Given that the dollar is projected to fall off the cliff in the near future, it is no surprise that the push for sound money is gaining more and more followers, and the idea of owning gold or silver is becoming popular. Critics scoff at the idea of sound money as a dangerous fantasy that could severely damage our economy (as if our economy wasn't damaged enough already).
However, the push for sound money has a fairly recent history. On June 4th, 1963, President Kennedy signed Executive Order 11110. In short, it was an order for the Treasury to issue certificates backed by silver bullion, as well as to mint silver dollars that would be considered money. These silver certificates took the form of dollars for the most part, and the notes would say that whatever the denomination on the bill was, it would be repaid in silver "to the bearer on demand." Simply put: if you had $1, it was worth $1 in silver.
Unfortunately, the executive order didn't stand the test of time. That November, President Kennedy was assassinated in Dallas, sparking conspiracy theories that the Federal Reserve had a hand in his death, though this hasn't been proven. In 1964, Treasury Secretary C. Douglas Dillon halted the swap of silver certificates for silver dollars, and on June 24, 1968, barely five years since the executive order was announced, swapping dollars for silver coins ended, and America went right back to the exclusive Federal Reserve system. Originally published at www.silverunderground.com.
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Imagine the saving people would do if their money didn't lose value over time. I could take $1000 and put it in the bank, earning some modest interest rate (or no interest rate), and 5 or 10 years from now I could pull it out and it would still have the same purchasing power. It would be amazing for the lower and middle income people in this country. I'm always amazed at the zealous defense of our fiat system by the very people this system is crushing.
I like the JFK reference. I was not aware of this. Thanks.
In Liberty
Maybe perhaps if the Government had continued JFK`s E.O.11110, the country wouldn`t be in the financial mess it finds itself in today.
Yes, there are many conspiracy theories surrounding his death. Up until now, they are nothing but theories. The death of JFK is complicated as initially thought. So many characters involved, so many angles to be uncovered. -BrandStar Entertainment
On November 28, 1961, President Kennedy halted sales of silver by the Treasury Department. Increasing demand of silver as an industrial metal had led to an increase in the market price of silver above the United States government's fixed price. This led to a decline in the government's excess silver reserves by over 80% during 1961. President Kennedy also called upon Congress to phase out silver certificates in favor of Federal Reserve notes. loan installment