The Davis Money Plan www.LeslieDavis.org
In order to secure for the American people their inalienable right to life, liberty and property, and to provide them a safe, sound, honest, sustainable, debt-free medium-of-exchange representing what they have produced, that they may be economically free to prosper in their agricultural, industrial and commercial endeavors, we must repeal the Federal Reserve Act and return the creation of America’s money to its Congress as stated in Article 1 Section 8 clause 5, of the United States Constitution.
IN THE HOUSE OF REPRESENTATIVES
_____________________________________introduces the following bill; which was referred to the Committee on ___________________________________________.
A Bill for an Act to secure for the American people their inalienable rights to life, liberty and property, by providing them a safe, sound, honest, sustainable, debt-free medium-of-exchange, representing what they have produced, that they may be economically free to prosper in their agricultural, industrial and commercial endeavors.
Be it enacted by the House of Representatives and Senate of the United States of America in Congress Assembled.
SECTION 1. Short Title.
This Act to be cited as the “Transportation Money Plan”.
SECTION 2. Findings.
Congress, looking at our nation’s huge and ever growing indebtedness, attributes this to following Hamilton and enacting national laws that changed the principle that enabled Americans to enjoy a debt-free medium of exchange and economic freedom to a principle that enabled the banking system to create and issue all new money as interest-bearing debt-based (credit) money. This has forced Americans and their government into debt and economic servitude to obtain the medium of exchange. Private banks, not the government, now create and put all new money into circulation as interest-bearing loans that, at the very least, has caused unnecessary bankruptcies, foreclosures, a constantly rising cost of living, loss of purchasing power of the money and made it impossible for everyone to save.
Creating and loaning all new money into circulation as debt obligations has served special interests, not the general welfare; has made a small percentage of people very rich, forced the majority of Americans to live from paycheck to paycheck, and has forced millions of people off the land and into large crowded cities. If Americans do not borrow, there is no money for them to earn, spend or save.
Congress finds that the best way to return economic freedom and secure the blessings of liberty for Americans is for Congress to return to monetizing the people’s production creating a medium of exchange that is spent into circulation as an earned and final debt-free payment that promotes the general welfare rather than benefitting just a few.
America’s huge public and private indebtedness, and afore stated wrongs, were caused when Congress wrongfully gave up its sovereign authority to create money by allowing the creation and establishment of the fractional reserve banking system which now possesses almost complete control over America. This complete control of the money supply, put into circulation as interest-bearing debt, equals complete servitude of the people in direct violation of the 13th Amendment.
Fractional reserve banking has caused price inflation, recessions and depressions, by manipulating the money supply and allowing the interest to forever increase the debt but not the money supply.
Section 3. Bureau of Printing and Engraving
The Bureau of Printing and Engraving now prints the currency notes but only sells them to the 12 Federal Reserve banks for the cost of printing. The 12 Federal Reserve banks then sell the notes at face value to the commercial banks who sell the notes to the people who are forced to buy the notes with checkbook money that the banks create as interest-bearing loans. Both the notes and checkbook money provide Americans with a medium of exchange that has purchasing power but not ownership rights as it represents what they owe, not what they own.
The American people have been deceived, defrauded and enslaved by the fractional reserve money system. This system compels them to perform labor, the fruit of which is taken from them through interest on their deb, and taxation on government debts, that cannot be paid and would not exist if Congress had not passed laws that gave away its constitutional sovereign duty to create a debt-free, wealth-based, medium of exchange.
The mathematics of such a money creation system demonstrates that the debt must constantly increase, as only the principal of each loan is created and then extinguished when the loan principal is repaid. There is no way to create the money needed to pay the interest which increases with time. The monetary system is laden with unpayable debts, loss of purchasing power, and growing cost of living increases, that have forced millions of Americans into the loss of their homes and businesses through bankruptcy.
The change of the monetary system as outlined in this Act is necessary to ensure Americans their rights to life, liberty, property, and economic freedom and to provide them a safe, sound, honest, sustainable debt-free wealth-based medium-of-exchange representing what they have produced in their agricultural, industrial, and commercial endeavors.
Section 4. Income Tax.
The American people have been forced into a peonage position prohibited by the 13th Amendment by being forced against their will into involuntary servitude to the Federal Reserve banking system. The income tax is directly tied to this banking system and is contrary to the spirit and intent of the original United States Constitution and Bill of Rights. Sufficient revenue for the legitimate function of government can easily be collected through imposts, duties and excises with an emphasis on foreign imports and a reduction in the size and cost of government.
Section 5. Definitions.
(a) Debt/Credit Money – Money that is originally created as a debt obligation.
(b) Wealth money – A debt-free medium of exchange representing the people’s wealth, created when they combine their knowledge and labor with the raw resources of the earth producing what all people need to live and can use with no borrowing, taxation, or fees.
(c) Fractional Reserve Banking – The process of creating money by lending institutions as a promise to pay that which never existed.
Section 6. The Federal Reserve Act is hereby repealed.
Federal Reserve notes are liabilities of the Federal Reserve Bank and obligations of the United States government. Congress has specified that the Federal Reserve banks must hold collateral equal in value to the Federal Reserve notes that the bank receives. Congress has a first lien on all assets of the Federal Reserve banks and the collateral held against them so that if the Federal Reserve System were ever dissolved the United States would take over the notes and the assets of the 12 Federal Reserve banks.
Section 7. Prohibition of fractional reserve banking.
The Transportation Money Plan does not change the clearinghouse function of the present banking system; however, upon enactment, no banking system shall issue Federal Reserve Notes, National Bank Notes or any Notes. Federal Reserve Notes in circulation at the time of passage of this act shall be permitted to remain in circulation until they are deposited into a bank and then exchanged for United States Treasury currency. All fractional reserve banking practices shall be phased out by raising the bank reserves at a rate of two percent a month until it reaches 100%. Thereafter, all fractional reserve banking practices are declared unlawful, and forever prohibited.
No bank shall create any money, or medium of exchange, in any form whatsoever. All banks shall be required to hold in their vaults at all times, the full amount of any demand deposit made in either bill, coin, or direct deposit form.
Section 8. Evidence of Indebtedness delivered to the United States Treasury.
All securities, notes, bonds, or other evidence of indebtedness of the United States, held by the Federal Reserve banking system, regardless of type or issue, shall be delivered to the United States Treasury whereupon appropriate action shall be taken to cancel them out of existence.
Section 9. Individual Evidence of Indebtedness to be honored.
All government securities, notes, bonds and other evidence of indebtedness held by natural born individuals, their heirs, or assignee’s who are not members of families holding stock in the Federal Reserve system, shall be honored and paid by the United States Treasury with newly created money.
Section 10. Foreign Evidence of Indebtedness.
All foreign securities, notes, bonds and all other obligations owed by, or to, the United States held by natural born individuals shall be cancelled, collected, or paid in a manner most likely to promote peace, safety, and goodwill for the people of the United States.
Section 11. Audits to determine excess profits.
With enactment of this bill, an audit shall be completed of all financial organizations that have practiced fractional banking. An excess profits tax payable to the United States Treasury shall then be levied equal to the amount of interest charged on loans created at the time of enactment of this bill until the time when the reserve requirement reaches 100% and the creation of money as loans through fractional reserve banking, or any other means, is ended. The excess profit tax shall be applied to the Social Security and Medicare funds.
Section 12. Internal Revenue Service and Income Tax Abolished.
The Internal Revenue Service and the Income Tax are hereby abolished. All taxes shall be levied through Imposts, Duties and Excises in accordance with the original United States Constitution and Bill of Rights.
Section 13. The United States Treasury under the control of Congress.
The United States Treasury under the control of the Congress shall monetize the peoples’ production free of expense by issuing a medium of exchange in lieu of taxation or borrowing, only for building, maintaining, and upgrading roads and bridges that shall be built under the same process as now. Citizens at the local level, not Congress, shall decide how and where roads or bridges need to be built, repaired, upgraded and maintained to best serve their needs. This shall be done by citizens living in the jurisdiction of each City, Township, County, and State government through their elected officials and in coordination with each other. The unit of government making a request for funds shall hire engineers to design the project and prepare a detailed written description of the planned project(s).
As is current, the private contractor meeting the bid specifications with the lowest bid will get the job.
A copy of the bid will be sent to the Comptroller of the Currency requesting that new money be created for the bid amount and delivered to the local project authority for spending to pay salaries of laborers and material providers who will also spend the money into the economy.
The Comptroller’s only oversight will be to make sure the project and contractors are real and the jobs are completed to bid specifications. The U.S. Treasury shall coin, print or create direct deposit electronic money and spend it directly without debt or interest, to the unit of government which requested it, in lieu of bonding and taxes.
At the time this bill is enacted all fuel, oil, and axle taxes, are repealed. They will no longer be needed to fund the roads. Government loses no needed revenue for roads and bridges.
Section 14. Crime Defined and punishment established.
Any person violating any provision of this Act shall be deemed guilty of a felony and shall make restitution. Any violation of this act which results in the debauchment of currency may be punishable by life in prison.
SECTION 15. All Inconsistent acts repealed.
All Acts or parts of Acts inconsistent with the provisions of this Act are hereby repealed.