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Executive Order 11110
Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.
This executive order amended Executive Order 10289 (dated September 17, 1951)〔(Executive Order 10289 )〕 by delegating to the Secretary of the Treasury the president's authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act, as amended by the Gold Reserve Act. The order allowed the Secretary to issue silver certificates, if any were needed, during the transition period under President Kennedy's plan to eliminate Silver Certificates and use Federal Reserve Notes.
==Background==
On November 28, 1961, President Kennedy halted sales of silver by the Treasury Department. Increasing demand for 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. 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.
Kennedy repeated his calls for Congress to act on several occasions, including his 1963 Economic Report, where he wrote:〔name=PresEcon1963>(''Economic Report of the President'' ), p. XXIII. January 21, 1963. House document No. 28, 88th Congress, 1st Session. U.S. Govt. Printing Office.〕
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. Except for its use in coins, silver serves no useful monetary function.
In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and repeal of the special 50-percent tax on transfers of interest in silver and authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes. I urge the Congress to take prompt action on these recommended changes.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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