[2] On November 28, 1961, President Kennedy halted sales of silver by the Treasury Department.
Kennedy also called upon Congress to phase out silver certificates in favor of Federal Reserve notes which, according to the Associated Press at that time, were still backed by gold.
[3][4] Kennedy repeated his calls for Congress to act on several occasions, including his 1963 Economic Report, where he wrote:[5] I again urge a revision in our silver policy to reflect the status of silver as a metal for which there is an expanding industrial demand.
I urge the Congress to take prompt action on these recommended changes.The House of Representatives took up the president's request early in 1963,[6] and passed HR 5389 on April 10, 1963, by a vote of 251 to 122.
54), repealed the Silver Purchase Act of 1934 and related laws, repealed a tax on silver transfers, and authorized the Federal Reserve to issue one- and two-dollar bills, in addition to the notes they were already issuing.
The amendment 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.
[18][19][20] In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value.
11110 as such, the original legislative authority underpinning the order had, of course, already been nullified five years earlier, in 1982, by Congress, with the passage of Pub.
[23][24][25] Marrs alleges that the issuance of Executive Order 11110 was an effort by Kennedy to transfer power from the Federal Reserve to the United States Department of the Treasury by replacing Federal Reserve Notes with silver certificates.
[24] Author Richard Belzer named the responsible parties in this theory as American "billionaires, power brokers, and bankers ... working in tandem with the CIA and other sympathetic agents of the government.
"[26] Critics of the theory note that Executive Order 11110 was a technicality that only delegated existing presidential powers to the Secretary of the Treasury for administrative convenience during a period of transition.