who was someone from the banking industry. Clearly, it appears
that this EO was issued to put the power to issue silver certificates into
safe hands, that of a banker. There is no substance to this theory on the
Net. I cannot understand how this particular order proves that Kennedy
was about to issue silver certificates. Where is the proof that Kennedy
was anything other than a pawn of the banking community?
- Additional Note re EO 11110:
- From Jim Ewart at firstname.lastname@example.org
- Hi Larry:
- Thanks for the input re the John F. Kennedy "silver-certificate"
item. As chance would have it, about two months ago I helped Ed Griffin
("Creature From Jekyll Island") write a letter to a guy who raised
this issue with Ed. Ed and I came to the same conclusion as you did, that
the story being circulated by some "patriots" was seriously flawed.
- As you may recall, some 20 years ago a different story
was making the rounds of the "patriot" community. This story
said that JFK made a speech at Columbia University a couple of weeks before
his death. In that speech JFK supposedly said, "I have discovered
that the high office of the presidency has been used to foment a plot against
the American people," and allegedly, this presentation continued with
him saying that he was going to take decisive steps to stop that plot in
- JFK supposedly then ordered the US Treasury to immediately
print zillions of US Notes (_not_ silver certificates) to replace all the
Federal Reserve Notes then in circulation. The implication was that by
replacing the Federal Reserve Notes with US Notes, the federal government
would no long have to pay interest to the Fed on the face value of all
the paper currency -- precisely because US Notes are "spent into circulation
interest free" (echoing the late Pastor Sheldon Emery and others of
his persuasion, that is, the advocates of "populism" and/or "social
- A few days before JFK's death, supposedly about $300
million of these US Notes were placed in circulation, and it was exactly
this action by JFK that caused the bad guys, the "banksters,"
to arrange for JFK to be killed. However, while this story is interesting,
it apparently has almost no factual basis.
- One of Congressman Ron Paul's researchers was a libertarian
gal with heavy economic and finance credentials, a Masters Degree in finance
if I recall correctly, and many years of investment analysis for a major
brokerage firm. This gal, Rita something or another, spent several months
early in 1983 investigating the story for Ron Paul. She called me later
that year to see if I could supply her with any supporting information.
- I told her I had heard the rumor but did not have any
facts to support it. She said she'd been in close touch with top-level
people in the Kennedy family, and in contact with several of JFK's closest
political cronies, and also in contact with top people at Columbia University.
The University had no memory or other record of JFK being on that campus
or in the area for any meeting of any kind within several years of the
alleged appearance, and none of JFK's associates, political or personal,
offered anything but negative comment on the whole tale.
- This researcher (Rita D. Simone, from Arlington, Virginia,
whose name, address, and phone number is still in the ZNS database) concluded
that the alleged event simply did not happen.
- However, some US Notes were issued in 1962 but solely
to replace worn-out Federal Reserve Notes from the series of 1950 and earlier.
The US Notes were used because the Treasury had already issued all of its
authorized inventory of uncirculated Federal Reserve Notes, and because
the Treasury could print US Notes without special prior approval from the
Federal Reserve banking system.
- But the US Notes were strictly an interim solution to
the problem of replacing worn Federal Reserve Notes. Please recall that
the next year, in 1963, the Treasury printed and began issuing Federal
Reserve tokens, FRTs, the "new Federal Reserve Note" bills, the
ones missing the phrases "will pay to the bearer on demand" and
"and is redeemable in lawful money at the United States Treasury or
at any Federal Reserve Bank."
- FRTs would eventually replace _all_ then-circulating
paper currency: US Notes, Federal Reserve Notes from the series of 1950
and earlier, and silver certificates. Within 10 years or so, the only paper
currency circulating in the U.S. was the FRT.
- The man who contacted Ed Griffin, questioning something
Ed had said in "Creature from Jekyll Island," said he had heard
the US Note story from an organization called "Christian" something
or another. I had not heard of that entity, I had no record of it in my
big database of patriotic groups, publications, and broadcasts, etc., and
I had no record of any similar-sounding entity in the general area of the
writer's home address.
- I concluded that the "Christian" something
or another "group" was really
- just a dba of a lone individual patriot, someone who
simply and innocently echoed a highly inaccurate version of the largely
fictional JFK-Columbia University tale.
- [snip re personal matters]
- Also, thanks again for the analysis of the JFK "silver
- Best wishes,
- Jim Ewart