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Independent Treasury Act of 1920

Discussion in 'U.S. Constitution & Law' started by Goldhedge, Dec 5, 2016.



  1. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Did you ever hear of the Independent Treasury Act of 1920?

    The Independent Treasury Act of 1920 suspended the de jure (meaning "by right of legal establishment") Treasury Department of the United States government. Our Congress turned the treasury department over to a private corporation, which when seen in its true light, is a fascist monopolistic cartel, the Federal Reserve and their agents. The bulk of the ownership of the Federal Reserve System, a very well kept secret from the American Citizen, is held by these banking interests, and NONE is held by the United States Treasury:

    Rothschild Bank of London
    Rothschild Bank of Berlin
    Warburg Bank of Hamburg
    Warburg Bank of Amsterdam
    Lazard Brothers of Paris
    Israel Moses Seif Banks of Italy
    Chase Manhattan Bank of New York
    Goldman, Sachs of New York
    Lehman Brothers of New York
    Kuhn Loeb Bank of New York

    The Federal Reserve is at the root of most of our present statutory regulations, "laws", in the control and regulation of virtually all aspects of human activity in the United States, through successively socialistic constructions laid upon the Commerce clause of the Constitution. Basically, the Federal Reserve is the "STATE" of the United States.

    https://archive.org/details/IndependentTreasuryActOf1920
     
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  2. Bigjon

    Bigjon Silver Member Silver Miner Site Supporter ++

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    Sssshhhhh, quiet everyone all those banks have one thing in common... Joo's.

    Give me monetary control and I don't care who...

    Who owns everything?
     
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  3. arminius

    arminius Gold Member Gold Chaser Site Supporter ++

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    Fuck. You mean who owns the title System...

    That's where the action is at...
     
  4. REO 54

    REO 54 Midas Member Midas Member

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    We've been screwed for a long time now. 7 years after the Fed reserve was created this came along.

    I'm wondering if the laws of Unintended Consequence's will finally them all in. ( or us)
     
    Last edited: Dec 9, 2016
  5. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    THE


    STATUTES AT LARGE

    OF THE

    UNITED STATES OF AMERICA


    FROM

    MAY, 1919, TO MARCH, 1921


    CONCURRENT RESOLUTIONS OF THE TWO HOUSES OF CONGRESS

    AND


    RECENT TREATIES, CONVENTIONS, AND EXECUTIVE
    PROCLAMATIONS

    AMENDMENT TO THE CONSTITUTION


    EDITED, PRINTED, AND PUBLISHED BY AUTHORITY OF CONGRESS
    UNDER THE DIRECTION OF THE SECRETARY OF STATE


    VOL. XLI

    IN TWO PARTS
    PART 1— Public Acts and Resolutions

    PART 2 — Private Acts and Resolutions, Concurrent Resolutions,
    Treaties, Proclamations, and Amendment to tlie
    Constitution


    PART 1


    WASHINGTON

    GOVERNMENT PRINTING OFFICE
    1921



    SIXTY-SIXTH CONGBESS. Sess. II. Chs. 213, 214. 1920.


    631


    benefits hereof shall make the required payments and perform such
    other acts as may be required within the time fixed in the regulations,
    otherwise any right or advantage claimed under this Act shall be
    forfeited.

    Approved, May 29, 1920.


    CHAP. 214. — An Act Making appropriations for the legislative, executive, and
    judicial expenses of the Government for the fiscal year ending June 30, 1921, and for
    other purposes.

    Be it enacted by the Senate and House of Representatives of the United
    States of America in Congress assembled, That the following sums are
    appropriated, out of any money in the Treasury not otherwise appro-

    J riated, in full compensation for the service of the fiscal year ending
    une 30, 1921, namely:

    LEGISLATIVE,

    SENATE.

    For compensation of Senators, $720,000.

    For mileage of Senators, $51,000.

    For compensation of officers, clerks, messengers, and others:
    Office of the Vice President: Secretary to the Vice Presi-
    dent, $4,000; clerk, $1,600; telegraph operator, $1,500; page, $600;
    in all, $7,700.

    Chaplain: For Chaplain, $1,200.

    Office of Secretary: Secretary of the Senate, including com-
    pensation as disbursing officer of salaries of Senators and of contin-
    gent fund of the Senate, $6,500; assistant secretary, Henry M. Rose,
    $5,000; chief clerk, $3,250; assistant financial clerk, $3,250; minute
    and J ournal clerk, principal clerk, librarian, enrolling clerk, and print-
    ing clerk, at $3,000 each; reading clerk, $4,000; financial clerk, $4,000;
    executive clerk, $2,750; file clerk, chief bookkeeper, and assistant
    Journal clerk, at $2,500 each; first assistant librarian, and keeper
    of stationery, at $2,400 each; assistant librarian, $1,800; skilled
    laborer, $1,200; clerks — three at $2,500 each, four at $2,220 each,
    two at $2,100 each, one $1,800, two at $1,600 each, one $1,440;
    assistant keeper of stationery, $2,000; assistant in stationery room,
    $1,200; messenger in the library, $1,000; messenger, $1,440; assistant
    messenger, $1,200; laborers — three at $840 each, two at $720 each,
    one in stationery room $720; in all, $97,590.

    Document room: Superintendent, George H. Boyd, $3,500; first
    assistant, John W. Lambert, $2,500; assistants — one $2,250, one
    $1,440; clerk, $1,440; skilled laborer, $1,200; in all, $12,330.

    Clerks and messengers to the following committees: Agri-
    culture and Forestry — clerk $2,500, assistant clerk $1,800, assistant
    clerk $1,500; Appropriations — clerk $5,000, two assistant clerks at
    $2,500 each, three assistant clerks at $1,500 each, messenger $900;
    to Audit and Control the Contingent Expenses of the Senate — clerk
    $2,500, assistant clerk, $1,600, assistant clerk, $1,500; Banking and
    Currency — clerk $3,000, assistant clerk, $1,800, two assistant clerks
    at $1,500 each; Claims — clerk $2,500, assistant clerk, $2,000, two
    assistant clerks at $1,500 each; Commerce — clerk $2,500, assistant
    clerk $2,220, assistant clerk $1,800, assistant clerk $1,500; Conference
    Minority of the Senate — clerk $3,000, assistant clerk $1,800, two
    assistant clerks at $1,500 each; District of Columbia — clerk $2,500,
    assistant clerk $1,800, assistant clerk $1,500 ; Education and Labor —
    clerk $2,500, assistant clerk $1,800, assistant clerk $1,500; Finance —


    May 29, 1920.
    [H. R, 14100.]
    [Public, No. 231.]


    Legislative, execu-
    tive, and judicial ap-
    propriations.


    Legislative.


    Senate.


    Pay of Senators.
    Mileage.

    Officers, clerks, etc.
    Vice President's
    office.


    Chaplain.

    Secretary of the Sen-
    ate, assistant, clerks,
    etc.


    Document room.
    Superintendent, eta


    Clerks and messen-
    gers to committees.



    SIXTY-SIXTH CONGRESS. Sess. II. Ch. 214. 1920.


    653


    writers, including the exchange of same, wardrobe cabinets, wash-
    stands, water coolers and stands, and for replacing other worn and
    unserviceable articles, $15,000.

    For maintenance of the automatic fire-alarm systems in the Treas-
    ury and Winder Buildings, $1,980.36.

    For operating expenses of the Arlington Building and annex,
    including fuel, electric current, ice, ash removal, and miscellaneous
    items, $60,000.

    For operating expenses of the Treasury Department Annex (Penn-
    sylvania Avenue and Madison Place) , including fuel, electric current,
    ice, ash removal, and miscellaneous items, $15,000.

    Treasury Department Annex (Fourteenth and B Streets northwest) :
    For heating, electric current, electrical equipment, ice, removal of
    trash, and miscellaneous expenses, $44,000.

    Darby Building: For heating, electric current, electrical equip-
    ment, ice, and miscellaneous items, $6,000.

    Contingent and miscellaneous expenses, Office of Auditor
    for the Post Office Department: For miscellaneous items,
    including purchase, repair, and exchange of typewriters and adding
    machines, of which not exceeding $500 may be used for furniture
    and repairs, not exceeding $475 may be used for rental of telephones,
    and not exceeding $200 may be used for the purchase of law books,
    books of reference, and city directories, $9,000, to be expended under
    the direction of the Auditor for the Post Office Department under
    rules and regulations to be prescribed by the Secretary, of the
    Treasury and to operate as a specific exception of the said office
    from the appropriation for contingent expenses, Treasury Depart-
    ment, unless otherwise provided by law.

    For purchase of cards and tabulating equipment for use in auditing
    accounts and vouchers of the Postal Service, including, exchange
    and repairs, $219,000, to be expended under the direction of . the
    Auditor for the Post Office Department under rules and regulations
    to be prescribed by the Secretary of the Treasury: Provided, That
    not exceeding. $39,400 may be expended for the rental of tabulating
    and card-sorting machines.

    INTERNAL revenue.

    For salaries and expenses of collectors of internal revenue, deputy
    collectors, gaugers, storekeepers, and storekeeper gaugers, clerks,
    messengers, and janitors in internal-revenue offices, .rent of offices
    outside of the District of Columbia, telephone service, injuries to
    horses not exceeding $250 for any horse crippled or killed, expenses
    of seizure and sale, and other necessary miscellaneous expenses in
    collecting internal-revenue taxes, $4,288,000: Provided , That no
    part of this amount shall be used in defraying the expenses of any
    officer, designated above, subpoenaed by the United States court
    to attend any trial before a United States court or preliminary
    examination before any United States commissioner, which expenses
    shall be paid from the appropriation for “Fees of witnesses, united
    States courts.”

    For expenses of assessing and collecting the internal-revenue taxes,
    as provided by the “Revenue Act of 1918,” including the employment
    of the necessary officers, attorneys, experts, agents, accountants,
    inspectors, deputy collectors, clerks, janitors, and messengers in the
    District of Columbia and the several collections districts, to be
    appointed as provided by law, telegraph and telephone service,
    rental of quarters outside the District of Columbia, postage, freight,
    express, and other necessary miscellaneous expenses, and the purchase
    of such supplies, equipment, furniture, mechanical devices, printing,


    Fire alarm.


    Operating expenses.
    Arlington Building.


    Treasury Annex.


    Annex, Fourteenth
    and B Streets NW,


    Darby Building.


    Auditor for Post Of-
    fice Department.
    Contingent expenses.


    Tabulating equip-
    ment.


    Proviso.

    Rental allowance.


    Collecting internal
    revenue.

    Collectors, gaugers,
    etc.


    Proviso.
    Witness fees.


    Post , p. 924.


    Assessing, collecting,
    etc., taxes of Revenue
    Act, 1918.

    Vol. 40, pp. 1057,
    1140.


    Ante, p. 651.



    654


    SIXTY-SIXTH CONGRESS. Sess. II. Ch. 214. 1920.


    Proviso.

    Punishing violators
    of revenue laws.


    Refunding collec-
    tions.

    Vol. 35, p. 325.


    Refunding illegally
    collected taxes.

    R.S.,secs. 3220,3689,
    pp. 618, 725.

    Wol. 40, p. 1145.


    Proviso.

    Report of disburse-
    ments.

    Vol. 40, p, 1145.
    Enforcing National
    Prohibition and Nar-
    cotic Acts.

    Ante , p. 305.

    Vol. 38, p. 785; Vol.
    40, p. 1130.


    Provisos .

    Rent, District of Co-
    lumbia.

    Amount for narcotic
    enforcement.

    Vol. 38, p. 785; Vol.
    40, p. 1130.

    Annual statement of
    expenses, etc.


    Independent Treas-
    ury.

    Offices of assistant
    treasurers abolished


    stationery, law books and books of reference, and such other articles
    as may be necessary for use in the District of Columbia and the sev-
    eral collection districts $21,000,000: Provided, That not more than
    $500,000 of the total amount appropriated herein may be expended
    by the Commissioner of Internal Revenue for detecting and bringing
    to trial persons guilty of violating the internal-revenue laws or con-
    niving at the same, including payments for information and detection
    of such violation.

    To enable the Secretary of the Treasury to refund money covered
    into the Treasury as internal-revenue collections, under the provisions
    of the Act approved May 27, 1908, $250,000.

    For refunding taxes illegally collected under the provisions of
    sections 3220 and 3689, Revised Statutes, as amended by the Act of
    February 24, 1919, $12,000,000; and not to exceed $1,000,000 of
    said amount may be used in payment of certified claims over three
    years old without special appropriation by Congress in each individual
    case: Provided, That a report shall be made to Congress of the dis-
    bursements hereunder as required by the Act of February 24, 1919.

    For expenses to enforce the provisions of the “National Prohibition
    Act” ana the Act entitled “An Act to provide for the registration of,
    with collectors of internal revenue, ana to impose a special tax upon,
    all persons who produce, import, manufacture, compound, deal in,
    dispense, sell, distribute, or give away opium or cocoa leaves, their
    salts, derivatives, or preparations, and for other purposes/' approved
    December 17, 1914, as amended by the “Revenue Act of 1918,”
    including the employment of executive officers, agents, inspectors,
    chemists, assistant chemists, supervisors, clerks, and messengers in
    the field and in the bureau of internal revenue in the District of
    Columbia, to be appointed as authorized by law; the securing of
    evidence of violations of the Acts, and for the purchase of such supplies,
    equipment, mechanical devices, laboratory supplies, books, necessary
    printing and binding and such other expenditures as may be necessary
    in the District of Columbia and several field offices, and for rental of
    necessary quarters, $4,500,000: Provided , That not to exceed $49,500
    of the foregoing sum shall be expended for rental of quarters in the
    District of Columbia: Provided further, That not to exceed $750,000
    of the foregoing sum shall be expended for enforcement of the pro-
    visions of the said Act of December 17, 1914.

    The Commissioner of Internal Revenue shall submit to Congress
    on the first day of its next regular session a detailed statement show-
    ing the number, designation, and annual rate of compensation of the
    persons employed and the amounts expended for rent and other
    authorized purposes in the District of Columbia from the foregoing
    appropriations for internal revenue.

    INDEPENDENT TREASURY.


    710, repealed.


    Subtrees uries to be
    discontinued.


    Section 3595 of the Revised Statutes of the United States, as
    s^sec? 9 ^, p. amended, providing for the appointment of an Assistant Treasurer
    J of the United States at Boston, New York, Philadelphia, Baltimore,
    New Orleans, Saint Louis, San Francisco, Cincinnati, and Chicago,
    and all laws or parts of laws so far as they authorize the establishment
    or maintenance of offices of such Assistant Treasurers or of Sub-
    treasuries of the United States are hereby repealed from and after
    July 1, 1921; and the Secretary of the Treasury is authorized and
    directed to discontinue from and after such date or at such earlier
    m . date or dates as he may deem advisable, such subtreasuries and the

    ices of employees. exercise oi all duties and functions by such assistant treasurers or

    their offices. The office of each assistant treasurer specified above
    and the services of any officers or other employees assigned to duty


    SIXTY-SIXTH CONGRESS. Sess. II. Ch. 214. 1920.


    655


    at his office shall terminate upon the discontinuance of the functions
    of that office by the Secretary of the Treasury.

    The Secretary of the Treasury is hereby authorized, in his discre- Transfer of dutie3 ‘
    tion, to transfer any or all of the duties and functions performed or
    authorized to be performed by the assistant treasurers above enumer-
    ated, or their offices, to the Treasurer of the United States or the
    mints or assay offices of the United States, under such rules and
    regulations as he may prescribe, or to utilize any of the Federal e r^fis^e n b^ f ks F au'
    reserve banks acting as depositaries or fiscal agents of the United tbortad. ^
    States, for the purpose of performing any or all of such duties and 0 ■ > p -
    functions, notwithstanding the limitations of section 15 of the Federal
    reserve Act, as amended, or any other provisions of law: Provided , ^f^ustody of
    That if any moneys or bullion, constituting part of the trust funds trust funds,
    or other special funds heretofore required by law to be kept in
    Treasury offices, shall be deposited with any Federal reserve bank,
    then such moneys or bullion shall by such bank be kept separate and
    distinct from the assets, funds, and securities of the Federal reserve
    bank and be held in the joint custody of the Federal reserve, agent
    and the Federal reserve bank: Provided further. That nothing in this foa £g
    section shall be construed to deny the right of the Secretary of . the not affected.
    Treasury to use member banks as depositaries as heretofore authorized
    by law.

    The Secretary of the Treasury is hereby authorized to assign any brings*,
    or all the rooms, vaults, equipment, and safes or space in the buildings etc.
    used by the subtreasuries to any Federal reserve bank acting as
    fiscal agent of the United States.

    All employees in the sub treasuries in the classified civil service e m|ioy-

    of the United States, who may so desire, shall be eligible for transfer ees.
    to classified civil service positions under the control of the Treasury
    Department, or if their services are not required in such department
    they may be transferred to fill vacancies in any other executive
    department with the consent of such department. To the extent Preferences,
    that such employees possess required qualifications, they shall be
    given preference over new appointments in the classified civil service
    under the control of the Treasury Department in the cities in which
    they are now employed.

    Baltimore, office of assistant treasurer: Assistant treasurer, of ^f tant treasurers ’
    $4,500; cashier, $2,500; paying teller, $2,000; receiving teller, $1,900 ; Baltimore,
    exchange teller, $1,800; vault clerk, $1,800; clerks — two at $1,600
    each, three at $1,400 each, three at $1,200 each, three at $1,000 each;
    messenger, $840; three watchmen, at $720 each; in all, $31,500.

    Boston, office of assistant treasurer: Assistant treasurer, Boston *

    $5,000; cashier, $2,500; paying teller, $2,500; vault clerk, $2,000;
    receiving teller, $2,000; redemption teller, $1,800; clerks — one $2,200,
    five at $1,600 each, one $1,500, one $1,400, two at $1,200 each, three
    at $1,100 each, four at $1,000 each; chief guard, $1,100; three watch-
    men, at $850 each; laborer and guard, $720; four money counters
    and handlers for money laundry machines, at $900 each; in all,

    $46,570.

    Chicago, office of assistant treasurer: Assistant treasurer, Chicag0 ‘

    $5,000; casnier, $3,000; assistant cashier, $2,000; vault clerk, $2,250;
    paying teller, $2,500; assorting teller $2,000; redemption teller,

    $2,000; change teller, $2,000; receiving teller, $2,000; two book-
    keepers, at $1,500 each; clerks — one $1,750, one $1,600, nine at
    $1,500 each, thirteen at $1,200 each; attendant for money laundry
    machines, $1,200; hall man, $1,100; messenger, $840; three watch-
    men, at $720 each; janitor, $720; eight money counters and handlers
    for money laundry machines, at $900 each; in all, $71,420.

    Cincinnati, office of assistant treasurer: Assistant treasurer, CLacinnati.
    $4,500; cashier, $2,250; paying teller, $2,000; receiving teller, $1,800

    https://archive.org/stream/IndependentTreasuryActOf1920/Independent Treasury Act of 1920_djvu.txt
     
  6. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    I don't see where it states that at all

    quite the contrary, it forces .fed to allow .treas separate and traceable origins to its deposits and transactions.
     
    Last edited: Dec 9, 2016
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  7. REO 54

    REO 54 Midas Member Midas Member

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    Sorry, what is not stating? Was looking for that....

    (Prolly staring right at it)
     
  8. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    that .treas became a part of .fed and the US is now operating without a .treas

    where treas is now private and under the .fed purview
     
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  9. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    The Independent Treasury (IT) was a system for the retaining of government funds in the United States Treasury and its subtreasuries, independently of the national banking and financial systems. In one form or another, it existed from 1846 to 1921.

    Contents
    Creation of the system
    The Democrats won the election of 1844 and re-established the Independent Treasury System in 1846.

    The Act of August 1846 provided that the public revenues be retained in the Treasury building and in sub-Treasuries in various cities. The Treasury was to pay out its own funds and be completely independent of the banking and financial system of the nation. All payments by and to the government were to be made in either specie or Treasury Notes. The separation of the Treasury from the banking system was never completed, however; the Treasury’s operations continued to influence the money market, as specie payments to and from the government affected the amount of hard money in circulation.

    Problems and its demise
    Although the Independent Treasury did restrict the expansion of credit, it also posed a new set of economic problems. In periods of prosperity, revenue surpluses accumulated in the Treasury, reducing hard money circulation, tightening credit, and restraining inflation of trade and production. In periods of depression and panic, when banks suspended specie payments and hard money was hoarded, the government’s insistence on being paid in specie tended to aggravate economic difficulties by limiting the amount of specie available for private credit.

    The most serious weaknesses in the system were revealed during the Civil War; under the pressures created by wartime expenditures, Congress passed the acts of 1863 and 1864 creating national banks. Exceptions were made to the prohibition against depositing government funds in private banks, and in certain cases payments to the government could be made in national bank notes.

    After the Civil War, the independent Treasury continued in modified form, as each administration tried to cope with its weaknesses in various ways. Secretary of the Treasury Leslie M. Shaw (1902–1907) made many innovations; he attempted to use Treasury funds to expand and contract the money supply according to the nation’s credit needs. The Panic of 1907, however, finally revealed the inability of the system to stabilize the money market; this led to the passage of the Federal Reserve Act in 1913, which allowed the Federal Reserve System to issue Federal Reserve Notes (the powers of coining money and regulating its value were retained by the U.S. Mint and the Congress, respectively). Government funds were gradually transferred from subtreasuries to the private Federal Reserve,[1] and an act of Congress (The Independent Treasury Act of 1920[2]) mandated the closing of the last subtreasuries in the following year, thus bringing the Independent Treasury System to an end.

    References
    1. "The Independent Treasury Act - 41 Stat. at L. 631". www.mindserpent.com. Retrieved 2016-05-30.
    • See D. Kinley, The History, Organization, and Influence of the Independent Treasury of the United States (1893, repr. 1968) and The Independent Treasury of the United States (1910, repr. 1970);
    • D. W. Dodwell, Treasuries and Central Banks (1934)
    • P. Studenski and H. Krooss, Financial History of the United States (1963).
    • H.A. Scott Trask, Ph.D.,The Independent Treasury: Origins, Rationale, and Record, 1846–1861 Kurzweg Fellow, Von Mises Institute, Presented at the Austrian Scholars Conference, March 2002 pdf
    External links
    • First and Second Banks of the United States – a digital collection of the original documents related to the formation of the First (1791–1811) and Second (1816–1836) Banks of the United States, as well as documents relating to the Independent Treasury System set up after the close of the Second Bank of the United States, digitized by the Federal Reserve Bank of St. Louis.

    https://en.wikipedia.org/wiki/Independent_Treasury
     
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  10. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    It basically ceased operations of the independent treasury, holding, transferring, etc funds

    and combined into the .fed reserve after it had been created, otherwise known as 'central bank',

    the treasury part of .gov exists and still exists as part of .gov, but the .fed acts as the central banking facility with monies deposited by .treas separate and accounted for.

    this is nothing new, and was clear and evident since the creation of the .fed in '13

    In '13 is when the real treason occurred and lives to this day.

    I still maintain that the .fed was actually given back to the .gov in the late 30's as a gutted shell, and the real fun is in the ESF fund which is totally hidden and disguised.

    which means basically that the .fed can be tipped over at anytime and a reset can occur.
     
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