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MONEY REFORM ACT
To amend the Federal Reserve Act to secure for the American people the right to life, liberty and property and to provide for them a constitutionally accurate, sound, safe and honest medium of exchange. That their endeavors in agriculture, industry and commerce may prosper. Be it enacted by the Senate and House of Representatives of the United States of America in Congress ensemble.
SECTION 1
This act may be cited as the MONEY REFORM ACT.
SECTION 2
The Congress finds that:
1) The creating of a huge national debt and the causing of bankruptcies and foreclosures is unnecessary, cruel, and inhumane.
2) This nation's great indebtedness was caused by Congress when they stopped coining the people's gold and silver bullion and enacted national laws which enabled the banking system to profitably create and issue money into circulation as interest bearing loans.
3) The creation and the establishment of the present Federal Reserve money system changed this nation from a wealth-commodity monetary system into a debt-credit monetary system.
4) The American people have incurred interest bearing debt as the only means by which they may obtain money or conducting their business.
5) Complete control of the money supply equals complete control. The Federal Reserve possesses complete control of this nation's economy. They cause price inflation by creating money/credit in the form of interest bearing loans and they cause recessions, declining production and rising unemployment, by reducing the number of loans they allow to be issued.
6) The Bureau of Engraving and Printing, prints the currency bills and sells them to the Federal Reserve at no profit to the government, where upon the banking system issues them into circulation as interest bearing loans back to the government, to businesses and to the public in general.
7) The American people have been deceived and defrauded by the Federal Reserve money system. This system compels them to perform labor, the fruit of which is taken from them through interest and taxation as an excuse for retiring the debt. A debt that would not even exist if Congress has not passed laws that debauched our currency and eliminated our constitutional wealth-commodity based system.
8) The income tax is contrary to the spirit and intent of the original United States Constitution and Bill of Rights and is only necessary to support and maintain public confidence in the Federal Reserve money system. Sufficient capital for the legitimate function of government can easily be collected through impost, duties and excises with an emphasis on foreign imports. A minimal head tax could also be levied in proportion to the census as further provided for in the Constitution.
9) The American people have been forced into a peonage position prohibited by the 13th Amendment. They are being forced against their will to ever increasing and unpayable debt, thus placing them in involuntary servitude to the Federal Reserve banking system.
10) The mathematics of such a system of money creation clearly demonstrates that the debt must constantly increase, because with each loan only the principle is created. Money needed to pay the interest is never created, therefore the money supply is increased only by the amount of the principle, while the indebtedness is increased by the principle, plus the interest.
11) This nation is having over a million bankruptcies a year and this number is steadily rising. The monetary system is collapsing and it is clear that Congress has acted irresponsibly.
12) The reform of the monetary system as outlined in this act is necessary to ensure the American people the right to life, liberty and property and to provide for them a constitutionally accurate, sound, safe and honest medium of exchange. That their endeavors in agriculture, industry and commerce may prosper.
SECTION 3
A) Debt-Credit Money: Money that is originally created as an interest bearing debt by monetizing securities, all Federal Reserve Notes and checkbook credit money
B) Wealth-Commodity Money: A medium of exchange having intrinsic value due to its usefulness for other purposes, in effect, substance, one commodity in exchange for another. The kind of money system established by the United States Constitution.
C) Fractional Banking: The process of creating money through commercial lending institutions based on bank reserves through the monetization of securities.
SECTION 4
The Federal Reserve Board and the Open Market Committee are hereby abolished.
SECTION 5
This act does not change the clearing house function of the present banking system, however upon enactment, Federal Reserve Notes, National Bank Notes and/or State Bank Notes shall not be printed or issued as a medium of exchange. Federal Reserve Notes at the time of the passage of this act shall be permitted to remain in circulation for a transition period of 6 months, during which time they shall be exchanged of United States Treasury Bills. After this transition period they shall not be used as legal tender for any debt public or private. All fractional reserve banking practices are hereby declared unlawful and shall be forever prohibited. No bank shall create any money or medium of exchange, in any form, whatsoever. All banks shall be required to hold in their vaults at all times, the full amount of any deposit in either bill or coin form. All banks shall be free to act as brokers between savers and borrowers.
SECTION 6 < Evidences of indebtedness delivered to the United States Treasury>
All securities, notes, bonds or other evidences of the indebtedness of the United States now held by the Federal Reserve banking system and regardless of the type or issue shall be delivered to the United States Treasury, where upon appropriate action shall be taken to cancel them out of existence.
SECTION 7
All government securities, notes, bonds and other evidences of indebtedness held by natural born individuals, their heirs or assignees, who are not members of families holding stock in the Federal Reserve system, shall be honored and paid out of the United States Treasury.
SECTION 8
All foreign held securities, notes, bonds and all other obligations owed by or to the United States shall be cancelled, collected or paid in a manner most likely to promote peace, safety and good will for the people of the States United.
SECTION 9
Having completed Section 6, 7 and 8 of this act, an account shall be taken of the total remaining debt both public and private, for the purpose of fulfilling the provisions outlined in Section 17 of this act.
SECTION 10
Within 3 years after this enactment there shall have been completed an audit of all financial organizations that have practiced fractional banking at any time prior to 7 years after this enactment. An excess profits tax shall then be levied equal to the amount of excess profit received during the afore set time period and afterward it shall continue in effect until the outstanding debt referred to in Section 9 is paid. Excess profits shall be defined as any amount over and above the average national per capita income. Excess profits tax shall be payable over a 7 year period, following the audit, in gold or silver bullion at the opening spot market price the day payment is due. Excess profits tax shall be payable to the United States Treasury in order that these commodity holdings should be replenished.
SECTION 11
The gold and silver holdings of the United States Treasury shall hereby remain frozen until the point and time outlined in Section 17 is reached.
SECTION 12
The Internal Revenue Service and the income tax are hereby abolished. All taxes shall be levied in accordance with the Constitution of the United States and Bill of Rights.
SECTION 13
The United States Treasury shall be under the control of the Congress and shall be administered by the member of the President's cabinet known as the Secretary of the Treasury.
SECTION 14
The government of the States United through the United States Treasury shall coin, print and issue a medium of exchange to the people for their use until a true commodity money is established. The coins and bills shall have engraved and printed upon their face, the words: United States Treasury. Said coins and bills shall be legal tender at their face value for all public and private debts, and shall be issued for and secured by, labor and materials, used in the construction of public roads and bridges, together the coins and/or bills shall be denominated by 1 cent to $100,000.
SECTION 15
Each city, township, county and state through their elected officials and in coordination with each other shall decide what roads need to be constructed, maintained and repaired as is now done. The unit of government making a request for funds shall prepare a detailed written description of the planned project or projects. A copy of that document along with a formal written request that needed funds shall be sent to the United States Treasury. The Treasury shall then coin or print said money and issue it directly to the unit of government which requested it.
SECTION 16
The cities, townships, counties or states would then spend interim money into circulation to pay for the construction, maintenance and repair of their roads and bridges.
SECTION 17
When the amount of interim money issued equals the amount predetermined under Section 9, the ratio between the gold and silver holdings of the United States Treasury shall then be determined and divided accordingly to corresponding amount of interim money. All interim money shall then be redeemable for the determined amount of gold and silver held by the United States Treasury, bills of exchange may be accepted at the option of the person redeeming the United States Treasury bills or coins.
SECTION 18
After the terms of Section 17 have been met, Congress shall define, by law, a dollar as being a unit of measure, containing a certain amount of weight and purity, irrespective of the substance it consists of.
SECTION 19
Any person violating any provision of this act shall be deemed guilty of a felony and shall make restitution. Any violation of this act which results in the debasement of currency may be punishable by death.
SECTION 20
All acts or parts of acts inconsistent with the provisions of this act are hereby repealed.
SECTION 21
Public hearings shall be held throughout the states in each congressional district to allow the people to interact and work with their representatives on the particulars of implementing the provisions of this act.
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