Congressman Jack Metcalf tells it
like it is re: Federal Reserve
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Subject: Setting the Stage for a
New Currency.. by Representative Jack Metcalf:
AMERICAN PEOPLE ARE RENTING
THEIR CURRENCY !
(House of Representatives -
September 09, 1999)
Rep. METCALF: "Mr. Speaker, I would like to talk briefly about money. Everybody is interested in money. My wife asked me: "If you know so much about money, how come we do not have very much?" But I would like to talk about money this evening.
Did you know that we pay rent on our money; the cash we use, we pay rent on it? It costs the American people $100 per person per year to rent our cash, that is, the paper money, from the Federal Reserve. Now, the Federal Reserve gets the money, it just does not spend that money or keep it. They return it to the Federal Treasury. That means that the American people are paying a tax on our money in circulation for the privilege of using Federal Reserve notes.
In reality, this money is paid to the Fed by the Treasury to pay the interest on the U.S. bonds that back our money. This is a foolish system when the U.S. Treasury could issue our currency directly without debt and without interest as they issue our coins. Most people do not know that our coins are minted by the Treasury, essentially spent into circulation, and the U.S. Treasury makes a neat profit on them. But when we issue cash, we go further into debt.
When the U.S. Government issues paper cash, they go further into debt because bonds are created to back the cash, and thus the debt increases. With a currency we go into debt, but it makes a profit when coins are placed in circulation. This is truly a system that defies logic, and we should issue our coins or issue our cash as we issue our coins.
Here is a simple way to accomplish that; this is not complex, this is not rocket science. Congress only needs to pass legislation requiring the Treasury to print and issue U.S. Treasury currency in the same amount, in the same denominations, of the present Federal Reserve notes. No change in the money supply. The Treasury would issue these U.S. notes through the banks and at the same time withdrawing a like amount of Federal Reserve notes. As these Federal Reserve notes are collected by the U.S. Treasury, they must be returned to the Federal Reserve and essentially to redeem the over $400 billion of U.S. interest bearing U.S. Treasury bonds now held by the Fed. So the Fed holds the bonds.
We can take the U.S. currency and exchange it for those bonds. Over a couple of years we will have U.S. currency circulating instead of Federal Reserve notes, and the U.S. debt would be reduced by over $400 billion. That sounds too simple. Well, it is simple. This is not rocket science. There is no appreciable down side, and I expect to discuss this issue a lot in the future just because somebody needs to take a look at how our money was issued and allow us to avoid paying that $27 billion a year interest just to rent our currency from the Federal Reserve."
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Rep. Jack Metcalf was on the Weissbach radio talk show on Aug. 7, 2000 talking about the benefits of the New Treasury Banks. Call (425) 825- 5544 for a copy of the program.
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