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-- perhaps bypass the Fed and empower the president to issue currency; it constitutionally empowered the federal government to create and "issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury."
Though not verified, some believe he then ordered the Treasury Secretary to issue nearly $4.3 billion worth of United States notes, perhaps to replace Federal Reserve Notes. Whether or not he wanted to end the Federal Reserve System (and return money creation power to Congress as the Constitution mandates) is speculation, but perhaps fearing it, besides the above cited reasons and more, led to his assassination five months later.
In 1964, President Lyndon Johnson said: "Silver has become too valuable to be used as money." In late 1963, after he became president, US notes were withdrawn from circulation, and noted Fed critic and author of "The Creature from Jekyll Island," G. Edward Griffin, wrote on page 569 of his book:
"There was a third point, however, which everyone seemed to overlook. The Executive Order 11110 did not instruct the Treasury to issue Silver Certificates. It merely authorized it to do so if the occasion should arise. The occasion never arose. The last issuance of Silver Certificates was in 1957....six years before the Kennedy (EO). In 1987, (it) was rescinded by (EO) 12608 signed by Ronald Reagan."
Without mentioning EO 11110, he did it by amending EO 10289, rescinding the Treasury's right to issue silver-backed notes.
Had Kennedy lived and served a second term, imagine the possibilities. Ending the Vietnam war alone would have been a powerful legacy.
Kennedy's June 14, 1956 Commencement Speech
Given outdoors on a blistering hot/humid day, he began expressing "pleasure to join with my fellow alumni in this pilgrimage to the second home of (my) youth," noting the difference between academia's purpose to advance knowledge and his own "where the emphasis is somewhat different," saying:
"Our political parties, our politicians are interested, of necessity, in winning popular support - a majority; and only indirectly truth is the object of our controversy," often sacrificed for political advantage.
The "political profession needs to have its temperature lowered in the cooling waters of the scholastic pool. We need both the technical judgment and the disinterested viewpoint of the scholar, to prevent us from becoming imprisoned by our own slogans. Therefore, it's regrettable that the gap between the intellectual and the politician seems to be growing."
No wonder, he added, that politicians are so scorned, quoting James Russell Lowell's mid-19th century satiric attack on Caleb Cushing, a celebrated Attorney General and congressional member, calling him "true to one party, that is himself." It's as true today than then.
Kennedy's entire talk was full of scholarly references and quotes, including Lord Melbourne to a youthful historian Thomas Macauley about the differences between scholars and politicians. Another from philosopher Sidney Hook, saying "Many intellectuals would rather die than agree with the majority, even on the rare occasions when the majority is right."
Yet he reminded the audience that today's politicians and intellectual climate have a common ancestry, America's early leaders, also distinguished for their writing and intellect, including Jefferson, Madison, Hamilton, Franklin, and John Adams among others.
"Books were their tools, not their enemies. Locke, Milton, Sydney, Montesquieu, Coke, and Bollingbroke were among those widely read in political circles and frequently quoted in political pamphlets. Our political leaders traded in the free commerce of ideas with lasting results both here and abroad."
A contemporary of Jefferson called him "A gentleman of 32, who could calculate an eclipse, survey an estate, tie an artery, plan an edifice, try a cause, break a horse, dance a minuet, and play the violin." He was also a statesman and third US president.
"Daniel Webster could throw thunderbolts at Hayne on the Senate floor and then stroll a few steps down the corridor and dominate the Supreme Court as the foremost lawyer of his time. John Quincy Adams, after being summarily dismissed from the Senate for a notable display of independence, could become Boylston professor of rhetoric and oratory at Harvard and then become a great Secretary of State" as well as president.
