Executive Order 11110
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Executive Order 11110 was issued by President John F. Kennedy on June 4, 1963.
This executive order allows the U.S. Secretary of the Treasury to issue $4.29 billion in silver certificates ($2 and $5 Notes) against silver bullion based on authority delegated by the President to the Secretary under the Thomas Amendment to the Agricultural Adjustment Act.
[edit] Purpose
Silver certificates were printed without interest. The Order was for the Treasury to issue silver certificates against all silver held by the government which did not already have certificates against it. The Order was needed due to the passage of Public Law 88-36 which repealed the Silver Purchase Act and other related monetary measures. One result was that after the repeals, only the President could issue new silver certificates.[citation needed]
The Federal Reserve System could replace the certificates, but only in larger denominations. The thrust of the Order returned the authority to issue new silver certificates (and specify denominations) back to the U.S. Treasury.
This executive order allowed for the Federal Reserve System to distribute and exchange currency at lower denominations that met the growing economic need. The authoritative basis for the Order was substantially nullified in 1982 with the passage of Public Law 97-258.
The Order was never directly reversed, but in 1987, Executive Order 12608 revoked the section that added by Executive Order 11110[1], essentially nullifying it.
[edit] References
- ^ Woolley, John T; Gerhard Peters. "Ronald Reagen: Executive Order 12608". The American Presidency Project. University of California. http://www.presidency.ucsb.edu/ws/index.php?pid=34773. Retrieved on 2009-06-30.
[edit] See also
- Bimetallism -- using more than one metal in a reserve banking system
- Silver standard -- as opposed to a strict gold standard
- United States Note
- Kennedy assassination conspiracy theories
[edit] External links
