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President Kennedy's Executive Order (E.O.) 11110 modified the pre-existing Executive Order 10289 issued by U.S. President Harry S. Truman in 1951,[1] and stated the following[2]:[edit]Purpose
"The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President..."
The order then lists tasks (a) through (h) which the Secretary can now do without bothering the President. None of the powers assigned to the Treasury in E.O. 10289 relate to money or to monetary policy. Kennedy's E.O. 11110 then instructs that:
SECTION 1. Executive Order No. 10289 of September 9, 1951, as amended, is hereby further amended (a) By adding at the end of paragraph 1 thereof the following subparagraph (j):
'(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of an outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,' and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.
SECTION 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.
John F. Kennedy, THE WHITE HOUSE, June 4, 1963.
[edit]Revocation
E.O. 11110 was never reversed by President
Lyndon B. Johnson and remained on the books until President
Ronald Reagan issued
Executive Order 12608 on September 9, 1987 as part of a general clean-up of executive orders. E.O. 12608 specifically revoked the sections added by E.O. 11110 which effectively revoked the entire Order. By this time, however, the remaining legislative authority behind E.O. 11110 had been repealed by Congress when
Pub.L. 97-258 was passed in 1982.
In March 1964, Secretary of the Treasury
C. Douglas Dillon halted redemption of
silver certificates for silver dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. All redemption in silver ceased on June 24, 1968.
[edit]Conspiracy theory
In 2000, Edward Flaherty, a professor of economics at the
College of Charleston in South Carolina, wrote an essay entitled
Debunking the Federal Reserve Conspiracy Theories,
[4] based on findings in the
Congressional Research Service's report for Congress,
Money and the Federal Reserve System: Myth and Reality,
[5]which concluded that this conspiracy theory and related claims about the executive order, the Federal Reserve and the financial system are demonstrably false.
[further explanation needed]
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