Time: Wed Dec 03 10:50:34 1997
To:
From: Paul Andrew Mitchell [address in tool bar]
Subject: SLF: No more bailouts: My program for economic recovery.
Cc:
Bcc: sls, liberty lists, friends
References: <3.0.3.16.19971202134356.31ff3292@pop.primenet.com>
My answer, in part, to the objections raised here
is this:
1. gold bullion has been stolen by the families
of the Federal Reserve Banks; it remains
scarce and expensive to mine; and it might also
require direct military action to recover;
2. silver, on the other hand, has not been stolen
by the families of the Federal Reserve Banks,
and is plentiful in raw deposits concentrated
in places like Nevada; Congress should issue
contracts, via the U.S. Mint, to begin bulk
purchases/mining of these raw silver deposits;
3. the guidance of monetary experts like Edwin J. Vieira
will be valuable during this transition, e.g.,
to monetize all silver and gold coins, regardless
of the issuing country, via regulations published
in the Federal Register;
4. recalling FRN's is as much a symbolic gesture,
as anything else; I feel it would be more appropriate
to legislate whatever changes are necessary to
redeem U.S. Notes, but to remove FRN's from circulation,
due to the fraudulent nature of the FRB; FRB never
redeemed FRN's anyway, even when they were redeemable!
5. the creation of FRN's is directly tied to increases
in the federal debt ceiling; there is no such
connection between U.S. Notes and the debt ceiling,
to my knowledge; FRN's would be credited to the FRB,
to offset the debt, but they would not be convertible
by the FRB; they would be burned by the U.S. Mint;
6. we are contemplating a transition period of 3 years,
maximum, in order to coordinate all necessary changes;
7. the objective, of course, is to restore a constitutional
money system, which anticipates that all paper money
will be at least fiduciary, and all coins will be
gold or silver (no clad or debased currencies, period);
8. the biggest problem we must solve is the inevitable
upward pressure on economic prices, as soon as
withholding is stopped on the compensation of
all federal employees; the silver bonds are an
elastic mechanism to keep prices down, during the
transition. Nobody else has a feasible solution to
this particular problem;
9. to help stabilize this transition, I would also
issue legislation expressly prohibiting all banks from
honoring any IRS Notices of Levy without a court-ordered
Warrant of Distraint, pursuant to U.S. v. O'Dell and
to the Fifth Amendment guarantee of due process of law;
a one million dollar fine would be imposed on each bank
violation of this prohibition;
10. Title 28 would be amended to prohibit judges from
presiding on any federal cases, immediately, until and
unless their W-4's were formally rescinded, pursuant to
Article III, Section 1; this rescission would
be mandatory, not voluntary, and criminal penalties
would attach to their failure to do so.
See "Return to Constitutional Money" in the Supreme Law Library,
for essential historical background on these problems.
Thank you.
/s/ Paul Mitchell,
Candidate for Congress
http://supremelaw.com
At 09:26 AM 12/3/97 -0700, you wrote:
>On Tue, 2 Dec 1997, Paul Andrew Mitchell wrote:
>
>> Dear Doug,
>
>> Here is my program:
>[snip]
>> #3: anticipate increased upward pressure on prices,
>> by issuing silver bonds from the United States Treasury,
>> in 1-, 2-, and 3-year maturities @ above-market
>> rates; encourage public agencies to buy these bonds;
>> authorize U.S. Mint to begin bulk silver purchases,
>> and accelerated minting of solid silver coins;
>
>> #4: recall all Federal Reserve Notes ("FRN's") within 3 years,
>> and issue regulations for all FDIC-insured banks to comply
>> over-the-counter, at teller windows (target: 1/1/2001);
>
>> #5: begin printing U.S. Notes in sufficient quantities,
>> to replace all FRN's, one-for-one, using "bearer bond"
>> rules, i.e., no I.D. or Cash Transaction Reports required;
>> U.S. Notes will be an interim measure, to be replaced
>> after 3 years by silver and gold certificates;
>
>Since in #5 you call for par redemption of FRNs, how can you
>possibly expect to restore the lawful 371.25 grains of silver
>per Dollar standard? Why not redeem FRNs and other national
>debt instruments in gold at whatever price necessary (currently
>that would be about $24,000/oz) and use lawful Dollars (silver)
>for nondebt money, with the exchange rate between the two
>monetary systems being determined continuously at market?
>It was a serious mistake that Congress had "dollar" values
>stamped on gold coins in the Coinage Act of 1792. Gold coins
>should have been left as 'Eagles', 'Half-Eagles', etc.
>Bimetallism only works if the exchange rate between the metals
>is left to float at market rather than being set by decree.
>
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