Forum Post: Why We Need Amendment XVII, Now; #2

If Amendment XXVIII intended only to restore a lawful system of Constitutional money - with Fiat Treasury Bills replacing the interest-bearing debts known as "Federal Reserve Notes," then indeed, no Amendment would be necessary. The Constitution already provides Congress with the power to issue such notes as interest-free money. Also, the U.S. Supreme Court, in Julliard v. Greenman (110 U.S. 421, 448) in 1884 ruled that: “Congress is authorized to establish a national currency, either in coins or in paper, and to make that currency lawful money for all purposes, as regards the national government or private individuals.” {A broad interpretation of Article I, Section 8, clause 5, of the Constitution.}

An elegant solution, Amendment XXVIII, also Nationalizes the National Debt; and transforms the Treasury Department into a Treasury of Common-wealth; and fills the coffers of this new institution with several trillions of "dollars" of Credit & establishes a new specie of credit-instrument, a dollar-denominated "National Credit Receipt" to be just as serviceable as “Dollars” on the international market.

Amendment XXVIII makes a distinction between the U.S. Savings Bonds that were purchased by Ma and Pa bond investors and those U.S. Treasury Securities that were purchased by the Prime Banks at Bond Auctions held under the auspices of the Federal Open Market Committee, the Federal Reserve’s Window on Wall Street. Commercial Banks have always utilized the “multiplier” of the fractional reserve system to purchase U.S. Treasury Securities at cents on the dollar.

In recognition of this Fact - that such transactions are, and have always been, from the beginning, Fraudulent - AMENDMENT XXVIII renders the outstanding “Debt” that is “owed” to the Prime Banks of this – and every other Nation - at a mere 7% [Seven per cent] of the face value of such Fraudulent, Banker-secured paper “Debt.”

This reduction of the Debt to a Sum that is payable in Credit, on the Books of the new Sub-Treasury Central Bank-of-Issue, the “Common-Wealth Central Bank” is, in Reality, exceedingly fair and Just, in recognition of the Fraud that has been committed by the Community of International bankers, in foisting the former system upon the unsuspecting Public.

Thus, AMENDMENT XXVIII allows a large amount of Credit to be created on the books of the new Common-Wealth Central Bank - as compensation for that portion of the investment of the Banks in the National Debt, that might actually be deemed ‘legitimate.” This gives the Prime Banks some interest - but no Stock - in the new Institution.

The aggregate effect of these Reforms is to establish an Institution that benefits All Americans - and not just the small elite who were fortunate to inherit the right stock in certain Wall Street Money Market Banks.

Amendment XXVIII dissolves the Federal Reserve Bank into the Treasury Department, and subsumes the creative, credit-creation function of the Federal Reserve into the new Sub-Treasury "Common-Wealth Central Bank." Henceforth, the Treasury shall not be compelled to issue interest-bearing Treasury Securities to "back" all of the paper "dollars" that the Federal Reserve currently issues. Instead, the Treasury shall issue non-interest-bearing Treasury notes, as Abraham Lincoln and John Fitzgerald Kennedy were able, for a short time, to do.

Significantly, Amendment XXVIII also grants the fifty States the power to create credit within their own sovereign jurisdictions, to meet their crushing deficit burdens, instead of having to float endless bond issues and borrow more "money" at interest from banks and investors of the bond-holding class. The Articles of Confederation, drafted by the revolutionary Continental Congress of 1777, allowed the States this power - and it should be restored to the several States, in order for there to be a healthy society in North America.

Thus, Clause 9 reads: "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."

Sincerely,

Mark Walter Evans, Hood Mountain, California