Forum Post: Amendment XVIII,

AMENDMENT XXVIII

Money and Credit – Congress Asserts Power To Coin Money, and Emit Bills of Credit

[SECTION 1.] The Congress hereby asserts the power, granted in this Constitution, to coin money, and to regulate the value thereof. - And further, to emit non-interest-bearing bills of credit directly through the Treasury Department [on the Credit, and in the Name of the People.]

[SECTION 2.] The U.S. Congress hereby authorizes the Treasury to issue a sufficient quantity of Fiat “dollars” to purchase back the capital stock of the Federal Reserve Bank from the private owners, by eminent domain.

[SECTION 3.] The Federal Reserve Bank shall henceforth cease to exist as a private institution. All of the books, documents and records of the Federal Reserve Bank, and of the U.S. Treasury Department shall be transferred to the U.S. Congress, and the U.S. Treasury Department and the Federal Reserve Bank shall be Subjected to the most minute Public Examination. A New Institution, the “Common-Wealth Central Bank” of the United States of America, shall henceforth function as a Sub-Treasury Central Bank of issue.

[SECTION 4.] The U.S. Congress does also hereby authorize the U.S. Treasury to recall, by eminent domain, all outstanding U.S. Treasury Securities, constituting the “National Debt,” and to Convert them by Fiat, into a new species of dollar-denominated, and non-interest-bearing credit instrument, to be termed "National Credit Receipts." All U.S Securities owned by individual persons shall be redeemed, at face value, in credit, on the books of the Common-Wealth Central Bank. However; all outstanding U.S. Treasury Securities originally purchased from the Federal Open Market Committee by Banking Corporations at bond-auctions, shall be discounted to seven percent of their “value” and be accounted as balances on the Books, and by the Credit, of the Common-Wealth Central Bank of the United States of America.

[SECTION 5.] The U.S. Treasury, and the Common-Wealth Central Bank of the United States of America [as the fountainhead of Credit Creation in the nation] shall henceforth Issue as Money only non-interest-bearing, fiat Treasury Notes, and Mint Coins of pure Specie, stamped with their weight and fineness. The books, accounts and records of the Treasury shall continually be open to public scrutiny. The Congress, in order to promote the General Welfare, shall find creative – and equitable - ways to invest and spread the new National Wealth. There shall be no further issues of Treasury Securities, or Bonds.

[SECTION 6.] Each of the State Treasury departments, of each of the fifty States, are also hereby empowered, by the same creative principle [formerly given by charter to banks] to create Credit within their own jurisdictions, in the form of checks, signed by the State comptrollers, in accordance with appropriations made by the State legislatures, for the purpose of maintaining State institutions, infrastructure, and salaries.

[SECTION 7.] In accordance with the provisions of this Article, all banks and financial institutions in America shall receive new charters from the Treasury. The U.S. Treasury and the Sub-Treasury Common-Wealth Central Bank {and the State Treasuries} shall henceforth have the unique and sole power within the nation to create Credit – a function formerly granted by the government [ and thus erroneously delegated ] only to Banks. Henceforth private banks may charge interest, to service accounts.

[SECTION 8.] In Sum, this Article defines, and enhances the powers granted to Congress and the Treasury, under Article I, Section 8, Clause 5, of this Constitution. Furthermore, it amends and modifies Article II, Section 10, Clause 1, to empower State Treasuries to create [ a limited amount of ] non-inflationary Credit, in the form of check-book money in order to meet the pressing needs of the States.