To the House of Representatives and the Senate

Congressional action since circa mid-2009...

Mr. Farr has consulted on the language of this bill, and enlisted the advice of the House Office of Legislative Counsel, twice, and Ms. Bachmann and Mr. Cleaver have requested consultation on the bill from The Heritage Foundation and the Congressional Research Service respectively, from myself, and from their colleagues, on

A Bill

of proposed Law of the United States, To clarify the fact that it is Constitutionally required that all new US legal tender coming into existence that increases the supply of US money do so in possession of the Treasury of the United States. I suggest this Act:

Be it enacted by the Senate and House of Representatives of the United States in Congress assembled;

Sec. 1. Short title

SEC. 2. We find that

1. the Sovereign people of the United States, via their Sovereign Act of Constitution, empowered the Congress to coin money on their behalf, while explicitly excluding the States from that sovereign privilege, which thus clearly shows the People's Sovereign intent that no person but this Congress have that power;
2. the "elastic currency" called for in the full title of the Federal Reserve Act of 1913 could only have been intended to mean bank liquidity, and not the creation of capital funds or increases in the supply of capital funds of United States legal tender, since there was a metallic backing rate to the money in 1913, whereby the Congress had control of the money supply by controlling the backing rate against a finite and stable supply of gold;
3. We have never explicitly delegated the power to coin money to Federal reaserve banks, or any other person;
4. by an accident of history, and the transition to fiat money, it is now possible for Federal reserve banks to create money out of nothing, with no authorization for that anciently sovereign priviledge;
5. practices analagous to so-called "quantitative easing" as engaged in recently by banks under the purview of the Board of Governors of the Federal Reserve System have a long history of utterly disastrous consequences, and such practices are at best a pernicious tax levied on the People by, in this case, private banks, in the form of inflation for the People reflecting pure unearned profit for certain banks;
6. at any scale, allowing private entities to print themselves money is a vast and absolute social injustice;
7. in view of the above, particular money belongs to who ever it belongs to, but the national currency, and especially increases in the supply of money of the United States, belong to the Sovereign People of the United States as a whole;
8. the most general venue for new money to come into being for the benefit of the owners of that money, the People, is the Treasury of the United States;
9. the economic value of all things is relative to the supply of all other things, and thus a stable value of any kind of money is a matter of maintaining a stable supply of said money;
10. a government printing money is only marginally less unfair or less likely to be a disaster than private banks doing so, and should be regarded with the same restraint as selling territory of the United States, because you are devaluing the property of all the People permanently for a one-time benefit to the government, which is not the People, but merely their agent, so