A PLAN FOR ELIMINATING THE FED Parts 3-12
Chester Lee McWhorter Sr.
(NUMBER 2, 3, 4, & 5 OF MY ISSUE)
(PLEASE FORWARD TO ALL)
2. Freeze the present supply of Federal Reserve Notes, except for what will be needed in Step number Six.
3. Define the "real" dollar in terms of precious-metal content, preferably what it was in the past: 377.25 grains of silver. It could be another weight of silver or even another metal, but the old silver dollar is a proven winner.
4. Establish gold as an auxiliary monetary reserve which can be substituted for silver, not at a fixed-price ratio, but at whatever ratio is set by the free market. Fixed ratios always become unfair over time as the prices of gold and silver drift relative to each other. Although gold may substituted for silver at this ratio, it is only silver that is thefoundation for the dollar.
5. Restore free coinage at the U. S. Mint and issue silver "dollars as well as gold "pieces". Both dollars and pieces will be defined by metal content, but only coins with silver content can be called dollars,
half-dollars, quarter-dollars, or tenth-dollars (dimes). At first, these coins will be derived only from metal brought into the Mint by private parties. They must not be drawn from the Treasury's supply which is reserved for use in step number 6.
From page 574 & 575 of the manual of "The Creature from Jekyll Island" BY G. Edward Griffin and in my opinion every citizen of the US should study it. Every one of the liberal monkeys are following it step by step, but only the sections that can be modified to suit their agenda. It is not intended to be their guide, but they certainly do use it. --- Chet.
6. Pay off the national debt with Federal Reserve Notes created for that purpose. Creating money without backing is forbidden by the Constitution; however, when no one is forced by law to accept Federal Reserve Notes as legal tender, they will no longer be the official money ofthe United States. They will be merely a kind of government script which no one is required to accept. Their utility will be determined by their usefulness in payment of taxes and by the public's anticipation of having them exchanged for real money at a later date. The creation of Federal Reserve Notes, with the understanding that they are not the official money of the United States, would therefore no be a violation of the Constitution. In any event, the deed is already done. The decision to redeem government bonds with Federal Reserve Notes is not ours. Congress decided that long ago, and the course was set at that instant those bonds were issued. We are merely playing out the hand. The money will be created for that purpose. Our only choice is when: now or later. If we allow the bonds to stand, the national debt will be repudiated by inflation. The value of the original dollars will gradually be reduced to zero while only the interest remains. Everyone's purchasing power will the destroyed, and the nation will die. But if we want not to repudiate the national debt and decide to pay it off now, we will be released from the burden of interest payment and, at the same time prepare for a sound monetary system.
7. Pledge the government's hoard of gold and silver (except the military stockpile) to be used for all the Federal Reserve Notes in circulation. The denationalization of these assets is long overdue. At
various times in recent history, it was illegal for Americans to own gold, and their private holdings were confiscated. The amount which taken should be returned to the private sector as a matter of principle. The rest of the gold supply also belongs to the people, because they paid for it through taxes and inflation. The government has no use for gold or silver except tosupport the money supply. The time has come to give it back to the people and use it for that purpose.
8. Determine the weight of all the gold and silver owned by the U. S. Government and then calculate the total value of that supply in terms of real (silver) dollars
9. Determine the number of all the Federal Reserve Notes in circulation and then calculate the real-dollar value of each one by dividing the value of the precious metals by the number of Notes.
10. Retire all Federal Reserve Notes from circulation by offering to exchange them for dollars at the calculated ratio. There will be enough gold or silver to redeem every Federal Reserve Note in circulation. Note #
11. Convert all contracts based on Federal Reserve Notes to dollars using the same exchange ratio. That includes the contracts called mortgages and government bonds. In that way, monetary values expressed within debt obligations will be converted on the same basis and at the same time as
12. Issue Silver Certificates. As the Treasury redeems Federal Reserve Notes for dollars, recipients will have the option of taking coins or Treasury Certificates which are 100% backed. These Certificates will become the new paper currency.
13. Abolish the Federal Reserve System. It would be possible to allow the System to continue as a check clearing-house so long as it did not function as a central bank. A check clearing-house will be needed, and the
banks that presently own the Fed should be allowed to continue performing that service. However, they must no longer receive tax subsidies to operate, and competition must be allowed. However, the Federal Reserve System , as presently chartered by Congress, must be abolished. Note 2.
Note # 1. Since the value of FRNs would be firmly established in terms of real dollars, there would be no compelling reason to exchange them, and it is possible that people would continue to use them in daily commerce.
Therefore, to retire the FRNs and make the transition as quickly aspossible, it would be necessary to have the banks automatically exchange them for real dollars whenever they are deposited. In short order, they would become collectors' items and historical curiosities.
Note # 2. It must be enforced, that no bank will be "to big to fail". There will be no bailout payments made to any financial entity, from any citizen provided source of funds. There will be no one assigned as the Sec.
Of the Treasury who is, or has ever been a member of the CFR or its elements. There shall not be a Treasurer who is or has ever been a member of the CFR or any of its elements. Neither of the personnel assigned either of the above jobs shall not have any citizenship other than the USA. (Note 2 is added by Chester L. McWhorter Sr)
This document is taken from "the Creature From Jekyll Island", pages 575 and 576. Mr. G. Edward Griffin is the author except for note # 2 above.
Oct. 19, 2010