Many people have cited that Kennedy was assassinated because he threatened the Federal Reserve. Which is far from the truth! In fact he made them the sole private corporation that could print currency within the nation and made them a fortune in one sweep of his hand.
When silver reached $1.29 per troy ounce, the price floor for the redemption of silver certificates established by the Silver Purchase Act of 1934 would be breached. In 1966, the market price of silver reached the magic number of $1.38 per troy ounce. Then consumers could begin to purchase the certificates at face value, redeem them for silver, and sell the silver at a profit. Also they could illegally melt them down and sell them on foreign markets. Did J.P. Morgan Jr. sell a lot of silver to Nathan Mayer Rothschild the younger? This became a national security threat. Was silver artificially inflated so the Federal Reserve notes to become the only legal tender?
The Treasury repealed the function of the original Silver Purchase Act of 1934 through a series of legislation between 1961 and 1963 under President Nixon and Kennedy, and began pulling U.S. silver certificates from circulation. In 1961 Morgan, Grenfell & Co. was the largest bank in England at the time and they are ready to profit from this.
HR 5389 authorized issuance of gold-backed $1 and $2 Federal Reserve notes to replace existing silver-backed Treasury $1 silver certificates and $2 greenbacks that never had any specie backing. William McMartin of the Federal Reserve backed this idea. He previously helped raise money for England during WWI. The silver that was backing roughly $2 billion in certificates could then be used in coinage over a period of approximately 15 years. Similar action on silver-backed $5 and $10 bills was taken in 1961 by an executive order. HR 5389 stopped the Treasury to buy newly mined domestic silver offered to it at 90-1/2 cents per ounce. It also removed a 50% tax on profits made on buying and selling silver; the Morgans and Rothschilds could now make a fortune on September 11th 1963. Another September 11th landmark in American finance history. By 1968 silver certificates could not be redeemed for silver.
Now look at these profits for the Treasury. $1 silver certificate gets .77 ounce silver dollar. An ounce of silver traded then for $1.29. Then .77 ounce is worth .9933 cents. So the Treasury gains .2967 cents.
In 1963 there was $2 billion worth of silver certificates. They purchase them with small coins and bills. There was warning that “The bald effect of the President’s proposal to repeal the Silver Act is to permit him to sell off and use as current revenue $2 billion of precious metals….” The truth was a lot worse…
Smaller coins than a silver dollar have on .72 of an ounce of silver. The treasury profits $100 million. Then they mint smaller coins at .72 of an ounce. $1.29 of silver certificates mints $1.39 in small coins. A $ .09 cent profit per certificate. On $2 billion silver certificate they gain $180 million plus the first $100 million for $280 million. Adjusted to today’s value it would equal $1,898,512,000 by CPI or $2,178,519,736.84 dependent on percentage of GDP. It reminds me of Superman 3 when Richard Pryor was making a fortune off collecting half cents.
The last time they tried this was when silver Coinage of 1794 and 1795 employed a 0.900 fine standard instead of the Spanish dollar 0.8924+ fine standard (371.25/416= 0.89242788461) as prescribed in the Mint Act of April 2, 1792 The most immediate effect of this practice was that depositors ended up paying an additional 2.5 grams of silver bullion (about 10% extra) for every dollar they received. When this became widely known, bullion deposits brought to the mint declined significantly in 1796 and 1797. In 1963 they never caught on…
By 1965 the purchasing power of the U.S. dollar was worth only 31% of what the dollar had been worth in 1913, the year the Federal Reserve System was created and CPI data began to be collected. Since 1963 the Federal Reserve note has depreciated 678.04%. This has made the worst hidden tax on the American public. Did the Federal Reserve buy the Treasury off in 1963? Has the Bank of England won the economic battle it has been playing since the Revolutionary War.Hamilton established The First National Bank of the United States and sold our wealth off to English investors who held over 70% of the shares in the bank. So who really won the Revolutionary War…
Silver certificates continued to be issued until late 1963, when the $1 Federal Reserve Note was released into circulation by President Kennedy. He gave authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. In an act he passed he removed the ability of the president to govern the printing of silver Treasury Notes.
Because the Agricultural Adjustment Act of 1933 granted the right to issue silver certificates to the president, Kennedy issued Executive Order 11110 to delegate that authority to the Treasury Secretary during the transition. He also passed a condition for the Treasury to print $1 notes for a brief period till the new Federal Reserve $1 note could be issued. For several years, existing silver certificates could be redeemed for silver, but this practice was halted on June 24, 1968.
Many had said Kennedy was murdered because of that act. There is a misinterpretation of him trying to get rid of the Federal Reserve, when in fact he made them the de facto printer of all legal paper tender in the country. Plus he made the Treasury a fortune. $2,178,519,736.84 worth!
More on this tale and other stories about the truth of American banking and its roots in Salem, MA rea Sub Rosa by Christopher Jon Luke Dowgin. Available at Barnes & Noble, Amazon, and your local independent book seller (Buy Local). Ask for it by name an have them order it if it is sold out!!