Let’s start this essay by quoting Arizona pioneer Edward E. Dunbar from the New York Times, January 11, 1859, article titled, “Arizona and Sonora Silver Mines,” page 2---
“It is well known that the most colossal fortunes the world ever saw have been based on the silver mines of Mexico.”
Dunbar referred to a source called “Ward’s Mexico,” dated 1827, that provided a figure---from 1733 through 1826, the silver yield from Mexican mines represented $1,435,658,611, a truly staggering sum in those times, which would equate to who knows how much today (probably over 100X)! Now, please follow what I have to say. We have made it to improved prices and expect to see more uptrend after the recent staged silver whipsawing so the shorts can do a lot of covering (not a “correction”), but we have not attained a state of security in our assets. The megabanks that recently accomplished this whipsaw effect are descended from the same institutions that boycotted the Morgan silver dollars in 1878. A correction implies an impersonal force, whereas, this was planned coordination at work. There is a perpetual war by the forces of funny money (“created” money) against silver and gold. I said some gloomy things last month, like the chance that monsters in officialdom might attempt to mutate the “war on drugs” into a “war on metals,” alleging money laundering and terrorist funding in order to strike at honest investors. There are other problems to discuss here. On the ordinary criminal side, metals dealers will wish to add the protective aspect of concrete filled steel columns several feet high, outside their offices, to prevent vehicular crash entries. When metals and their share prices scale higher, the political danger increases from the Washington D.C. criminals. In January and again in February and March here at Silver Investor I called for the formation of a precious metals lobby or political action committee. I believe many investors sense the need for this. Let me plead my case as an attorney presenting evidence to a jury in court---you, the metals investors.
Let’s all understand, unless we in the gold and silver communities get behind the idea and do something, the government will take steps to neutralize the profits we expect to make. The U.S. government has a detailed history of working with the users with market intervention to hold prices low. When legislation is the only weapon they have remaining, they WILL use it! Silver using corporations have no need to buy enough shares in silver producers to get control, then hedge all production at low prices, to ruin our objectives. I trust the miners have exercised due caution as to the intentions of private placees, discerning that these are investors and institutions who oppose hedging! It costs far less to lobby Congress for the users to get what they want. Fleecing people depends on legislative control; it could also depend on making intended victims think they don’t need, can’t organize, or shouldn’t have, a political action committee to fight for their rights. Just ask any NRA member if gun owners really need a lobby! You will get a weird look of horror coming back at you! So why are we in precious metals borderline comatose about fighting for our rights?
PAPER MONEY FACTION & SILVER USERS HATE US
This is how America has been ruined; silver was demonetized in 1873, the Federal Reserve was created in 1913---both by legislation. At the very moments when the majority is being crushed by disasters caused by legislation, the monolithic financial elite surges again in wealth. Unless you personally, dear reader, take action, there is a strong chance you will be deprived of benefits of holding precious metals and mining shares. We aren’t only up against the silver users, we’re up against the paper money crowd, and that’s the worse of the two; those feeding off the central banks! They have been on the scene longer and are virulent enough to start wars. Turns out that the old United States Bank, forerunner of the Fed issuing unbacked paper notes (1791-1811 and 1816-1836, see “Silver Users And Opium”), had another link to the Silver Users Association! Eleuthere Irenee Du Pont was a director of the bank, and founded what is now Du Pont, as a gunpowder and munitions maker! According to Eric Helleiner in “The Making of National Money” (2003), page 147, Lord Montagu Norman, Governor of the Bank of England in the 1920’s---
“was so keen to see central banks created abroad that he refused to visit countries that did not yet have them.”
This appears to be the key to subversive British control of the world’s financial systems, central banks which they covertly control---banks that hate silver and would do anything to depress the price, including leasing it out! But to return to the present---Ted Butler has been saying for how long, close to 7 years, that you need to buy silver, it’s the chance of a lifetime. Other capable individuals have said the same thing about gold. Ted has often said, buy physical, it places you beyond COMEX rule changes. And that is true. Unfortunately, it does not place you beyond punitive taxation (windfall profits tax or hoarding tax). It does not place you beyond Federal confiscation. Newsweek, August 18, 1934, page 29---
“Using the right of eminent domain in confiscating the metal, Treasury officials could legally set any price they desired.”
Right, the Feds didn’t go door to door looking for citizen held silver after the Silver Purchase Act of 1934. You should see the stacks of silver ingots in that article, and the armed guards there. Wouldn’t you prefer to not see a black market come, as the only “free” market in silver? What if they decide to station armed Treasury agents at all the gold and silver dealers waiting to seize what comes in? What if it’s made a felony to use gold and silver to pay other private citizens for goods and services, even if it’s called “barter?” Avoiding the COMEX does not protect mining shareholders from mineral site nationalization (“National Silver Agency” or “National Gold Agency” or “National Mining Administration” to be run by a Federal “Czar” like “Rummy” Rumsfeld, Mr. $1.61 per ounce silver from the old Nixon era Cost Of Living Council!) As we see in the Wall Street Journal, July 24, 1972, page 16---
“The Phase 2 price ceiling on domestic silver is $1.61 an ounce. The Cost of Living Council has created an artificial tightness by ruling that silver refined from domestic ore can’t be sold to U.S. users at more than the ceiling price.”
This is why, in an appropriate stage of a metals price spike, many investors will move to sell a portion of their holdings to the unaware public to lock in gains, and re-invest those gains in less controversial investments, such as water resources, Nanotechnology, patented technology in treatment of genetic diseases, agricultural investments without pesticides and genetically altered plants, and looking for distressed properties in a real estate crash.
Don’t figure on it being possible to buy physical metals after the general public takes notice. Waiting lists to buy may be years in length, and won’t exist at all if government takes in all new production. Don’t delude yourself, we could see a Silver Rationing Act if we don’t fight it, to guarantee that the users association gets silver at a Federally fixed PRICE CAP (fascism), leaving others out in the cold. That’s exactly what happened in the Nixon years with the (Fascist) Cost of Living Council, run by RUMSFELD and CHENEY, who capped silver at $1.61! Their history is to deal selfishly, not to let a free market distribute silver to the highest bidders! The Wall Street Journal, November 20, 1967, page 28 featured one of many such proofs---
“Silver users are growing critical of the Government’s weekly silver sales program, complaining the Government is holding up the price of silver by seeking to obtain top prices for its metal.”
Actually the General Services Administration let our silver go below cost of replacement production (at a time when the Western world was consuming twice as much silver as it produced), but if silver were a penny a ton, the users would still question the price. Talk about Dracula raiding the blood bank! Wasn’t it the government’s fiscal responsibility to get “top prices” at any alleged auction? These cautious investors I refer to will sell portions of their holdings before the next President takes office, knowing that it is only after a politician is entrenched, does he begin the abusive process. They will say we should be penalized because we have been opportunistic and invested in scarcity and should be disallowed from “profiteering on the country’s misfortune.” Actually the danger starts after the election is decided. If Bush becomes a lame duck, he will cut a wide swath of destruction among metals investors (maybe he’d make an exception for Barrick Gold due to his links to them!) Or if Bush is re-elected, the danger starts. Bear in mind that the national co-chair of Bush for President was Barbara Franklin of Dow Chemical, Silver Users Association member! The Silver Users Association has seen the same estimates we’ve seen, concerning how much silver is held in private “hoards.” To overcome the fact that it is sensitive to price alone, they doubtless intend to influence legislation aimed at removing our silver from us at theft rates, causing us large losses! It might not go straight to them, but as long as it adds to the total supply, it would influence the price down, which is their main objective. Is that something that can motivate you to do something? Another risk we face is, if a national emergency is declared, a Federal freeze on withdrawals of demand deposits from banks may likely be imposed. The objective would be to prevent Americans from protecting themselves from a rapidly weakening dollar, by buying anything tangible like precious metals. A bank withdrawal freeze, as in Argentina, would also place at least a temporary damper on rising metals prices! Even diamonds bought as distressed items direct from the jobless public with an effective resale plan, would be a better place to be than dollars that can be printed to infinity! So, be out of paper dollars to the appropriate extent BEFORE the November Presidential election! And don’t kid yourself that a party label will make any difference. President John Adams (1735-1826) said---
“The maxim of a free government ought to be to trust no man with power to endanger the public liberty.”
This assumes that we won’t get past three more delivery months in COMEX silver---May; July; and September 2004, without a huge flare-up in the silver price. Most of us have rubbed our eyes in disbelief that the game has lasted this long. I am convinced that a very long-range plan has existed for many years, to deprive those outside charmed circles (the old intermarried rich), of gains in precious metals. The Silver Managers, as Ted called them, aren’t concerned that you own real silver in the sense of you profiting thereby. These are big bankers---the paper money crowd with Federal Reserve connections; Bank of England; International Monetary Fund; Bank for International Settlements and so on. The secretive intermarried families behind them are the problem, not the transitory bureaucrats who run them. I will have a research piece before the Election, which will serve to pull your pants down (are you reading this) in full view of the American public---you who on your letterhead claim to be “everywhere,” which is a reference to your holdings--- the intermarried descendants of the Money Vipers who found themselves beaten by President Jackson in 1836! Their purpose is to “absorb the wealth of the world,” (words in the original) apparently in part by lowering American living standards, corrupting the nation with unbacked currency. One of them was British collaborator and Ambassador to England, three-time Andrew Mellon Treasury Secretary (below) who also chaired the Federal Reserve--- who held stock in over 300 corporations and enough to be a director of 51 including giants like Gulf Oil (majority owner) and Alcoa (majority owner)---
“Discouraged by our monetary and fiscal policies which have kept the discipline of gold at bay, Mr. Bonner says a hedge is required for all portfolios. Convinced there is no sign of even a drift towards fiscal sanity, he recommends investment of from 25% to 30% in stocks apt to gain from gold and silver price rises.”
Some of Bonner’s remarks were---
“Gold can impose a discipline that governments cannot impose on themselves. The probable consequences resulting from the U.S. Government’s inept handling of our gold and silver problems requires a hedge for all types of portfolios. The political danger that the U.S. Government might levy a punitive tax upon silver or gold producers or upon holders of stocks in such companies (along lines of past legislation) in case of a price rise should not be disregarded.”
Hello silver executives in Vancouver, Coeur d’ Alene, Spokane, Denver and elsewhere, are you reading this? Will you speak for your shareholders only when the U.S. moves to seize most of your income? Will you go on public record opposing a Federal price cap on silver, and Federal dictates that silver can only be sold to members of the Silver Users Association? It is not prudent to wait till it is suggested your companies be dealt lethal blows, before you become politically active! Have you heard about the silver petition to silver company management to be posted on the web? That was Silverwriter behind that. When do you stop worrying about offending the big banks? It is YOU and the gold miners who have real money, not the bankers! Because silver executives have said very little for public consumption about the silver manipulation, it would be a mistake to conclude this silence will continue indefinitely. I think of an annual report for 2002 on page 26 where management states they “do not intend in any way…to comment on the negative…aspects of Comex trading at this time, but merely make our shareholders aware of the fact that there is substantially more paper trading of silver than actual physical metal.” It seems they are aware of the price depressive manipulation, and that eventually they plan to “comment” on it but not “at this time.” What time is that---why, while they’re using the low price to buy more mineral sites! Just please issue a statement before Congressional silver hearings convene! Meantime, the illegal COMEX silver shorts have a price cap on the net worth of silver mining investors. When your shareholders need to raise money for life’s events, they have been realizing a far smaller return than in a free market setting. Executives, your shareholders are bleeding; DO something for them! Shareholders contact your silver companies and express your wishes to them! If you agree we need a metals PAC or a “Silver Miners Protective League,” please tell them so. National Review, March 23, 1965, page 237, commented---
“If it is not made illegal to do so, American citizens will buy silver as a hedge against further deterioration of the dollar.”
I will restrain myself this time, and not try to list dozens of references from across the public record, along these lines. Bonner, whoever he was, recognized that situation 39 years ago! Wasn’t there a big boom in technology and Internet stocks a few years ago? And did Congress suggest a punitive tax on those issues? Why, NO, because Wall Streeters were active there! See, silver is DIFFERENT---it must be ATTACKED because it is real money and therefore a THREAT to fiat paper! Don’t count on any help from Federal judges, and especially not from the Supreme Court. Roger Taney, installed as Chief Justice in 1835, was a Jackson ally in the fight to destroy the second Bank of the U.S., however, where is a highly placed judge like him today?
Like the jackasses of the CFTC, many magistrates are linked to Wall Street. The other side complains that we have any representation in Washington at all. Ron Paul does not have enough company on Capitol Hill to take care of business. Our enemies would rather we stay hypnotized by professional sports while they have our rights legislated down to zero. Banking, the magazine of the American Bankers Association, July 1963, page 58, complained about “the silver mining interests and their spokesmen in Congress.” Hey, we better have spokesmen there, because the racketeer bankers and the thieving silver users are over-represented. Their toxic monthly magazine, Banking, April 1965, page 117, said---
“Silver hoarding would have to be outlawed.”
Are you actually willing to sit on your hands and do nothing if Congress moves to outlaw private ownership of silver, because bankers want no competition from real money? Are we too lazy to call on our best leaders to form a lobby and pledge monthly support? Mining sources have occasionally gone on record declaring economic fact to those willing to listen (not including those accusing them of profiteering). Simon D. Strauss, vice president of American Smelting & Refining Company (ASARCO) said (Commercial & Financial Chronicle, April 29, 1965, page 1795)---
“The lesson of history is that when currency of intrinsic value disappears completely from the monetary system of a nation, in due course the currency of that nation loses substantially all its value. This was true as far back as the ancient Greek city-states and the Roman Empire. It was true of Germany, Japan and Italy as recently as World War II. All the lessons of history favor maintenance of silver coinage.”
Another voice of reason slipped into that publication (November 17, 1966, page 1757). In an article titled, “Treasury Silver Today” by Stephen Hopkins, calling himself a “U.S. Monetary Analyst,” we read---
“Federal Reserve notes are not a unit of value, not a measure of value, nor a store of value. They are not considered money but its substitutes. Silver is a precious metal and reflects the true purchasing power of that irredeemable (forced) currency whether that currency be pounds, lira, francs, pesos, marks or dollars. Investor accumulation of silver certificates seems to be a hedge against the further decline of Federal Reserve notes.”
Beware legislation coming from Capitol Hill providing severe penalties against anyone who uses gold and silver in settling transactions! Look out for sanctions against metals investors proposed by the American Bankers Association! The Monetary Devils don’t want us having real money! Beware of Senators and Congressmen who associate with members of the Bankers Club, New York! Watch out for articles in the journal of the American Economic Association, condemning private ownership of precious metals. Watch the journal of the Royal Economic Society of London, financier prostitutes, calling for penalties on metals ownership. Watch for officials who turn out to be British agents---Rhodes Scholars like Senator Lugar of Indiana with his sponsorship of CFTC commissioners, calling for what the Bank of England wants! Watch for all the same officials we in the silver camp have protested to over the years of low price fixing, to suddenly become very vocal, accusing that the silver shortage is the fault of “big speculators and hoarders!” They will yell, “supply was adequate till it was disrupted by longs who demanded delivery!” Then again, another scenario is, the illegal naked shorting was on the part of a rogue band of junior traders at our metals desks in our commodity trading subsidiaries, we were unaware of it, but now they are caught. This would allow the board of directors and senior management of the megabanks to escape without the blame due them. After that, they could jump to their feet like a Jack-in-the-box, point their trembling, unmanicured fingers at the silver holding companies and say---
“HEY! Since the silver manipulation was uncovered, it isn’t fair to the nation to allow these silver conglomerates to retain title to those mineral properties, since they were acquired in an environment of illegally depressed prices! They shouldn’t be allowed to profiteer! Those silver sites MUST be forfeited to a National Silver Agency for the sake of national security!”
It would be an agency that they, the bankers, would be more than eager to supply staff for its administration! Don’t anyone worry, the new bureaucrats would have the necessary university degrees from institutions with the right regents and trustees linked to the Money Power and be members of appropriate economist organizations! They would call for silver to be allocated to the users association companies on a priority basis! The Justice Department would concur that the silver properties should be forfeited because favors are subject to being called in. Will the National Center for Policy Analysis, of which Pete Du Pont is a trustee, call for such a federal agency? “We analyzed the silver policy of the United States and determined that in the national interest, a new agency is needed.” Still think we don’t need a Precious Metals Political Action Committee to defend our rights? If Savoie fails to convince you here, just wait a while---Congress will convince you!
BOGUS MEETINGS AND PROPOSALS!
If you want a model of high-degree of organization and activity to evaluate, look no farther than the enemies of gold and silver money. No one is more organized than this group, and the only other group that might be as determined and organized, is the pharmaceutical industry. Not surprisingly, the pharmaceutical industry and the paper money crowd are interlocked on the big bank boards. We can send millions of jobs to China and India, but we can’t import less expensive patent drugs from Canada. What the Federal Reserve is for Wall Street and the CFTC is for the metals manipulators, the Food and Drug Administration is for the pharmaceutical industry. But enough said about the drug makers for now (other than that I wonder if there are historical links to the old Chinese opium trade, and to the modern Columbian cocaine rackets!) In the wake of rising silver and gold prices, look out for bogus “economic summits” and proposals, in which the game is rigged to favor the paper money crowd and the silver users. The Commercial & Financial Chronicle, January 1, 1938, page 45, reported a summit of “more than 60 economists” meeting under the auspices of the American Economic Association (sponsored by super rich Vanderbilt family; Sanderson Vanderbilt sent the press dispatches) in Atlantic City, New Jersey, in which silver coinage and bimetallism was attacked. Among the “distinguished” economists endorsing the resolutions were Randolph Burgess, vice president of Federal Reserve Bank of New York, member American Bankers Association and director Royal Liverpool Insurance Group (British influence); Oliver Mitchell Wentworth Sprague, Professor of Economics at Harvard, 1913-1941, then president of the American Economic Association, assistant to the Treasury Secretary in the gold seizure year of 1933 and former advisor to the Bank of England; Professor Jules Bogen of New York University; Leonard Ayers, of Cleveland Trust Company and American Bankers Association; Professor Ernest Patterson of University of Pennsylvania; Professor Edwin Kemmerer of Princeton, who was personally associated with Douglas Dillon, Treasury Secretary 1961-1965, who helped take America off silver coins, and also with Wall Streeter Hugh Bullock, a member of the Order of the British Empire; Professor Joseph Schumpeter of Harvard; and Professor James Angell of Columbia University. Note that these last two were also members of the Royal Economic Society of London. I have been saying in several essays that there is pervasive British influence in our economic policies, and there is abundant evidence to suggest this is unfortunately true. If you can’t conquer someone militarily, the next best thing is to control them financially, which is accomplished by operation of a central bank, whose chairman gets knighted by the Queen! Doubtless the reason the British didn’t invade the U.S. again after the second Bank of the U.S. charter wasn’t renewed in 1836, was that they were readying to launch the first Opium War against China, starting in 1839, and they knew they couldn’t do both! Consider this from that January 1, 1938 article---
“The economists also declared themselves opposed to the Patman bill providing for the purchase of the Federal Reserve banks by the Government.”
Man, that should be all the hellacious proof anyone needs, to believe that economists are fiat financier prostitutes! They’re not likely to run out of “money” as long as they have a stand of timber to cut down and mill into paper! Wright Patman, Texas Democrat, was a long-term critic of the Federal Reserve, which he never succeeded in having audited, and of the Mellon banking interests. Another bogus meeting on silver took place in Mexico City, reported in the New York Times, June 21, 1971, page 42, --
“Mexico called the meeting with Peru’s backing in order to study ways of curbing speculation in silver, the delegations from the United States, Canada and Australia had strict instructions not to discuss alternative pricing mechanisms nor ways of influencing demand or supply. During the three days of discussions, Mexico and Peru, which have been worst hit by the fall in silver prices, took the strongest position against speculators on the New York Commodity Exchange whom they blame for the bear market. Mexico’s miners, who invested heavily three years ago when silver stood at $2.48 per ounce, have suffered heavily since silver prices declined and they appeared to form the main pressure on the Mexican Government to take action. However, while it is clear that both Mexico and Peru would welcome joint action by producers and consumers or even action by producers alone to stabilize silver prices, at the meeting they seemed fully aware that the United States, Canadian and Australian delegations had no authority to discuss possible corrective measures. The head of the United States delegation, C.D. Taylor from the economic office of the State Department, explained his Government’s position at the opening session.”
Sounds like some of those United States, Australian and Canadian delegates could have been members of the anti-silver American Economic Association, and of the anti-silver Royal Economic Society of London. Current president of that society is Stephen Nickell (“cupronickel”), a professor at the London School of Economics, of which former deputy governor of the Bank of England, Howard Davies, is director. And you can be certain that the ever-infamous Silver Users Association had an ally in Mr. Taylor of the State Department. So I counsel, we must be on the alert for bogus meetings and recommendations on silver conducted by “experts.” It’s time for us to conduct our own meetings, and I don’t mean about which mining company to invest in, or what type of physical. We need a policy meeting to launch a permanent Precious Metals Lobby. I am willing to undertake any supportive research, however this is something many others are also qualified to do. The time may come to pass the torch to another runner.
REGULATORS RUNNING WITH ENEMIES OF SILVER & GOLD!
In addition to contrived summits attended by prostitute university economists---born dishonest, we will be verbally condemned by alleged regulatory sources (who exist only to regulate silver longs). WSJ, September 6, 1979, page 30, commented---
“As often happens when prices move without any apparent reason, rumors of manipulation have filtered among traders and down to the Commodity Futures Trading Commission, the government agency that regulates the futures industry. “We’re monitoring the situation very closely,” said John Manley, director of the CFTC’s trading and markets division.”
Only when silver prices are moving up, does the CFTC monitor the situation closely! Small wonder considering names like Goldman Sachs, Lehman Brothers, Morgan Stanley etc., on their advisory panels! Let’s take a brief look at CFTC advisory committees. On their Technology committee is Neal Wolkoff (we’re still not quite rid of him); John McPartland Jr., advisor to Federal Reserve Bank of Chicago (Fed hates silver); and Kenneth Raisler, director of the Futures Industry Association, general counsel to CFTC, 1983 through 1987, and partner in Sullivan & Cromwell, world’s most influential law firm (industrial and banking client list not available at their site!) On CFTC Agricultural committee is John Blanchfield of American Bankers Association (anti-silver). On CFTC Global Markets advisory committee is Mitchell Steinhause, vice chairman, New York Mercantile Exchange (owner of COMEX); Philip McBride Johnson, Chairman CFTC 1981-1983, who drafted key jurisdictional provisions of the CFTC Act of 1974 that launched the agency in 1975. Johnson (two-term director of the Futures Industry Association) advised the People’s Republic of China on the formation of futures markets and authored (1999) “Derivatives---A Manager’s Guide to the World’s Most Powerful Financial Instruments.” Johnson joined the law firm of Skadden, Arps in 1984, the law firm Eliot Spitzer came from which represents the Du Pont silver users. I see in Bloomberg News, April 24, Spitzer is now targeting insurance firms and certain of their compensation agreements with underwriters. It seems Spitzer will investigate most anything except silver---maybe the Feds told him “hands off,” at any rate, be sure his political backers did so! Later if Spitzer “investigates,” he’ll find criminal activity anywhere but the directors and top management of the megabanks, where the culpability has to be. Also on Global Markets advisory committee to CFTC is John Walsh, of the Group of Thirty in Washington, D.C., a think-tank of anti-precious metals economists. The Group of 30 is heavy with British influence! The Right Honorable The Lord Richardson of Duntisbourne is honorary chairman and confidant of David Rockefeller; we also find Mervyn King, Governor of the Bank of England (also director Bank for International Settlements) and Sir David Walker of Morgan Stanley and the Bank of England. These operators call to mind a well-known symbol, the “Jolly Roger,” or pirate flag!
Domestic precious metals suppressors at the Group of 30 include Martin Feldstein Harvard economist and president of the National Bureau for Economic Research, director of silver short American International Group with heavy Chinese connections; former Federal Reserve Board chairman Paul Volcker, who arranged the Hunt brothers silver bailout loan with punitive terms, so that they forfeited almost 60 million ounces of physical silver by 1986; Andrew Crockett, formerly with IMF, Bank for International Settlements and the Bank of England, now president of JPMorganChase International; Gerald Corrigan of New York Federal Reserve Bank and Goldman Sachs; Lawrence Summers, president of Harvard, Treasury Secretary from July 1999-January 2001; Guillermo Ortiz Martinez, governor, Bank of Mexico (look out silver!); and others representing Citigroup; Deutsche Bank; Bank of Spain; Bank of Japan; International Monetary Fund; European Central Bank; Banque Nationale de Paris-Paribas; National Bank of Denmark and others. The IMF website today flatly proclaims---“Gold and silver are non-monetary assets.” It inflames these people to conceive of anyone transacting deals settled in gold or silver---things they CANNOT issue! Remember the old quotation about the Bank of England? “The bank hath benefit of interest on all monies which it creates out of nothing,” they can’t create silver, no wonder they oppose it as money! Current Governor of the Bank of England, Mervyn King---
Remember the song “Backstabbers” by the O’ Jays (#27 on the 1972 hit list)---
“They smile in your face, all the time they want to take your place, the back stabbers!”
But to get back to Mr. Walsh, the connection between the anti-silver CFTC and the anti-silver Group of 30---there’s another member of CFTC Global Markets advisory committee to look at, and that’s Mark Fichtel, president of the New York Board of Trade.
His predecessor as president of the New York Board of Trade (1942-1947) was John Broadnax Glenn, whose one-time boss at Equitable Trust Company, Alvin Krech, helped sell Bolshevik Bonds in the U.S., keeping that regime in power. Mr. Glenn, who also worked for Consolidated Mining & Milling Company at Guanajuato, Mexico, went on to become a financial advisor to the Mexican government (look out silver!) Mr. Glenn as president of Pan American Trust Company in New York, supported a resolution by the New York Chamber of Commerce against the monetary backing of silver certificates, and against the “Silver Bloc” in Congress (Commercial & Financial Chronicle, November 19, 1942, page 1807). So we see the CFTC connected to the Group of 30, with its strong British influence, who have been sabotaging silver money since 1873! No wonder the CFTC hasn’t regulated the silver shorts! Lord Richardson is a confidant of the Duke of Devonshire, Andrew Cavendish, related by marriage to Britain’s wealthiest landowner, the Duke of Westminster, Gerald Cavendish Grosvenor. The 10th Duke of Devonshire married Lady Mary Cecil, linking them by marriage to the Vanderbilts, sponsors of the anti-silver American Economic Association at Vanderbilt University. JFK’s sister Kathleen Kennedy married William Cavendish, son of the 10th Duke of Devonshire, in 1944 (JFK, did you stray from the London/Wall Street monetary game plan?) One of the Dukes of Devonshire was also Governor-General of Canada. What a way to raid someone’s natural resources, calling it the British “Commonwealth,” when the wealth has been on a one-way trip to London! All the big Canadian banks usually have several Londoners on their boards who are there to call the shots. It would be nice if Canadians and Americans could really have their own countries, and be free from the tremendous British influence in our money systems! M.W. Walbert in “The Coming Battle” (1899, page 108) said---“A gigantic conspiracy was formed in London and New York to demonetize silver.” Do we really want to be controlled from London by such exploiters? Emblem of Duke of Devonshire below---
SOME DANGERS WE FACE!
The Wall Street Journal, February 23, 1968, page 13, had this to say---
“Internal Revenue Service officials have expressed that the Treasury could put special taxes on silver investments.”
The users and paper money creators can be suspected of having a game plan to take away most of our gains when these are realized. LEGISLATION is how they intend to do that, with SPECIAL taxes! They could even call for RETROACTIVE taxes on those who fully exited their positions! The old quote attributed to a Rothschild, that if he has control of a nation’s money, he cares not who writes its laws, is overblown. Legislation is how the bankers first get control, and turning back legislation intended to neutralize their control, is how they retain it. So legislation is the key to our defeat, or our victory. How did it occur to IRS to call for higher taxes on silver investors---was it an idea slipped to them from the users association? Observe, there was no higher tax proposed on FABRICATED silver! I have seen enough references in the public record of silver users calling for price caps on silver and silver miners. However, while I have spent untold hours walking musty aisles in large university libraries searching for facts on the silver struggle, I still have NEVER found one solitary reference in which ANY silver miner EVER called for a price cap on FABRICATED silver! This is a powerful clue as to in which camp you find immorality---it’s on the part of the awful users! John Stevens, chairman of the Silver Users Association’s executive committee, crowed that---
“The Mexican Government has provided silver for its domestic users at 69 cents an ounce.” (Commercial & Financial Chronicle, June 10, 1965, page 2426).
Rumors abound that COMEX shorts have been getting all the 1,000-ounce bars they could squeeze out of Industrias Penoles of Mexico. Silver friend Hugo Salinas-Price, beware your countrymen doing deals with Satan! If tax on silver bullion gains could be increased from the present 28% to 90% it would prevent us from getting ahead, which is the bankers goal. In their view of the world, when they start to lose, the rules must be changed, just like on the Commodity Exchange. For this reason we must have a lobby; no group gets favors or protection without one! PAC contributions routinely neutralize voter wishes. Therefore, voting isn’t sufficient. Only contributions buy influence. Contact your Congressman and Senator to tell them you have no intention of selling any silver until the confiscatory 28% tax is repealed. There was a case in which Golconda Mining of Idaho lost in Tax Court on April 27, 1972, concerning an “Accumulated Earnings Tax” (58 T.C. 139). Another commonly mentioned risk is that of nationalization of mineral properties in other nations. WSJ, November 5, 1969, page 39 spoke of---
“The ever-present risks of Government seizure in South America.”
Hecla Mining Company recently had some 5,000 ounces of gold seized or impounded by Venezuela in an alleged accounting dispute, in a time when that government has hostile relations with America. At this point the physical only investors have an “I told you so attitude.” It will be more constructive if we all hang together so as to be less likely to hang separately, so to speak. Ultimately we are all in the same boat. Physical metal hedges mining share risk, yet the reverse is also true. WSJ, July 24, 1967, page 4 mentioned the “Mexicanization” law of 1964 which “imposed prohibitive taxes on any business held 50% or more by non-Mexican interests.” The article also mentioned the 12.9% production tax on silver in Mexico. The story commented---
“Jose Garcia, president of the Mexican Mining Chamber, a trade association, is unyielding in his view that the tax is the principal reason there hasn’t been a major new silver mine opened in Mexico for more than half a century.”
Those of us who own physical precious metals, which should be all of us, need to bear in mind that those metals did come to us by way of mining companies, and we should express some gratitude for their entrepreneurial spirit. Those Mexican mining limitations have since been discarded. We need to see they don’t return under the guise of misguided populism. Mining companies and producer nations wishing to return to silver money can work out fair terms without reneging on original contracts. Another risk we face is accusations that the mining companies somehow caused, or contributed to, sharply rising silver and gold prices by collusion. Fear of such accusations is probably why the silver miners didn’t rush to buy physical when it was suggested they do so. The Associated Press reported on May 15, 2003 that European Commission antitrust investigators raided copper miners headquarters in a price fixing investigation on anti-competitive practices, coordinated with regulators in the U.S. and Canada. Among those raided was RTZ London, the former Rio Tinto Zinc, the world’s largest polymetallic miner by market cap. Silver is the target of price suppression to an extraordinary extent because it’s the only commodity with a user’s association, AND because it’s MONEY, and governments fear real money because they can’t create it. Why do you think the Justice Department did nothing after Ted Butler said he asked them to examine the Silver Users Association for antitrust violations? Because Government policy is to hold silver prices down, or allow others to hold prices down. Stephen Fay’s 1982 book, “Beyond Greed---The Hunt Family’s Bold Attempt To Corner The Silver Market” is recommended reading (buy it on Amazon), though as an employee of the London Sunday Times, he worked for its owners, the Astor family, who are, like all the old rich, hostile towards new rich, because they have an “us four and no more” viewpoint. On page 172 he observed---
“Walter Frankland’s lobby in Washington, the Silver Users Association, pulled every string it knew. At the CFTC, Frankland suggested position limits and liquidation-only trading. At the Treasury Department, Frankland proposed that Secretary G. William Miller authorize the sale of 40 million ounces of silver that the department had stockpiled and for which it had no foreseeable use. Sell 40 million ounces, Frankland pleaded, and the price will stabilize, perhaps even fall. But Secretary Miller was more concerned with the gold price, and believed there would be strenuous opposition in Congress to any sale from the silver stockpile. In desperation, Frankland even visited the Justice Department to inquire into the possibility of an indictment of the Hunts under the Sherman Antitrust Act. But he got nowhere there, either. Frankland’s problem was perhaps that the concern of the Silver Users Association was so evidently motivated by self-interest; they always thought the price was too high.”
Funny how a member of a lobby goes in to accuse longs of wrongdoing, when his lobby is so obviously guilty of wrongdoing on the short side of the issue. But the Justice Department has no interest in investigating the Silver Users Association since as we’ve seen, the Feds like low silver prices so their printing press “money” can appear to have more value. It’s more likely that the Justice Department will start an investigation of gold and silver mining companies. Just as with the CFTC and exchange management, no wrongdoing can possibly exist on the short side. The secret, unacknowledged creed is, it’s OK to abuse commodity producers, especially if silver is what they produce! And, woe betide anyone who dares use silver as money! Remember the Franklin Sanders Story! We are immersed in an atmosphere of financial crisis being potentially torched off at any major disturbance in the bond market, derivatives, shares, trade deficit and other dangers. Consider the following prediction from another, but less perilous, period of financial instability (Commercial & Financial Chronicle, April 1, 1965, page 1363, “Official Gold and Silver Decisions May Trigger Monetary Crisis’)---
“All of these developments can be expected to disturb the public as to the integrity of the dollar in which their savings are denominated. If a wholesale loss of confidence in the dollar should result, a massive internal flight from the dollar should be expected. Such a flight would probably be directed first at demand deposits in commercial banks. Wholesale withdrawals of demand deposits from commercial banks could easily result in the imposition of a bank holiday, which could last longer than a week or 10 days. During such a period, numerous government restrictions could be expected all aimed at limiting the conversion of dollars into tangible properties, foreign exchange, and common stocks.”
Another risk is that of “smart tags” picked up who knows where, then coded to your Social Security number, which could be used to locate you and therefore, locate your metals. The Auto-ID Center at Massachusetts Institute of Technology website says---
“The Auto-ID Center is designing, building, testing and deploying a global infrastructure---a layer on top of the Internet---that will make it possible for computers to identify any object anywhere in the world instantly.”
RFID or Radio Frequency Identification uses tiny microchips with antennas. Also termed “smart tags,” they are the size of a shred of paper and can be embedded in cans, tires, pencils and pens, sunglasses, shotgun shell cartridge boxes, cosmetics make-up mirrors, you name it (perhaps even canvas bags containing silver coins); and can be read by remote readers. You won’t know when you’re in transmission proximity to a reader. Each smart tag transmits a unique I.D. number. In this manner we can all be tracked as to location at any time. At this time the capabilities are fairly limited. It may be like comparing Henry Ford’s first cars to what we have now, however enhancement won’t take but a few years. One of the sponsors is the U.S. Defense Department with its Total Information Awareness Initiative. Do you have any privacy rights left? Not according to Big Brother! RFID tags are allegedly in the new bills circulating here and I hear that a $20 placed in a microwave oven for a few seconds, will yield the result of a burned spot in Andrew Jackson’s right eye. Euro currency also has RFID tags, or will have by 2005, which is when Wal-Mart intends to send all merchandise out the front door with smart tags so you can be tracked. Along with their export of jobs to China, this should be all the reason you need to never buy there again. It may be possible to stop smart tag paper currency from relaying its location by keeping it wrapped in aluminum foil. So the next question becomes, will foil become a controlled substance?
GOLD & SILVER OWNERS GUILTY OF MONEY LAUNDERING?
Others have addressed this. Let’s talk about it briefly. It has to do with the Bank Secrecy Act of 1970 and expanded definitions of what could constitute a financial institution. Metals dealers can be considered financial institutions. Section 352 of the U.S.A. Patriot Act directed the Treasury Department to require financial institutions to have anti-money laundering programs, as of February 21, 2003, this includes precious metals and gem stones, especially diamonds. The public explanation as to the need for these procedures is to curtail the financing of terrorist activities, and illegal dealings such as narcotics trafficking. Metals investors, who are neither interested in funding terrorism, nor in engaging in crime, should be wary that a net could be thrown over them, as irrational extrapolation of the stated purposes. The Treasury Department has an anti-money laundering hotline, 1-866-556-3974, for submitting suspicious activity reports. This would typically concern anyone who came in to buy or sell metal, and for some reason or combination of reasons, seems suspicious. It would seem that those with Arab sounding names are especially at risk if they are metals investors. Information I’ve seen indicates dealers have to keep records of suspicious activities reports for five (5) years, and additionally that if those records are sought by subpoena from any level of government below Federal, to ignore the subpoena. The Financial Crimes Enforcement Network is especially interested in the use of precious metals and diamonds for financing terrorism. Civil and criminal penalties to dealers are enforceable in event of “willful blindness” to use of metals and precious stones for money laundering and terrorism. Offshore banking could raise a red flag also, unless presumably the individual is a member of approved insider organizations.
The Financial Affairs Task Force rates Indonesia, among other nations, as “non-cooperative.” There are news stories about Indonesia that can be pointed to as reasons for the rating, but I suggest the real reason is Indonesia’s move to return to gold and silver money. Paper money creators don’t want people getting ahead by owning precious metals and are out to prevent this any dirty way they can. The Denver Post, April 16, 2004, ran a story in which the former Echo Bay Mines is supposed to have paid off terrorist groups linked to al-Qaeda to avoid disrupting a gold mine in the Philippines. The story, attributed to Allan Laird, former mine manager, was disavowed by Robert Leclerc, former head of Echo Bay, now owned by Kinross Gold. The Justice Department is investigating. With a story like this circulating, the door may be open for precious metals miners to be unjustly accused of funding terrorism based on false allegations!
A simpler form of economic terrorism, from the viewpoint of the selfish silver users, would be for silver investors to form cooperatives to pool their metal resources. Having done so, they can then purchase casting equipment and fabricate their own sterling silver jewelry, and open up sales outlets to the public. Indian merchants would be happy to supply gemstones for settings. This would be an opportune way to strangle silver supply to the likes of Tiffany & Company, Silver Users Association members. After markets are established, these silver cooperatives can offer loose diamonds and colored stones, easily selling for less than Tiffany’s because their reputation for overblown gemstone prices is based on their incurable greed, charging fools for their snob name! Certainly you could sell silver direct to industrial users, but then you only get the bullion price, not the fabrication mark-up on top of that!
WHAT EVERY ONE OF US MUST DO
A check on Alta Vista search engine returned 1,086 hits on “windfall profits tax.” This is a type taxation called for every time some sector suddenly experiences a dramatic upsurge in profitability. Congressman Dennis Kucinich (Democrat Ohio, see house.gov) called on the Clinton administration and Congress---
“To implement a windfall profits tax to penalize oil companies engaging in price gouging as a result of the recent dramatic increases.”
In the “Energy Crisis” of 1973, with its long gas station lines, a windfall profits tax was levied on domestic producers. Without making certain of my suspicions, I suggest it might have been put through at the will of big multinational companies, to make independent companies weaker. In January 2003, the Connecticut state legislature had a proposal to impose windfall profits taxation on drug companies. That particular tax might be justified considering the nature of the pharmaceutical industry. However, in the case of sudden, sharp commodity price increases in gold and silver, should producers of natural resources automatically be hit with a windfall profits tax? The answer is yes, if---you’re a total have-not individual, and gloat seeing the success of others limited; if you’re a member of the Silver Users Association, you have always wanted silver miners on a starvation basis; if you’re a tax-consuming bureaucrat with a budget shortfall to cover, and you’re willing to grab anyone’s wallet to cover it; and if you’re a beneficiary of unbacked paper money creation, you fear remonetization of gold and silver the way the condemned man fears the scheduled date with the electric chair! A bit of poetry---
Swing a dead chicken, utter a voodoo
A check on Searchalot search engine returned 31,600 hits for the query, shareholders + gold mining. The same source returned 10,900 hits on the query, shareholders + silver mining.
I don’t know how many shareholders of gold and silver mining companies we have in the United States and Canada. More to the point, I don’t know how many of these people have such shares as their biggest investment. However, I suspect the figure could exceed 1 million investors here and in Canada, at least 250,000 such persons, having gold and silver shares as their primary investment. Then there are those who hold only physical metals. Friends, we are all in the same boat. There is no need to bicker about whether mining shares are better than physical, or the other way around. There is no need to debate which metal is the better holding.
What we all need and must have---or we may be wiped out by legislation, Executive Orders or court rulings---is a lobby for all precious metals investors including platinum, to lobby for the following--- (1) no windfall profits taxation on precious metals mining companies or their shareholders; and no such tax on physical holders, which could also be called a “hoarder’s tax”; taxes on physical to be levied at same rate as long term capital gains on shares and retroactive tax refunds to investors who’ve been victimized by the 28% rate; (2) no nationalization of gold and silver mineral properties or increase in pre-existing Federal or state royalty agreements; (3) no Federal confiscation or civil asset forfeiture in cooperation with local police agencies of any physical precious metals from private citizens or mining companies, for any purpose, including defense silver stockpile, national emergency declaration or remonetization; (4) repeal of any provisions of the Patriot Act that interfere with our investor rights, including privacy rights, to include protection against false allegations of money laundering and terrorism, and against “smart tag” privacy violations and misuse of the FBI’s “Carnivore” system for intercepting E-Mail messages; (5) no Federal freeze on withdrawal of bank deposits, which would be aimed at preventing people from attempting to protect themselves by buying tangible assets such as precious metals or diamonds; (6) pressure Congress to forbid individual states from enacting any such taxing or seizing legislation; (7) pressure Congress to influence nations where metals are mined, to avoid enacting laws doing any of the above, to include imposition of confiscatory royalties and limitations on export of physical commodities; (8) no unreasonable tightening of environmental regulations on mining; (9) institute Federal regulations in mining to correspond with the Oil Depletion Allowance, first enacted in 1926, and return to a subsidy of 75% of exploration costs for silver, as we once had in the Office of Minerals Exploration (New York Times, October 8, 1964, page 38); (10) make Congress investigate the responsibility of the silver and gold crisis, to include responsibility born by CFTC (called a “watchdog agency,” Wall Street Journal, November 15, 1978, page 17); NYMEX and members of Congress, and impeachment brought against them; and including price rigging on exchanges by big banks, and leasing of metals, then assess penalties to individuals and corporations including treaties with foreign nations, forcing those who leased metal to return all of it, regardless of price burden, after such nations make good faith demonstrations that shady central bankers will never be permitted to lease out their people’s metals ever again; (11) reparations to defrauded commodity investors, those with affected pension funds and IRA accounts, and retroactive relief to silver and gold producers in the form of exploration incentives and tax abatements; (12) make Congress force the Silver Users Association, exclusively without assistance of taxpayers, replenish a national strategic silver stockpile (it used to be 165 million ounces) at whatever price per ounce is necessary, as the public record contains EXCESSIVE proofs that they are the reason we don’t have such a reserve any more; and rather than threaten to seize silver from investors, give them incentive to sell by a moratorium on all gains taxation; (13) prohibit members of the Silver Users Association from purchasing silver within the United States, at any price, to give manufacturers who may not be responsible for fouling the waters, a chance at silver; (14) remonetization of gold and silver---a return to a Constitutional basis for our money system, combined with scrapping the Federal Reserve, returning to Congress the money powers hijacked from it in 1913 and opposing any move towards a single “hemispheric” currency modeled after the Euro; (15) elect or have judges appointed who are favorable towards Constitutional money; (16) return excessive Federally owned acreage to the State of Nevada; (17) abolish all use of chlorine as water disinfecting agent due to harmful side effects, and mandate substitution of silver; and (18) public educational campaigns as to why remonetization of precious metals---not gold only, but silver also---will benefit everyone with monetary stability and confidence.
If we can force Congress to confront these objectives, many on Capitol Hill will feel like they’re being torn apart by teams of horses, considering that most of these men appear to have been on the take from silver users and the paper money crowd! It was the paper money crowd who first turned their legislative curses against silver. The industrial users got on the price suppression bandwagon many years later (1873 versus 1947 officially, but unofficially at least back to the early 1930’s.) Concerning return of leased silver, the expense of such a measure would bankrupt industrial users, because their end-user product charges would climb so high, business would go to competitors. Another important item on the agenda of the new lobby could be to serve as a registration point for class action lawsuits against entities and individuals who naked shorted silver. Milberg Weiss is the most notable class-action firm in the country and might go after the offenders with merciless aggression. The lobby or PAC will not immediately focus on offensive measures aimed at bringing shorts and users to task, but rather on those points aimed at protecting our interests from punitive taxation, price capping, seizure, and telling us to whom silver may be sold.
RESULTS WE CAN ACHIEVE IF WE ALL PARTICIPATE
If we can activate 1 million precious metals investors in the United States, to contribute $10 each per month---$120 per annum---as a minimum amount---we can fund the proposed lobby to the extent of $120 million annually. Dear friends! That is only about 33 cents a day! That should be the minimum participatory level. Half the price of a package of chewing gum! It’s a small insurance premium to safeguard your future! Mining company funding could increase the amount to perhaps $150 million, or there could be a separate, corporate PAC. We the shareholders must constantly remind management to do what’s right for us! Those who are fortunate to hold large numbers of shares, and/or large amounts of physical metals, should in good conscience, contribute more. I will be happy to be among the first to contribute. Such a budget can buy massive advertising, even if outside the usual channels. Direct mail can be sent to most American households for the purpose of explaining to the general public why support of its objectives benefits them---by returning to sound money! There are probably several dozen websites advocating gold and silver money. A base can be formed almost at once by enlisting their assistance in recruiting dues paying members. Remember, President Jackson, Chief Justice Roger Taney and Senator Daniel Webster didn’t get rid of the Bank of the U.S. by themselves. They had a broad base of public support! So must we!
Metals investors forming their own PAC?
Did you know that the National Rifle Association has around 4 million members, and an annual budget of about $200 million? That works out to under 14 cents per day per member! According to nranews.com, they’re starting a “news company” and are acquiring a radio station to stream video to the Web. In 2002 the NRA lobbied on Capitol Hill with so-called “soft money” to the extent of $2.27 million. NRA is a single-issue organization---gun rights. The most effective lobbies are usually single-issue organizations. NRA also mobilizes its members for massive letter writing campaigns to Congress and local newspapers. What I propose will be a fully audited organization with no chance of funds being used for purposes other than its charter allows, or as the membership votes to amend the charter. First there will be a website, then an online publication or monthly update. It can have an annual convention, and local chapters in larger cities. The chapters should write their state legislators asking them to pass resolutions calling on Congress to remonetize gold and silver while recovering its monetary powers from the Federal Reserve, which is to become defunct! Imagine what we could do with our own radio station to counter the lies the newspaper editors and broadcast commentators will belch out. The PAC can have links on all metals websites representing the long side. The Canadians can form their own lobby along these lines, and set up office in Ottawa. Corresponding lobbies can be set up in Australia, Mexico, Peru, Bolivia, Chile and Argentina. After the first press conference at the Washington D.C. headquarters, watch for a CNBC reporter to say something like---
“The gold bugs and the silverites are trying to work together to form a precious metals bloc to bully legislation through Congress, intended to give undue favoritism to the outdated silver industry. They urge their followers with obsessive mania to hoard metal needed for manufacturing, without which jobs are at risk. Their mistrust of paper money speaks of long-standing populist paranoia towards Wall Street. Some gold executives have hatched a plot to strip the public of funds through gold remonetization. Federal Reserve and Treasury officials are dismayed by the prospect of the proposed lobby, and prominent bankers are meeting to counter the misguided group. Internal Revenue Service officials are calling for tax surcharges on these archaic metals, which have long since failed as money due to incompatibility with modern technology. A mental health organization has suggested they should seek treatment for their obsessive-compulsive behavior. Pharmaceutical scientists plan research into new drugs to treat those affected by the newly identified disorder, metals paranoia syndrome. Leading university economists, newspaper editors and award-winning financial journalists declined to endorse their stated goals, which are inflationary and seek to undermine our reliable paper currency, which fashion sources have applauded because the new ink colors are attractive. Their spokespeople, who financially speaking equate to barricaded survivalists mistrustful of the Federal Government, have just entered their fortified compound and slammed the door shut!”
Every time the media reports on the new lobby, they will refer to the headquarters as a “compound.” I propose that the mining companies join the lobby, as it is in their highest interest to do so. There could be a dues structure based on a very small percent of quarterly net income. Whatever the private views of mining company managements and directors concerning remonetization, one point is so apparent that it cannot be argued against---remonetization of gold and silver will make strong companies even stronger. They are not only mining commodities, they’re mining MONEY! Remonetization would make them “monetary agencies.” The Commercial and Financial Chronicle, November 5, 1964, page 1709, featured an article titled, “Silver’s New Stature and Inevitable Rise in Price” by H.F. Magnuson (Harry, I believe), who was vice president of Golconda Mining Corporation. After almost 40 years of waiting, we must be at the threshold of improving prices as of today.
At the state level we have seen a movement in Nevada to have a circulating silver coin, and now in New Hampshire there is interest in gold and silver as money. These lobbies I speak of, in Washington and Ottawa, should have corresponding entities in other nations. Australia is a prime example, since it is a large producer of silver and gold. The economies to our South, beginning with Mexico and ranging down to Chile and Argentina, should have corresponding organizations. Action such as this can lead to the overthrow of the unbacked paper money system. Anyone from the big banks of the world reading this hopes that you will do nothing. They hope you will remain faithful to those stupid professional sports, to which too many of you devote excessive time. The idea that others will fulfill your individual responsibilities will sink us, if too many of us think that way. The silver as money issue was so intense during 1892-1902, that there was a National Silver Party, with much support from Nevada. In the 1896 campaign to elect William Jennings Bryan to the White House, 1,125,000 copies of one of its booklets were distributed (“Monetary Crusaders of Yesteryear,” Banking, June 1964, page 60). Another pro-silver as money group, the Committee for the Nation, which existed in the early 1930’s, was denounced by the bankers as “promoting inflation.” (Banking, July 1963, page 58).
THE PROPOSED POLITICAL ACTION COMMITTEE
I must diverge with the senior silver commentator, Ted Butler, when on April 19 last, he said he wasn’t “suggesting that the silver miners band together as a group to influence the price of silver,” like the users association on the other side. He expressed concerns about illegalities. First of all, some of the silver miners have already banded together in the Silver Institute, but that near comatose organization isn’t what I’m referring to. It seems to be mainly for statistics and information. The International Precious Metals Institute is run by bankers, shorts, and the Silver Users Association. The New York Times, October 1923, page 23, ran a story titled, “Committee to Protect Silver Producers” subtitled, “Mine Owners Organize Association and Appoint Board of 12 to Formulate Policies.” Member companies included Butte & Superior Mining; American Smelting & Refining; U.S. Smelting & Refining; Sullivan Mining; Tonopah Extension Mining; Tintic Standard Mining (after a district in Utah); United Verde Mining; Atlas Mining & Milling; and California Rand Company. A brief excerpt---
“Organization of a silver producers association, to include some of the strongest financial and mining interests in the United States, has been undertaken by a committee headed by C.F. Kelley, President of the Anaconda Copper Mining Company. This committee was to consist of fifteen, but thus far only twelve have been named. The remaining three to be chosen will represent silver mining interests in Canada, Mexico and South America. It is understood that this committee will have large powers in formulating the policies of the association.”
At some point this organization disbanded. Now it is desperately needed once again. We could have more than one lobby. We could have one representing corporate members, and another for rank and file shareholders and investors. If things go that way, as much mutuality as possible should be sought, the better to influence legislation. We have pharmaceutical, medical, legal, banking, retail, teachers and other lobbies, or political action committees. There seems to be a drift, to run parellel to the subliminal message that says “any silver price increase is only due to excess in speculation;” and that drift would be “silver miners banding together to form a coalition would be wrong;” whereas, it’s OK for the users to do so. Will we be psyched out as by the arm-wrestler who suggested to opponents upon lock-up, “don’t resist me!” NYMEX also has a political action committee and has ALREADY contributed money to a Senator from a silver state (see below)! If we give an inch, the other side will take a mile. Concerns over illegalities can be carefully avoided. One silver executive, those of you who are well-read know of whom I speak, is already on record as proposing to sell enough silver to cover costs, then “vaulting” the rest. That’s how De Beers has held diamond prices high, by withholding supply. However with the silver problem supply has been withheld because of too low prices. He may not want to vault silver later. Certainly I would expect hundreds of times more regulatory scrutiny on a silver miners coalition, than on the hellborn users association, who bestows tremendous advertising patronage on the media, who in return will editorialize (propagandize) for them. The pharmaceutical lobby exists to boost their profits and has not been convicted of illegalities. It has not been ordered dissolved. A formal silver lobby, united with a gold lobby, would be the strongest force for monetary well being since the Constitution was framed. What, silver shorts can get away with detonating 1,000 H-bombs, but silver miners can’t fire a kid’s cap gun? Do you think Congress will ever do the right thing for the country in regard to restoring sound money, when they’re getting influence from the other side and NONE from us? We must not have any attitude of timidity! It is not necessary to walk on eggshells to demonstrate we are within the law. Our role will be to prevent users and shorts (paper money creators) from influencing the price of silver down. Beyond that, we will do everything legal to promote demand and rising prices. Promoting a renewed strategic silver stockpile is hardly illegal, but it would be a boost to prices. Harry Magnuson of Golconda Mining said (C&F Chronicle, November 5, 1964, page 1709)---
“This nation cannot afford to have its supplies of silver exhausted, because of the strategic use of silver in rocketry, space and defense industries. Spokesmen for the Idaho silver mining industry recommend that the government maintain at least a 500 million ounce strategic reserve of silver, because they are concerned about the defense aspect of the metal. Our experience in World Wars I and II certainly illustrate the need for having an available reserve of silver. The Department of the Interior shares in that concern. A special study made by the Bureau of Mines says that such defense uses for silver, added to conventional strategic uses, make any shortage of silver a threat to national security.”
I wrote to the Industry Council on Tangible Assets, which features some positive statements at its website. No comment was received. It may be that the ICTA is mainly concerned with numismatic investments. The Silver Institute appears to be not so much a lobby group, as a source of information. Butler’s occasional criticism of them is noted and to the point. The problem apparently stems from the situation that some of their members are users and shorts! The American Mining Congress and American Mining Association appear concerned mainly with base metals; however, the American Mining Congress was able to get 40% silver Kennedy half dollars after the 90% coins were eliminated. The AMC was a voice for silver coinage (Commercial & Financial Chronicle, February 4, 1965, page 557). Perhaps they would be interested in assisting if they haven’t been overly infiltrated! The Nevada and Idaho Mining Associations should be interested. Silver Investor website is the single best information source on silver, when it comes to “uncensored” information. The closest thing we have to a precious metals lobby, of which I am aware, is the Gold Anti-Trust Action Committee. Until very recently, the concern of this organization has been primarily for gold. My understanding is that most everyone who is part of GATA, or LeMetropole Café, is now concerned with silver also. GATA was organized to bring an end to the gold market price suppression. Its efforts were valiant and noteworthy, though the major media usually ignored them, knowing publicity would only help their cause, and predictably, ran into an unjust judge associated with a super-rich family, the Mellons, who have gifted the country with five terms of Treasury Secretaries! The metals price suppression ends only because of deliverable silver running out on the COMEX, not because of a previous event in gold, and above all NOT because Spitzer did anything for us! Ted Butler has sent umpteen numbers of letters to Treasury, Federal Reserve, COMEX, NYMEX, New York Attorney General, Justice Department, CFTC, Joint Chiefs of Staff, Senators and Congressmen, all to no apparent avail. I have written my share of protests to authorities. We get no measurable results. The missing ingredient? CONTRIBUTIONS! If we can form the political action committee described here we can get control of America’s financial future!
POLITICAL HISTORY PROVES WE NEED A PAC
Now having the beginning of our objective of higher gold and silver prices realized, to believe that all we in the precious metals community need do is relax and coast along, would be a grave mistake. After COMEX silver price suppression ends, the focal point of silver price suppression will shift back to the Federal Government, who last carried that banner with the Nixon era Cost of Living Council and its stupid price capping. We have to hammer across to Congress the message that placing a Federal price cap on silver is economically stupid and ethically wrong! The Feds could place a price cap on silver, then the miners would react by saying they’ll stop producing, or they’ll export the silver. Federal response could be, we forbid you to export, and we will nationalize your ore if you don’t produce. This entire scenario was on the way to taking place 32 years ago (Wall Street Journal, July 24, 1972, page 16) Hecla Mining called the Rumsfeld/Cheney Cost of Living Council’s Federal price cap of $1.61 on silver, “arbitrary and capricious discrimination against a basic industry.” Still think we don’t need a silver/gold political action committee on Capitol Hill? Expect to SINK without one! The Commercial & Financial Chronicle occasionally printed opposing viewpoints, (as if to suggest it was a balanced media source). In the edition for October 14, 1965, page 1399 we note in the article, “Completing a Full Cycle Of Financial Irresponsibility”---
“As both gold and silver are essential to the modern world, how long will it be before their prices will have to be increased so as to revive their production? A fixed price always stifles production!”
The commentator, a Mr. Cyril F. dos Passos of New Jersey, also understood the difference between sound and unsound money---
“Today our paper currency is redeemable only in more paper. The result of all this has been inflation and more of the same ink cannot help but follow. Valueless dimes and quarters and half dollars worth but 40% of their prior value will add fuel to the fire.”
Will the Feds say that because parts of the Arab world are going back to gold and silver money, that by holding on to our metals, we are “terrorists?” French philosopher Voltaire (1694-1778) said--
“It is dangerous to be right when the government is wrong.”
With the end of a suppressed price structure in silver and gold in commodities markets, the rest of the battle starts NOW! We will have to contend with a very vicious news media smear campaign. The attempts described above to limit our gains WILL be implemented if we fail to organize an appropriate lobby. I personally lack all necessary qualifications to administer such a lobby. One of those is realizing you are the best one for the job. However, there are those who have all the qualifications. Among those involved should be Senators and Congressmen from mining states including Nevada, Idaho, Montana, Utah, Arizona and Colorado---the “radical silver group” as they were called by the paper money spokesman (Commercial & Financial Chronicle, New York, April 13, 1935, page 2453; Business Week, July 30, 1955, page 136 said 14 silver Senators voted for “unsound” and “inflationary” silver; Business Week, March 23, 1963, page 148, said the Capitol Hill “silver bloc” members were “bullies;” Banking, July 1964, page 135, criticized the “Senate silver bloc”). Banking, June 1964, page 61 said “some of the greatest nonsense the Senate has ever heard” came from silver backers. The same issue of Banking (page 61) made reference to---
“The demonstrable economic unimportance of silver mining in the West and particularly in Nevada.”
Silver miners are just stupid, said the bankers; they must be stupid, because what they do has no economic importance. Only stupid people do things that are unimportant! While bankers and silver users are on record as alleging silver to not be money, they contradict themselves with statements like the one appearing in Banking, July 1964, page 134---
“Rising industrial demand for silver is making it too precious for use as circulating money.”
This was the same source that suggested plastic coins---outrageously beyond ridiculous--- be substituted for 90% silver coins, April 1965, page 47, lamenting that---
“Plastic money seems unlikely to meet with public approval.”
So we should all kick ourselves for throwing away over the years, so much banker approved money raw material---PLASTIC! The Commercial and Financial Chronicle, April 1, 1965, in an article titled, “Official Gold and Silver Decisions May Trigger Monetary Crisis,” page 1363 we find---
“For many months the Treasury has been working to find the best solution for the inevitable fractional silver coinage debasement. During the course of this study, consideration has been given to the use of base metals such as aluminum or stainless steel, alloys, plastics, and a reduction in the fineness of the silver content.”
Yes, the cutthroats would have given us plastic coins but the bankers knew it would finally cause a revolt. We should begin by gaining converts in the Senate, as there are only 50 members, and if we have as many as 14 to start with, we can work towards gaining a majority. Past history shows that Texas, Missouri, Oklahoma and Indiana have also had representation on Capitol Hill, in favor of real money. Would it be advisable to first approach the fence-straddlers and the enemy camp, looking for defectors, with a line from Richard Boone’s hell-for-leather 1964 western “Rio Conchos”---
“How does anyone get to you? How do I get inside those twisted guts of yours?”
I propose we begin on the shoulders of GATA if they are willing hopefully, calling on their leadership, skills, know-how, and contacts, to form such an all-encompassing Precious Metals Lobby. The actual name is subject to determination. At this time GATA is too seriously underfunded due to having far too few members. The Central Fund of Canada and its holders, as well as Toronto based Millennium Bullion Fund, should be sources of input for a metals lobby. I would love to see GATA launch a mass membership drive with ads on major metals websites. Silver MUST always remain included in the agenda! We should look for like-minded leaders in Australia, Japan, and the nations to our south. Having reached the beginning stages of improved precious metals prices, we don’t need to see these gains obliterated by punitive legislation. Can’t suppress the price of silver by COMEX fraud? No problem---suppress the silver price through legislation! We don’t need to sit on our hands enjoying our gains, while the anti-silver Brookings Institution, National Bureau of Economic Research and other entities like the American Economic Association propose price-capping restraints on silver prices. A key point to always bear in mind is that silver mining has been a losing proposition for many years, due to the manipulated low prices, and all the bankruptcies and share price wipeouts thereby produced.
Much higher prices are mere justice, for what the silver producers have endured over the decades. I propose that instead of another precious metals and natural resource conference, we organize a conference dedicated to forming the appropriate political action committee or lobby, described here. If someone is beating up your child, you don’t wait till the police show up. You try to stop it yourself. This is the situation YOU personally are in NOW, dear reader, relative to your gold and silver investments. This should occupy the majority of your attention while you reflect on your investments. The Silver Users Emergency Committee was the predecessor to the Silver Users Association (Commercial & Financial Chronicle, May 30, 1946, page 2956). They will turn our bonanza into an emergency of zero profits, if we stand idle and do nothing!
FORMING THE CAPITOL HILL COALITION
The Fair Treatment for Precious Metals Investors Act (Senate 611, House Resolution 574) will, if passed, provide that investors in bullion be taxed as to gains at the same rate as stock investors. The current rate is 28%, the so-called “collectible” tax applicable to things considered collectibles. Taxing silver and gold at higher rates than stocks is clearly prejudicial in favor of industrial users who don’t want us buying silver! Senate backers include Harry Reid (D Nevada); John Ensign (R Nevada); Wayne Allard (R Colorado); Zell Miller (D Georgia); Michael Crapo (R Idaho); and Saxby Chambliss (R Georgia). House backers include J.D. Hayworth (R Arizona); Jim Gibbons (R Nevada, of House Mining Caucus); Chris Cannon (R Utah); David Dreier (R California); Phil English (R Pennsylvania); Nick Lampson (D Texas); Marilyn Musgrave (R Colorado); C.L. Otter (R Idaho); Ron Paul (R Texas); Jon Porter (R Nevada); and Joe Wilson (R South Carolina). In other silver related bills, Congressmen Larry Craig and Mike Simpson of Idaho and Shelly Berkley of Nevada were backers of the Wood Preservation Safety Act of 2003, which calls for use of silver in place of phased out toxic arsenic compounds for wood, such as in docks, bridges, piers, etc. It would be a leap to assume that all the above lawmakers are necessarily ready to support the objectives listed above. But we must start somewhere.
Some serious problems will be noted at the start. Mining political action committees contributed $757,968 from March 2003 through March 2004 to members of Congress. However, commercial banks---who oppose gold and silver money--- contributed $3,950,892 in the same term. Mike Crapo of Idaho got $1,000 from Newmont. He also got, from opponents of hard money, $2,000 from Lehman Brothers; $5,000 from JPMorganChase; $5,000 from NYMEX PAC (parent of COMEX); and $10,000 from American Bankers Association (see reference above in which they called for outlawing of silver “hoarding.”) The NYMEX PAC’s budget was composed 11.23 % from funds contributed by Vincent Viola, chairman of NYMEX, and James R. Collins Jr., vice chairman, jointly. NYMEX PAC also contributed $10,000 to my Congressman, Joe Barton (R Texas). This is the same Barton who took Du Pont money earlier and told me the CFTC knows of “no malpractice in the pricing of silver.” Why is it that all these people swear nothing is wrong in silver---it looks like, because they’ve been bought off. Senator Reid of Nevada got $2500 from JPMorganChase. Barrick Gold contributed $38,000; Newmont $39,200 and Freeport MacMorran Copper & Gold, $16,500 in this period. However, the American Bankers Association contributed $706,000 (opensecrets.org), see also congress.org. Senator Crapo has also served as co-chairman of the Congressional Beef Caucus, through which he perhaps knows James Newsome, Mississippi cattleman who heads the rotten CFTC. Crapo is also a member of the Anti-Trust section of the American Bar Association. Antitrust and silver users, where have we encountered that before? If we can form the proposed lobby and fund it with $150 million annually this would work out to be a slight amount from all of us. There is no other way to re-take Congress. We can actually do this if we’ll start now and never stop. We can also lobby state legislatures. The rewards will be off the scale! We will get returns far exceeding the investment. The top 20 PAC’s contributed $19,755,165 in the last Congressional cycle. I propose we raise 6 to 7 times that. One time Republican Senator from Utah, Frank J. Cannon, who became chairman of the International Silver Commission, proposed a “World Silver System” along with his colleague in the Mexican Senate, Elezar del Valle (New York Times, July 27, 1931, page 10). It would be very appropriate to honor some towering patriots such as President Andrew Jackson, vice president Martin Van Buren, Senator Daniel Webster, and Chief Justice Roger Taney, all of whom fought courageously against unbacked paper money issued by the London controlled Bank of the U.S., which they succeeded in abolishing in 1836, to name some committees of the proposed precious metals political action committee in their memory. Below, General Jackson, who defeated the British at the Battle of New Orleans on January 8, 1815 and later dealt the death blow to the second (British controlled) Bank of the United States!
In the Commercial & Financial Chronicle, April 29, 1965, page 1795, article titled, “Coinage and Silver Must Be Commingled,” by Simon D. Strauss of ASARCO. We read---
“In the history of the Republic there have been three occasions when silver coinage became scarce. One occurred during the administration of Andrew Jackson; a second during the Civil War. In both instances paper currency was circulated as a substitute for silver coins. These notes of low value were held in contempt by the public.”
Which is why Jackson abolished the Bank of the U.S., it was issuing funny money like the Federal Reserve today! What happens if we found our PAC and a bidding war starts over legislation? We take our case straight to the voters, who will side with us as they understand the value of sound money. We must be on perpetual alert against false choices in political candidates. General Wesley Clark who was until some weeks ago, widely touted as a presidential candidate, is both a British Rhodes Scholar and Knight of the British Empire. Therefore if elected he would have given Britain whatever she wanted---more war on silver as money, and more of sending our troops to die in more British planned conflicts. If you think these titles and associations don’t mean complicity with a foreign power, you’re tragically mistaken! If Bush is reelected, watch Iran get invaded next! The British and their American partners want the Caspian Sea oil! The Defense Policy Board, an organization of warmongers linked to subversive foreign powers and military contractors, could declare that citizen held silver must be forfeited to Uncle Sam because there is a state of war---a national emergency. (The Defense Department wanted a 600 million ounce silver stockpile long ago---Commercial & Financial Chronicle, April 1, 1965, page 1363). The same source revealed that 65 million ounces of silver that was “on loan” (“leased”) to the Atomic Energy Commission, was radioactively contaminated (in “Treasury Silver Today,” November 17, 1966, page 1757)! This was at a time when Glenn Seaborg, a scientist with many links to Wall Streeters, chaired the AEC.
After the election, we will be told---we must invade Iran (don’t worry, our senior partners, the British, will supply 10% of the military personnel needed!) Members of this demonized board include James Schlesinger, first American on record to advocate arms sales to Red China, with silver short Lehman Brothers; retired Admiral David Jeremiah, also with Chinese connections (see “Silver Devils” in archives); Harold Brown, former Defense Secretary, now associated with Warburg (Federal Reserve) interests; Rockefeller associate Henry Kissinger (“we fight for oil”); and Hal Sonnenfeldt, director of the Atlantic Council of the United States, which seeks to re-unite America with Great Britain! It was the British who drew us into two World Wars! As of late April, the House has passed a “Doomsday” bill, calling for special elections to be held within 45 days, in the event that 100 or more members of Congress are killed in a terrorist attack! So to the silver coalition we want to form, I advise, take care, all terrorists may not be foreign based! Please have your staff carry video recorders wherever you go, scanning the surroundings!
LEADERSHIP---NEED IS IMMEDIATE AND DESPERATE!
I call upon the recognized leaders of the gold and silver communities, to correspond with one another, compare notes, and begin a plan of action. I call upon these gentlemen to expand the suggestions proposed here, and to form liaison committees to work out the beginnings of the Precious Metals Lobby, which will safeguard our rights, to parellel the way in which the National Rifle Association successfully fights to preserve ownership of firearms. Will someone please lead the charge, now that the call has been made? We will get behind you. I am speaking of men such as Bill Murphy of GATA and his associates; David Morgan of Silver Investor; Jason Hommel of his silver stock review; Edwin Viera, Constitutional money authority; and others known to them. Either they can lead, or nominate someone who can. Don’t wait till the other fellow sends you e-mail on the subject; send him one first, or make a phone call. Perhaps the new lobby could be located near the Silver Institute to give them a wake-up call. I don’t recall them complaining about naked short positions in silver, or about leasing. Problems aren’t resolved by evading controversy. Let this matter die through inaction, your investments are subject to being ruined. Do you understand what “ruined” means? Just figure you’re falling, and you must engage your parachute without delay. The Commercial & Financial Chronicle, August 22, 1946, page 1018, referred to the Emergency Committee of silver users, forerunner to the Silver Users Association (a retail jeweler was speaking)---
“The mining interests are not going to quit. The Emergency Committee which was formed some months ago still has plans for the future. Another meeting is going to be held very soon, at which a campaign will be laid out to meet what we expect is coming from the mining interests.”
Friends, the other side thinks we the mining interests should “quit.” We should roll over and play dead. We should be stuck on professional sports, while they lobby Congress and get what they want, which is to leave us without profit. We should do nothing to form our own lobby, while theirs works round the clock to harm us! The quote above came from a source who had no problem with getting diamonds from the DeBeers cartel, yet the struggling silver miners weren’t a cartel and he hammered at them! Having your way in Congress appears to come down to who agitates the most, so that better be us, or we can all sign on to be penny a year people at Wal-Mart. And we can be eating “Soylent Green,” from the 1973 film with Chuck Connors and Charlton Heston, in which the government feeds us a product partly composed of corpses. We have to reinvigorate the old “Silver Bloc” in Congress, and add allies to it, to battle for Constitutional money and fair treatment. The Commercial & Financial Chronicle, November 19, 1942, page 1807, in the article, “N.Y. Chamber of Commerce Urges Passage Of Bill Releasing Silver For War Use,” we read---
“The silver bloc is opposed to any legislation which might lessen the monetary sacredness of silver. There was no sound economic reason why an ounce of silver should be held as monetary backing.”
No sound reasons other than over 5,000 years of history, and the wisdom of the Founding Fathers in the Constitution! The C & F Chronicle, June 10, 1965, (pages 2416, 2426-2427) featured a reprint of an address to the New York Society of Security Analysts by John Stevens, of International Silver Company, Sterling Silversmiths Guild of America, graduate of (Chinese opium trade related) Yale University and chairman executive committee, Silver Users Association---
“Those who contend that our subsidiary coins must have intrinsic value, specifically silver, do not understand the function of a coinage system. Any amount of silver in our coins is not only unnecessary but undesirable. Higher silver prices do not guarantee any increase in production. The senseless retention of silver coins is contrary to the recognition of silver as an industrial material for which there is increasing demand. It is inconceivable that the Mint would recommend the retention of silver in coins for the benefit of the silver producers.”
We do not understand the function of a coinage system, say the silver users! Again we read in the same source (July 25, 1946, page 492) comments by the founder of the Silver Users Association, Senator Sinclair Weeks of Reed & Barton silversmiths, director of the National Association of Manufacturers (beware of them also) and treasurer, Republican National Committee (1941-1944) who in the story entitled “Will There Be Another Holy Crusade for Silver?” complained about---
“The attempt by westerners to clothe silver in sanctity as a precious monetary metal.”
Sinclair Weeks (below, 1893-1972) was also Secretary of Commerce, 1953-1958 and you have to wonder what he did while in that position to help the silver users (by the way, I recently saw a Reed & Barton Heritage Mint stainless steel spoon, made in China)---he seems to be reciting a line from “Star Trek The Wrath of Khan” (1982)---“From hell’s heart I stab at thee!”
Talk about giving off unspeakable vibes! He also seems to be saying, “we’re politically active you’re not which is why we keep putting the screws to you!” Notice how he posed for the photo, the stance and placement of his hands implies someone who would go to any length to have his way. He had less integrity than a convict’s snot! Before we can truly mobilize the silver forces in Congress, we must have mining company managements who are willing to speak publicly for shareholders interests. It won’t pass to avoid controversy, or worry about offending bankers and their stooges in government. As the slogan of the National Write Your Congressman Club (Dallas) has it---
“Evil people rule when good people do nothing.”
“Power always has to be kept in check; power exercised in secret, especially under the cloak of national security, is doubly dangerous.” ---William Proxmire, Democrat Senator (1957-1989) from Wisconsin. And from the Wall Street Journal, March 31, 1980, page 16, speaking of the steep slide in the silver price caused by the shorts and users who’ve always run the Commodity Exchange---
“Silver mining companies reacted grimly to the price collapse.”
If you don’t get busy and organize and support a lobby to look after the interests of the precious metals community, the silver users and unbacked paper money crowd will pull strings in Congress as fast as they can, and in the White House. They will give YOU something to “react grimly to.” We’re all in metals to get ahead, right? We don’t accomplish that unless we act to protect our interests. How hard is that to understand? Did you know that a restaurant chain, Outback Steakhouse, has a political action committee? Aren’t we at least as interested in our rights as they are in theirs? If we can control a majority in Congress sufficient to override Presidential veto, we’ll deal the silver users and the paper money crowd so severe a blow, their great grandparents will feel it. The second Bank of the U.S. was abolished in 1836, abolishing the Federal Reserve and backing the dollar with gold should be possible with a strong metals coalition! Send those e-mails and make those phone calls ASAP! The call has gone out, who will step up and lead the way? Like the famous “Indian Devil,” noted for rage, we must say, “We’re mad as hell and we’re not going to take it any more!”
It’s TIME to BITE, CLAW, and SCRATCH Congress for what we want!