Dear Mr. President and Senators,

Send this letter to your Senators. Join We The People

Dear Mr. President and Senators,

Before you vote tonight on the Economic Bail Out Bill, I would like to remind you that Congressman Hoekstra along with 95 Democrats in the House have listened to the VOICE of the people and very correctly voted against this very Un-Constitutional Bill. In a recent correspondence that I received from Congressman Hoekstra, he reiterated an inherent right:

“Your right to advocate particular ideas and to persuade others of their legitimacy cannot be infringed upon.”

I will remind you that you have taken an Oath to uphold, protect and defend the Constitution of the United States as well as the State from which you were elected. I stand on my “RIGHT to INSTRUCT” under the Michigan Constitution.

The people shall have the right freely to assemble together, to consult for the common good, to instruct their representatives, and to petition the legislature for redress of grievances.

With that said, I would like answers to these questions, which were served on you by your constituents, on June 30, 2008, and have gone unanswered. Before you vote on this Un-Constitutional give away of the People’s money, I instruct you to answer these questions.



1. Do you admit that our government, the United States of America, does not own any of the stock in the Federal Reserve Banks?

2. Do you admit that the Federal Reserve System consists of a Board of Governors in Washington D.C., plus agroup of privately held (but privately and publicly administered) Corporations, including 12 main banks and 32 regional branch banks?

3. Do you admit that the President, with the advice and consent of the Senate, appoints all seven members of the Federal Reserve Board?

4. Do you admit that the Federal Reserve’s member banks are controlled by private individuals and corporations, often acting in concert, that receive profits from their ownership and operation of our country’s monetary system?

5. Do you admit that the Federal Reserve Board is a government agency or instrumentality?

6. Do you admit that for the first twenty years, Federal Reserve Notes (FRNs) had to be
redeemed in lawful money by Reserve Banks and member banks (12 U.S.C. Section 411);
or, failing redemption, the United States could assert a lien on all the Reserve banks’ assets (12 U.S.C. Section 413)?

7. Do you admit that since 1933 FRNs may be redeemed only by other FRNs?

8. Do you admit that our money, the Federal Reserve Notes, with the exception of minor or trivial amounts, are not backed by anything other than the federal government’s power to collect taxes?

9. Do you admit that since 1933 currency issues, including FRNs, have been created and are created with no external limit from nothing but paper and ink?

10. Do you admit that the assets of the Federal Reserve System are not composed of anything other than about $13.24 billion of gold certificates in the Federal Reserve Banks and Special Drawing Rights (SDRs), about $581.24 billion of U.S. securities held outright, about $76 billion in repurchase agreements (“repros”), about $144.8 billion in loans, and about $70.13 billion of premises and equipment of the Federal Reserve Banks themselves and other assets or, do you believe the Federal Reserve System owns or has claims to assets that the System does not list in its normal public disclosures?

11. Do you admit that the total assets of the Federal Reserve equals about $885.4 billion?

12. Do you admit that all gold owned by the Federal Reserve System was handed over to the Treasury Department in 1934 and that the Federal Reserve received certificates for the gold and carries these certificates as assets at $42.22 per ounce ($11 billion total value)?

13. Do you admit that the Federal Reserve System’s 12 main and 32 branch banks obtain Federal Reserve currency notes from the Bureau of Printing and Engraving for approximately two cents per piece of paper, regardless of denomination, and uses them to purchase Treasury debt for which the Treasury is liable for the full face amount of each bill, note or bond, plus interest?

14 Do you admit that, except for discounted bills, by selling a $100 US Treasury Security to the Federal Reserve, the federal government is agreeing to pay the Federal Reserve the full amount of the principal of the Security ($100) plus an interest payment?

15. Do you admit that it is estimated that only $312 billion in Federal Reserve Notes are in circulation in the USA (approximately 40%)?

16. Do you admit that it is estimated that the other $468 billion in Federal Reserve Notes are in circulation overseas (approximately 60%)?

17. Do you admit the national debt, the sum total of all outstanding US Treasury Securities ( not including governmental guarantees and other contingent and conditional obligations), is approximately $9 trillion?

18. Do you admit that the $9 trillion national debt can never be paid-off with the Federal Reserve Notes if there are only $780 billion Federal Reserve Notes in circulation (absent a long-term, extraordinarily oppressive and over-burdensome system of taxation aimed at circulating the currency back into the government’s hands), i.e., that the supply of "currency" whether in either physical FRNs or accounting/book entries must be increased endlessly (inflation) in order to make the payments of interest and principal on both national and privately held debts that are denominated in FRNs?

19. Do you admit that when a worker "deposits" his paycheck in a bank or writes a check, there is NO exchange of actual FRNs and only an accounting entry takes place and that for every $1 deposited in a member bank, approximately $9 can be lent out through the Fractional Reserve Policy and, in any event, the public is never informed of the inherently unstable nature of the system?

20. Do you admit that whereas Federal Reserve Notes are units of exchange, bank money
(credit money) is units of account, and absent laws requiring a higher reserve requirement, banks can expand deposit accounts to 9+ times exchange?

21. Do you admit that when a member bank lends a customer "money" it merely credits the customer’s account with a book entry, never actually depositing Federal Reserve Notes in the customer’s account?

22. Do you admit this is the reason why only $312 billion Federal Reserve Notes in domestic circulation have been pyramided to support a $14 trillion dollar economy?

23. Do you admit that when the Federal Reserve Act was passed (on Christmas Eve) in 1913, Federal Reserve Notes became one of four forms of competing currency (specie, treasury notes or greenbacks, national bank notes and FRNs)?

24. Do you admit that in 1933, Congress passed a law making Federal Reserve Notes "legal tender," thereby transferring the power to coin and issue our nation's money from Congress to the Federal Reserve?

25. Do you admit that in 1933 (revised in 1935), Congress passed a law purportedly transferring the power to regulate interest rates and thereby the relative value of money, from Congress to the Federal Open Market Committee (currently comprised of up to 7 members of the Board of Governors and up to 5 voting representatives of Federal Reserve Banks)?

26. Do you admit that our country now borrows what should be our own money from the Federal
Reserve (a "private" corporation that is, in fact, heavily politically influenced by the President through the Secretary of the Treasury), paying interest for the privilege?

27. Do you admit that the Secretary of the Treasury and the Federal Reserve have knowledge of and has acted in close coordination with the Treasury Department’s Exchange Stabilization Fund (ESF) to manipulate and suppress the price of gold in an effort to keep the perceived value of the dollar relatively high?

28. Do you admit that the Secretary of the Treasury and the Federal Reserve have acted in close coordination with the central banks and governments of foreign nations to suppress the price of gold?

29. Do you admit that a portion of the ownership of the Federal Reserve is held by foreign entities and that the current statutes allow for ownership of a controlling interest in its Federal Reserve Bank stock?

30. Do you admit that there is a risk that there could be significant and unavoidable conflicts of interest between the private (and not insignificantly foreign) owners of the Federal Reserve Banks and the American people that are forced by law to use its FRNs?

31. Do you admit that the Treasury Department’s ESF has directly engaged and/or colluded with foreign governments and/or central banks to intervene in the world’s financial markets in order to manipulate market outcomes?

32. Do you admit similar manipulation regarding gold and equity markets?

33. Do you admit that the Treasury Department’s ESF, under U.S. law, is held accountable only to the President and its books and records are open for public examination only through a limited degree and untimely disclosures?

34. Do you admit that the whole of the Federal Reserve System has never been independently audited?

35. Do you admit that there is a currently pending House Resolution calling for a complete audit of the Federal Reserve by the General Accounting Office?

36.Do you admit the Federal Reserve Board is resisting a complete audit of the books and operations regarding foreign exchange trading, government securities trading, and transactions with or for the account of foreign central banks and monetary authorities?

37. Do you admit the Federal Reserve interferes with the free market’s effect on the value of Federal Reserve Notes by trying to regulate the value of all Federal Reserve Notes?

38. Do you admit that the Federal Reserve determines the amount of money in circulation and the price of credit (including mortgage and car loan rates)?

39. Do you admit the Federal Reserve, at its sole discretion, decides what the rate of interest will be that the federal government will pay to the Federal Reserve?

40. Do you admit that the Federal Reserve Board consults closely with the Secretary of the Treasury before every important monetary policy move and that Ben Bernanke consults with the Secretary of the Treasury before each Federal Open Market Committee meeting?

41. Do you admit that under Article 1 Sections 1 and 8 of the federal Constitution, only Congress, which comprises only the Senate and the House of Representatives, has the power to coin money (silver and gold coin) and regulate the value thereof?

42. Do you admit that no provision of the Constitution gives Congress the authority to transfer any powers granted under the Constitution to a private corporation?

43. Do you admit that the Federal Reserve Board is repugnant to the Constitution?

44. Do you admit that the Federal Reserve Banks are repugnant to the Constitution?

45. Do you admit the Constitution specifically states that the enumeration of certain rights shall not be construed to deny or disparage others retained by the People, and that the powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the People (ninth and tenth amendments)?

46. Do you admit the United States of America is not just one more undifferentiated trading outpost in some great global economy?

47. Do you admit the United States of America belongs to We The People?



William &Rose Lear