Area : SNET-L
Date : Tue Dec 12, 10:28
From : Virginia McMillan 1:330/201
To : ALL
Subj : Pt 1/3: Real Gov't Shutdown: A Bill to Abolish the Federal Reserve
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
From: Virginia McMillan
Subject: Real Gov't Shutdown: A Bill to Abolish the Federal Reserve
Message-ID:
Date: Tue, 12 Dec 1995 10:28:06 -0800 (PST)
C O N S E R V A T I V E C O N S E N S U S(tm)
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I N T E L L I G E N C E ::: Editor's Desk
B R I E F I N G ::: Distribution: World
For Immediate Release
S P E C I A L R E P O R T :::
A BILL TO ABOLISH THE FEDERAL RESERVE AND END US INDEBTEDNESS
Copyright 1995 by Conservative Consensus, ISSN 1074-245X.
QUOTATION AND ELECTRONIC REDISTRIBUTION are permitted
for private, non-commercial use. V1XIX58
_________________________________________________________________
Editor's comments: Beyond abolishing the Federal Reserve, the likely
effect of The Lemke Bill, were it enacted into law, is very difficult
to determine. Conservative Consensus has contacted "disinterested"
financial experts, none of whom cared to go on record anticipating its
further results. It was not dismissed as "crank" legislation.
The Bill would appear to make the monetary system more responsive to
the public. Although drafted in the 1930s during the Great Depression,
The Lemke Bill's prescription for ending the national debt may speak
to us today, as we approach the five trillion dollar mark. Reader
comment is solicited and encuraged. Send replies to:
jinks@u.washington.edu
HERE ARE THE BILL'S MAIN FEATURES:
* Establishes a system of banking owned, controlled, and operated
by the United States
* Abolishes the Federal Reserve Board
* Replaces Federal Reserve Notes with United States Money
* Prohibits loans to foreign governments
* Reserves gold for international settlement (governmental) payments
* Loans public works funds to economically distressed states
* Maintains price stability based on monitoring commodity prices
* Retires public indebtedness
* Contributes its profits for governmental expenses
_________________________________________________________________
PROPOSED MONETARY REFORM BILL PENDING IN CONGRESS [1930s]
Introduced by William Lemke
Be in enacted by the Senate and House of
Representatives of the United States of America in Congress assembled,
That for the purpose of encouraging and promoting agriculture,
commerce, and industry, and for the purpose of financing the
Government of the United States and the various departments thereof,
and providing the people of the United States and the various States
and political subdivisions thereof, with a sound and elastic national
currency and medium of exchange, the Government of the United States
shall coin and issue money and regulate the value thereof, and for
that purpose there is hereby established a system of banking owned,
controlled, and operated by the United States, in its sovereign and
governmental capacity, under the name of the Bank of the United
States.
Sec. 2. A Board of Control is hereby created and
established to organize, conduct, and manage, in behalf of the people,
the Bank of the United States. The Board of Control shall consist of
forty-eight members who shall have the same qualifications as
Representatives in Congress, one such member to be nominated and
elected from each State in the same manner as Representatives of
Congress are nominated and elected. After the election and immediately
after the Board is organized it shall by lot divide the members into
three classes so that one-third of such members shall hold office for
a term of two years, one-third for a term of four years, and one-third
for a term of six years. Thereafter the term for which members of the
Board of Control are elected shall be for a term of six years, except
in the case of a vacancy, in which case the election shall be for the
unexpired term. The salary of the members of the Board of Control of
the Bank of the United States shall be $10,000 per annum and 10 cents
per mile for necessary traveling and subsistence expenses. Each such
member shall hold office until his successor is elected and qualified.
The members of the Board of Control shall not, during their term of
office, hold any direct or indirect financial interest in any bank,
banking, or financial institution, or be in any manner whatsoever
connected with any firm or corporation as stockholder or director or
officer.
Sec. 3. The Board of Control shall operate, manage, and
control the Bank of the United States, locate and maintain its places
of business, of which the principal place shall be within the District
of Columbia, but it may establish such branches or agencies, including
postal savings banks, within any State or Territory of the United
States as it deems convenient for the transaction of the bank's
business, and it shall make and enforce orders, rules, regulations,
and by-laws for the transaction of its and the bank's business. The
first Board of Control shall meet in the city of Washington within
sixty days after their election. They shall elect a chairman and
secretary, adopt by-laws to govern their procedure, and then shall
proceed to organize and set up the Bank ofthe United States.
Sec. 4. The Board of Control may acquire, by purchase,
lease, or by the exercise of the right of eminent domain, all
requisite property and property rights, including the twelve Federal
Reserve bank buildings with all equipment, and may construct, remodel,
and repair buildings, but it shall not invest more than is necessary
and convenient to conduct its business in furniture, fixtures, lands,
and buildings for office purposes.
Sec. 5. The Board of Control may obtain such assistance
as in its judgment may be necessary for the establishment,
maintenance, and operation of the bank. To that end it shall appoint a
manager. It may constitute such manager its general agent, in respect
tot he functions of said bank, but subject, nevertheless, in such
agency to the supervision, limitation, and control of the Board of
Control. Subject to the control and regulation of the Board of
Control, the manager of the bank shall appoint and employ such
deputies, attorneys, clerks, accountants, and other experts, agents,
and servants, as he shall in his judgment deem necessary for the best
interests of the bank. All such appointments to be made under United
States civil-service examinations and regulations. The Board of
Control shall define the duties, designate the titles, and fix the
compensation and bonds of all persons so employed. The total
compensation of such appointees and employees, together with other
expenditures for the establishment, operation, and maintenance of the
bank, shall remain within the appropriations made available by
Congress for such purposes.
Sec. 6. The Board of Control may remove and discharge
any and all persons appointed in the exercise of the powers granted by
this Act, whether appointed by the Board of Control, or by the manager
of the bank and any such removal may be made whenever, in the judment
of the Board of Control, the best public interest requires it:
Provided, however, That all appointments and removals contemplated by
this Act shall be so made as the Board of Control shall deem most fit
to promote the efficiency of the public service. Any member of the
Board of Control shall be subject to impeachment and removal by
Congress for misconduct in office.
Sec. 7. The Board of Control shall elect an executive
committee of seven, who shall have had wide and comprehensive
experience in banking and financial matters and shall otherwise have
the same qualifications as the President of the United States, none of
whom shall be members of the Board, and no two of whom shall be from
the same State; they shall hold their office at the will of the Board
of Control and shall receive a salary of $12,000 per annum and 10
cents per mile for necessary traveling expenses while on official
business. The Secretary of the Treasury and the Comptroller of the
Currency shall be ex offico members, with full powers, of the
executive committee. Subject to the direction and authority of the
Board of Control, the executive committee shall supervise the
management and operation of the bank.
Sec. 8. The business of the Bank of the United States,
in addition to other matters herein specified, may include anything
that any bank may lawfully do, subject to the limitations herein
contained; but this provision shall not be held in any matter to limit
or qualify either the powers of the Board of Control herein granted or
the function of said bank herein defined.
Sec. 9. When the Bank of the United States is organized
and is ready to proceed to the transaction of business the Board of
Control shall so notify the Comptroller of the Currency, and thereupon
it shall become his duty, under the supervision of the Secretary of
the Treasury, to ause to be engraved, printed, delivered, and
furnished to the manager of the bank notes for circulation in the sum
of $5,000,000,000, or such additional sums as may be necessary to
carry out the purposes of this Act. These notes shall have engraved
and printed upon their face the words, "United States Money." Such
notes shall be secured by the full faith and credit of all the
resources of the United States, including all of the gold and silver
now or hereafter owned by the Government of the United States. The
notes so issued shall become the capital and the revolving fund of the
bank.
Sec. 10. All funds belonging to the Government of the
United States or to any department thereof, except gold coin, gold
bullion, and silver bullion now held in the Treasury of the United
States, and postal savings funds, shall be, by the person having
control of such funds, deposited in the Bank of the United States
within three months from the enactment of this Act, subject to
disbursement for public purposes on checks, drafts, or vouchers drawn
by the proper officials in the manner as now, or hereafter, may be
provided by law: Provided, however, That on a proper showing made by
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Area : SNET-L
Date : Tue Dec 12, 10:28
From : snet-l 1:330/201
To : ALL
Subj : Pt 2/3: Real Gov't Shutdown: A Bill to Abolish the Federal Reserve
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
any official having control of any such funds, the Board of Control
may permit a postponement of the deposit of such funds or any part
thereof in the Bank of the United States, the period of such
postponement not to exceed six months: Provided further, That if any
such funds are at the time of the enactment of this Act loaned by
Authority of law under a contract terminating at a future time, then
the depositing of such funds in the Bank of the United States shall be
the sole depository and the sole fiscal agent of the Government of the
United States and all the departments and agencies of the Government.
Sec. 11. When any of the funds hereinbefore designated
shall be deposited in the Bank of the United States, as hereinbefore
provided, the official having control thereof, and the sureties on the
bond of every such official, shall be exempt from all further
liability.
Sec. 12. The Bank of the United States shall receive
deposits from any State or Territory of the United States, or any
political subdivision thereof and shall receive deposits from any
State or national bank, savings bank, or trust company within the
United States or any Territory thereof or from any citizen or resident
of the United States. Such funds may be deposited in any branch or
agency of the Bank of the United States or in any State or Federal
bank approved under uniform rules and regulations by the Board of
Control. All deposits in the Bank of the United States or in any
agency thereof or in approved banks, savings banks, or trust companies
shall be fully guaranteed by the Government of the United States. The
Bank of the United States hall be the sole depository of all surplus
funds and excess reserves of all national banks and banking
institutions under the jurisdiction of the United States.
Sec. 13. All checks and other instruments and items of
exchange payable on demand sent by the Bank of the United States to
any national bank within the United States or any Territory thereof
for collection shall be by such bank or banking association remitted
for at par to the Bank of the United States.
Sec. 14. The Bank of the United States may deposit
funds in any State or National bank or banking association within the
United States or any Territory thereof upon such terms and conditions
as the Board of Control under uniform rates, rules, and regulations
shall determine, such deposits to be amply secured by approved bonds
or certificates of indebtedness of any State or Territory, or
political subdivision thereof.
Sec. 15. The Bank of the United States may transfer any
available funds to the credit of the Treasurer of the United States
for the general fund: Provided, That the return of such funds is
evidenced or secured and assured by the depositing with the bank of
bonds or certificates of indebtedness of the United States in an
amount equal to the amount of the funds so transferred. The Bank of
the United States may make loans to any State or Territory of the
United States, or to any political subdivision thereof for public
improvements, or to any State or National bank, savings bank, or trust
company within the United States or any Territory thereof, provided
such loans are amply secured by approved bonds of any State,
Territory, or political subdivision thereof and other acceptable
paper: Provided, That the bonded indebtedness, including outstanding
certificates or warrants of indebtedness of any such State, Territory,
or political subdivision thereof is not n excess of 30 per centum of
the assessed valuation of the taxable property of any such State,
Territory, or political subdivision. Provided further, That the Bank
of the United States shall make no deposits in, or loans to, any
State, National or Federal Bank, unless such bank keeps at all times a
cash reserve equal to at least twenty percent (20%) of its deposits
and other obligations, of which reserve at least one-half shall be
carried in the Bank of the United States and the balance in the bank's
own vaults. Loans to States, Territories, or political subdivisions
thereof shall be given preference whenever and wherever there is
unemployment, or where the wage scale for common labor shall fall
below a living annual wage as measured by a thirty-hour week at one
dollar per hour. The Bank of the United States shall also make loans
to the Farm Credit Administration secured by farm-loan bonds issued
for the purpose of making farm loans or refinancing and scaling down
existing farm debts, and to the Home Owners' Loan Corporation secured
by home-loan bonds issued for the purpose of making home loans or
refinancing and scaling down existing home mortgages.
Sec. 16. The Board of Control shall from time to time
fix the rate of interest to be paid on such transfers, loans, and
outstanding deposits, not to exceed 1 per centum per annum. Such
transfers and loans shall be made for a period not to exceed thirty
years, and shall be made upon such terms and under such rules and
regulations as the Board of Control may determine. The Bank shall not
make loans and shall not give its credit to any individual,
association, or private corporation except as herein provided. The
Bank of the United States shall not deal in foreign exchange or in
foreign money or securities, nor shall it make any loans to foreign
governments, banks, or corporations.
Sec. 17. The ank of the United States shall from time
to time call for payment the outstanding bonds and certificates of
indebtedness of the United States, calling first for payment those
which bear the higher rate of interest. It shall pay said bonds and
certificates of indebtedness at not more than their face value plus
accrued interest, from out of its capital and revolving fund, and from
any other available funds in its possession and under its control. The
said bonds and certificates of indebtedness, so called for payment by
the Bank of the United States, shall remain in the possession and
custody of the Bank except as hereinafter provided.
Sec. 18. Whenever the Bank of the United States
requires additional funds for the purpose of calling in and taking up
bonds or certificates of indebtedness of the United States, or for the
purpose of transferring funds to the credit of the Treasurer of the
United States for the general fund, or for the purpose of making loans
as hereinbefore provided, then it may acquire additional "United
States Money" by delivering to the Treasurer of the United States
retired bonds or certificates of indebtedness of the United States or
bonds of any State or Territory, or any political subdivision thereof,
whereupon it shall become the duty of the Comptroller of the Currency,
under the supervision of the Secretary of the Treasury, to cause to be
engraved and printed and furnished to the manager of the bank
additional "United States Money" to an amount equal to the amount of
the bonds or certificates of indebtedness so deposited with the
Treasurer of the United States. The aim and purpose of this Act is to
get the Government and its citizens, the States and Territories and
the various subdivisions thereof out of debt and on a cash basis, by
providing a currency, a medium of exchange, whose purchasing power is
more or less constant and free from iolent fluctuation and
manipulation.
Sec. 19. The Bank of the United States shall control
and regulate the money and credit of the Nation and shall at all times
provide the public with an elastic national currency and a sufficient
national medium of exchange to do the Nation's business. For banks,
savings banks, and trust companies and other financial institutions
that make the Bank of the United States a reserve depository it may
perform the functions and render the services of a clearing house,
including all facilities for providing domestic and foreign exchange,
and may rediscount paper, on such terms as the members of the Board of
Control shall provide.
Sec. 20. The executive committee of the Bank of the
United States shall regulate the value of the money of the United
States and shall stabilize the same. it shall ascertain and determine
the average value or buying power of the dollar over a period
beginning with January 1, 1915, and ending with January 1, 1925, by an
analysis of the wholesale market prices in the principal markets in
the United States of not less than five hundred nor more than one
thousand staple commercial commodities, which average value and price
shall be declared to be the general normal price level of such
commodities and to be the value or buying power of the dollar. The
executive committee shall make, keep, and publish daily a record of
the variations or fluctuations in the general average price level of
such commodities. When such records indicate a rise in the general
price level of such commodities in excess of 5 per centum of the
general normal price level it shall be the duty of the executive
committee to inform the Board of Control and manager of the Bank of
the United States, who shall forthwith proceed to restore the general
normal price level by retiring from circulation a volume of currency
suficient to effectuate this result. If, however, such records
indicate a decline in the general normal price level in excess of 5
per centum, then it shall be the duty of the Board of Control and
manager of the bank to forthwith increase the volume of circulating
currency by open-market operations or by loans for public works
sufficient to arrest the decline and restore the general normal price
level, at which point the value and buying power of the United States
dollar shall be stabilized and maintained as near as possible.
Sec. 21. The Federal Reserve Board is hereby abolished,
and all of its powers and duties are hereby transferred to the Board
of Control of the Bank of the United States. No more Federal Reserve
notes, Federal Reserve bank notes or National bank notes shall be
issued after the enactment of this Act. All Federal Reserve notes,
Federal Reserve bank notes and National bank notes shall be called in
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Area : SNET-L
Date : Tue Dec 12, 10:28
From : snet-l 1:330/201
To : ALL
Subj : Pt 3/3: Real Gov't Shutdown: A Bill to Abolish the Federal Reserve
ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ
and retired, and in exchange for same, the Bank of the United States
shall give "United States Money" upon the same security that the
Federal Reserve notes, Federal Reserve bank notes or the National bank
notes were issued. The bank receiving such "United States Money" in
exchange for its Federal Reserve notes, Federal Reserve bank notes or
National bank notes shall pay interest on the same at a rate not to
exceed 1 per centum per annum.
Sec. 22. After the establishment of the Bank of the
United States no more paper currency shall be issued except "United
States Money." All gold and silver certificates, and Treasury notes of
1890 shall be called in and retired. In exchange for such certificates
and notes the bank shall give "United States Money" in like amounts
and like denominations. Whenever such certificates or notes come into
the possession of the bank or the Treasury of the United States or any
Department of Government, they shall be retired and in there place
there shall be issued "United States Money" in like amount and in like
denominations. After ten years from the establishment of the Bank of
the United States, Federal Reserve notes, Federal Reserve bank notes,
National bank notes, gold and silver certificates, and Treasury notes
of 1890 shall be conclusively presumed to have been retired or
destroyed and after that date no such notes or certificates shall be
legal tender for either public or private debts. Nothing in this
Section shall be held to cancel or retire United States notes, the
Lincoln greenbacks. This patriotic money shall continue in circulation
as provided by law.
Sec. 23. Whenever te Bank of the United States shall
come into possession of, and become the owner of, any gold coin or
gold bullion, it shall set the same aside and from time to time
deliver the same to the Treasurer of the United States in exchange for
an equal amount of any lawful money of the United States. Such gold
shall be for the use of the Government of the United States in
international dealings. The net earnings of the bank shall annually be
appropriated by Congress for governmental expenditures.
Sec. 24. All business of the bank shall be conducted
under the name and style of the Bank of the United States. The title
to property pertaining to operation of the bank shall be obtained and
conveyed under the name of the Bank of the United States, and all
written instruments shall be executed under the name of the Bank of
the United States and signed by the manager and chairman of the Board
of Control, or by the manager of the bank within the scope of his
authority so to do, as defined by the Board of Control.
Sec. 25. Congress, by resolution, shall name competent
accountants to audit the Bank of the United States at least once
annually. Such accountants shall among other things inspect and verify
the assets in the bank's possession and under its control, and
ascertain whether the valuations are correctly carried on its books.
They shall investigate the bank's methods of operating and accounting.
They shall report the results of each such examination and
investigation to the President of the United States and to the Board
of Control as soon as practicable, and to both Houses of Congress at
its ensuing session.
Sec. 26. Any person violating any provisions of this
Act shall be punished by a fine not exceeding $50,000 or by
imprisonment not exceeding twenty-five years, or both.
Sec. 27. There is hereby authorized to be apprpriated,
out of any money in the United States Treasury not otherwise
appropriated, the sum of $500,000, or so much thereof as may be
necessary, for the use of the board of control of the Bank of the
United States to carry out the provisions of this Act.
Sec. 28. All Acts or parts of Acts inconsistent with
the provisions of this Act are hereby repealed.
###
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