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Commemorate President Lincoln's Assassination with 1 Billion Debt-Free Lincoln $5 Bills

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Petition

Commemorate President Lincoln's Assassination with 1 Billion Debt-Free Lincoln $5 Bills

To honor President Lincoln on the 150th anniversary of his assassination, let's issue one billion $5 commemorative United States Notes. The original United States Notes were issued by president Lincoln in 1862-1863 and totaled $450 million, or 40% of the Northern currency at the peak of the Civil War. With Congress' cooperation, President Lincoln was able to take this emergency measure because the constitution's coinage clause in Article 1, Section 8 allowed Congress to "coin Money."

Why one billion in $5 U.S. Notes?
1. $5 Billion is roughly consistent with the annual production of $5 currency currently: https://explore.data.gov/Economic/Annual-Production-Figures-of-United-States-Currenc/ym8u-jtw3
2. $5 Billion is roughly consistent with other "Commemorative Money" Bills, such as HR2535 from Rep. Andy Barr calling for $3 Billion in commemorative coins: https://http://www.govtrack.us/congress/bills/113/hr2535

Today, $5 billion in new United States Notes would be immediately accretive to the Federal account through Seigniorage (the face value of money, minus its production cost). This money would go into general circulation for the benefit of We The People, just as Lincoln intended with the original issuance of the first Greenbacks. It would not effect the amount of $5 Federal Reserve Notes issued and the United States Notes would circulate on par with Federal Reserve Notes, fully usable for all domestic private and public debts and taxes (there are long-standing exceptions that disallow U.S. Notes to be used to pay foreign debts or to pay off the government's debt).

This is money that does not have to be raised through taxes or borrowed, just like coins. It is money that the Treasury is allowed to produce, and has produced from 1862 -- 1971, as our nation's longest-lasting currency.

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles was published by Tayen Lane Publishing (December, 2014) and may be found here:
https://tayen-lane.squarespace.com/america-is-not-broke/

Scott is President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written (more...)
 

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Brilliant idea. Signed and shared. ... by Jack Flanders on Friday, May 23, 2014 at 3:29:57 PM