ve for six months, at which time it would have to be
renewed by the same procedure. That is very similar to the Soviet way.
It could not be more foreign to the American way if it had been lifted
from the Soviet constitution.

Other proposals in the report of the Commission on Money and Credit,
filed on June 18, 1961, after a three-year study:

1. The Federal Reserve Act would be amended to give the President
control over the Federal Reserve System--which, as set up in 1913,
is supposed to be free of any kind of political control, from the
White House or elsewhere.

2. The Commission recommends elimination of the legal requirement
that the Federal Reserve System maintain a gold reserve as backing
for American currency. A bill was introduced in Congress (May 9,
1961, by U. S. Congressman Abraham Multer, New York Democrat) to
implement this Commission recommendation. The bill would take away
from American citizens twelve billion dollars in gold which
supports their own currency, and enable government to pour this
gold out to foreigners, as long as it lasts, leaving Americans with
a worthless currency, and at the mercy of foreign governments and
bankers (see the _Dan Smoot Report_, "Gold and Treachery," May 22,
1961).

3. The banking laws of individual states would be ignored or
invalidated: banking laws of 33 states prohibit mutual savings
banks; the Commission on Money and Credit wants a federal law to
permit such banks in all states.

4. The Commission would circumvent, if not eliminate, state laws
governing the insurance industry: the Commission proposes a federal
law which would permit insurance companies to obtain federal
charters and claim federal, rather than state, regulation.

5. The Commission would subject all private pension funds to
federal supervision.

6. The Commission would abolish congressional limitations on the
size of the national debt--so that the debt could go as high as the
President pleased, without any interference from Congress.

7. The Commission recommends that Congress approve all federal
public works projects three years in advance, so that the President
could order the projects _when he felt_ the economy needed
stimulation.

Remembering how President Kennedy and his administrative officials and
congressional leaders used po