Presenting The American Monetary Act (as of April 6, 2008) 
American Monetary Institute, P.O. Box 601, Valatie, NY 12184 
ami@taconic.net 518-392-5387 
“Whoever controls the money system controls the nation.” 
Stephen Zarlenga, Director 
Introduction 
Dear Friends, 
The American Monetary Act (the “Act”) is a comprehensive reform of the present United States 
money system, and it resolves the current banking crisis. “Reform” is not in its title, because the 
AMI considers our monetary system to never have been adequately defined in law, but rather to have 
been put together piecemeal under pressure from particular interests, mainly banking, in pursuit of 
their own private advantage, without enough regard to our nation’s needs. That is the harsh judgment 
of history as made clear in The Lost Science of Money, by Stephen Zarlenga (abbreviated LSM).* 
That book presents the research results of The American Monetary Institute to date and this Act puts 
the reform process described in Chapter 24 into legislative language. Chapters 1 thru 23 present the 
historical background and case studies on which Chapter 24 is based. We recommend serious 
students of our money system read the book now, and suggest that those who’ve read it read it again. 
This Act – a work in progress – has been in preparation since December 2004 and was placed on our 
web site for public criticism in February 2006, and concurrently released in Philadelphia at the 
Eastern Economic Association Conference for general comment. It draws from a previous proposal 
known as “The Chicago Plan,” which was advanced by Professors Henry Simons, Irving Fisher and 
other leading economists in the 1930s in response to the wreckage of the Great Depression which 
resulted from our poorly conceived banking system. The Act also incorporates some infrastructure 
concepts advanced in the old Sovereignty Proposal of Mr. Kenneth Bohnsack. 
While The American Monetary Institute is responsible for its present form, the Act is based on 
Aristotelian monetary concepts in existence since at least the 4th century BC and employed 
successfully in a variety of monetary systems since then, ranging from democratic Athens to 
republican Rome. It is not merely a theoretically based concept but has a long history of successful 
implementation in major societies around the world, including the American Colonies and the United 
States. These concepts enabled us first to establish the U.S. and then to maintain it as one nation (see 
the LSM). 
The current text of the Act is presented on the right side of each page. On the left appears an 
explanation of the terminology and why it’s necessary. A background explanation is presented after 
each Title of the act. Then the next Title is considered. 
This five page form of the Act is a structural summary, which will be detailed and fleshed out as the 
legislation develops. With continued refinements it wouldn’t be surprising to reach 20 or 30 pages, 
when ready for introduction into Congress as a bill. The following brief summary: The Need for 
Monetary Reform serves as a preface to the American Monetary Act. 
You are invited to join in this adventure for monetary reform! 
Sincerely, 
Stephen Zarlenga 
Director, AMI 
* Please see The Lost Science of Money book for the case histories that demonstrate in detail, the 
points of this pamphlet. 
1
The Need for Monetary Reform 
Monetary reform is the critical missing element needed to move humanity back from the brink 
of nuclear disaster, away from a future dominated by fraud, ugliness and warfare, toward a 
world of justice and beauty. 
The power to create money is an awesome power – at times stronger than the Executive, Legislative or 
Judicial powers combined. It’s like having a “magic checkbook,” where checks can’t bounce. When controlled 
privately it can be used to gain riches, but more importantly it determines the direction of our society by 
deciding where the money goes – what gets funded and what does not. Will it be used to build and repair 
vital infrastructure such as the New Orleans Levees and Minneapolis bridges to protect major cities? Or will 
it go into warfare or real estate loans, creating asset price inflation - the real estate bubble. 
Thus the money issuing power should never be alienated from democratically elected government and placed 
ambiguously into private hands as it is in America in the Federal Reserve System today. Indeed, most people 
would be surprised to learn that the bulk of our money supply is not created by our government, but by private 
banks when they make loans. Through the Feds fractional reserve process the system creates purchasing media 
when banks make loans into checking accounts, so most of our money is issued as interest-bearing debt. 
Under the Constitution, Article I, Sec. 8, our government has the sovereign power to issue money and spend it 
into circulation to promote the general welfare through the creation and repair of infrastructure, including 
human infrastructure - health and education - rather than misusing the money system for speculation as 
banking has historically done, periodically causing one crisis after another. Our lawmakers must now reclaim 
that power! 
Money has value because of skilled people, resources, and infrastructure, working together in a supportive 
social and legal framework. Money is the indispensable lubricant that lets them “run.” It is not tangible wealth 
in itself, but a power to obtain wealth. Money is an abstract social power based in law; and whatever 
government accepts in payment of taxes will be money. Money’s value is not created by the private 
corporations that now control it. 
Unhappily, mankind’s experience with private money creation has undeniably been a long history of fraud, 
mismanagement and even villainy. Banking abuses are pervasive and self-evident. Major banks and companies 
focus on misusing the money system instead of production. For example, in June 2005, Citibank and Merrill 
Lynch paid over $1.2 Billion to Enron pensioners to settle fraud charges, and billions more to others. 
Private money creation through fractional reserve banking fosters an unprecedented concentration of wealth 
which destroys the democratic process and ultimately promotes military imperialism. Less than 1% of the 
population now claims ownership of almost 50% of the wealth, but vital infrastructure is ignored. The 
American Society of Civil Engineers gives a D grade to our infrastructure and estimates that it will soon be a 
D- and that $1.6 trillion is needed to bring it to acceptable levels. 
That fact alone shows the world’s dominant money system to be a major failure crying for reform. 
Infrastructure repair would provide quality employment throughout the nation. There is a pretense that 
government must either borrow or tax to get the money for such projects. But it is well enough known that the 
government can directly create the money needed and spend it into circulation for such projects, without 
inflationary results. 
Monetary reform is achieved in three parts which must be enacted together for it to work. Any one or any 
two of them alone won’t do it, but could actually further harm the monetary system. The reform has its best 
chance of passage in a severe monetary crisis periodically created by the privatized money system. 
First, incorporate the Federal Reserve System into the U.S. Treasury where all new money could be created by 
government as money, not interest-bearing debt, and spent into circulation to promote the general welfare. The 
monetary system would be monitored to be neither inflationary nor deflationary. 
Second, halt the bank’s privilege to create money by ending the fractional reserve system in a gentle and 
elegant way. All the past monetized private credit would be converted into U.S. government money. Banks 
would then act as intermediaries accepting savings deposits and loaning them out to borrowers. They would do 
what people think they do now. 
2
Third, spend new money into circulation on infrastructure, including the crucial “human 
infrastructure” of education and healthcare needed for a growing society, starting with the $1.6 trillion 
that the American Society of Civil Engineers estimates is needed for infrastructure repair. This would create 
good jobs across our nation, re-invigorating local economies and re-funding government at all levels. 
The false specter of inflation is usually raised against such suggestions that our government fulfill its 
responsibility to furnish the nation’s money supply. But that is a knee jerk reaction - the result of decades, 
even centuries, of propaganda against government. When one actually examines the monetary record, it 
becomes clear that government has a better record issuing and controlling money than the private issuers 
have.* Inflation is avoided because real material wealth has been created in the process. 
This press release from the 2005 AMI Monetary Reform Conference in Chicago, highlights the beneficial 
effects of the plan both in terms of vast savings on interest and in avoiding such disasters in the first place: 
- - - - - - - - - - 
Money Reform Plan Would Save Taxpayers $ Billions Per Year in Katrina Cleanup 
"An alteration in the way money is introduced into our economy would save at least $10 billion dollars per year in 
the cleanup and rebuilding aftermath of Hurricanes Katrina and Rita. If the clean-up loans last the normal 30 years, 
the savings will be over $250 billion," says Stephen Zarlenga, Director of the Institute. The plan, known as The 
American Monetary Act was discussed at the American Monetary Institute 2005 Monetary Reform Conference…. 
The proposed three part reform of our currency system would have the U.S. Government directly spend the money 
into circulation rather than the present method of allowing the banking system to create the money and then the 
government borrowing the money. Funding such infrastructure expenses through bonds generally doubles to triples 
their final cost. 
The reform avoids this expense by removing the fractional reserve provision of the present system, which in effect 
allows the banking system to create the much needed new money that must be continually introduced into the 
economy as population and economic activity expands; or when emergencies such as Katrina, or warfare require 
great expenditures. Under the reform only the U.S. government, not the private banking system, would be allowed 
to create money. 
"What we're proposing is very similar to the 'Chicago Plan' which came out of University of Chicago economists in 
the 1930s and was widely supported nationwide by the economics profession back then," said Zarlenga. 
Under the plan the government spends the new money into circulation on necessary infrastructure, including 
education. A presentation at the conference by the American Society of Civil Engineers pointed out the 
deteriorating condition of American infrastructure, which currently receives an overall grade of D, and is predicted 
to reach D- soon. 
Most of Katrina's Damage on New Orleans Was Avoidable 
"This method of introducing new money through infrastructure creation and repair would actually have stopped 
most of the damage and loss of life in New Orleans, because the money would have been available to repair the 
levees, and they would have probably held" said Zarlenga. 
"Under the present private control, money goes largely into speculative bubbles, including Wall Street games and 
real estate" he said, "Under societal control it would go much more to promoting the general welfare. Inflation is 
avoided because real material wealth has been created in the process, and catastrophic loss including loss of life is 
prevented.” – End of press release. 
- - - - - - - - - - - - - - - - 
Lawmakers have often believed they could ignore the big questions on how our money system is structured. Right 
from the Constitutional Convention delegates ignored society’s monetary power and the excellent record of 
government issued money in building colonial infrastructure and giving us a nation. They left the money power up 
for grabs instead of properly placing it in a fourth, monetary branch of government. History shows that the money 
power will be a fourth branch whether we recognize it as such or not. It’s not safe to leave so much power and 
privilege in private hands! It’s counter to our system of checks and balances. The developing financial crisis 
requires us to re-evaluate and focus on it now. Lets fulfill our responsibility to get a real understanding of this 
problem and the solution. 
As the late Congressman Wright Patman, Chairman of the House Committee on Banking and Currency for 
over 16 years, said, "I have never yet had anyone who could, through the use of logic and reason, justify the 
Federal Government borrowing the use of its own money....I believe the time will come when people will 
demand that this be changed. I believe the time will come in this country when they will actually blame you 
and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic 
system to continue.” 
3
The Purpose and Short Title of the 
Act are given. 
The “Findings” summarize the 
problem – that Society’s monetary 
power has been privatized in the 
hands of the financial industry (1), 
especially the ambiguous but 
essentially privately controlled 
Federal Reserve System. 
This privatization has led to a 
multitude of afflictions (2) through 
the mechanism of allowing financial 
institutions to issue money in the 
form of interest-bearing debt (3). 
The “Findings” point out (4) how 
this differs from government 
creating money, not debt, and 
spending it into circulation interest 
free. That removes the interest 
burden on our money supply and 
allows public control rather than 
private influence to determine how 
money is introduced into the 
economy. For example, whether it 
is largely directed as at present into 
real estate speculation and various 
Wall Street games, or into crucially 
needed infrastructure, such as 
levees protecting major American 
cities, and the nation’s bridges and 
dams. 
A solution is described (5 & 6) and 
its objectives are outlined (7), in a 
general form taken from the U.S. 
Constitution that all reasonable 
Americans can support in order to 
“to promote the general welfare.” 
THE AMERICAN MONETARY ACT 
An Act to restore the Constitutional power to create Money to 
the Congress of the United States 
Be it enacted by the Senate and House of 
Representatives of the United States of America in Congress 
assembled, 
SEC 1. SHORT TITLE 
This Act may be cited as the American Monetary Act 
SEC 2. FINDINGS 
The Congress finds that – 
(1) The Federal Reserve Act of 1913 effectively ceded the 
sovereign power to create Money delegated to Congress by the 
Constitution to the private financial industry. 
(2) This cession of Constitutional power has resulted in a multitude 
of monetary and financial afflictions, including a growing and 
unreasonable concentration of wealth, an uncontrollable 
national debt, excessive taxation of citizens, inflation of the 
currency, drastic increases in the cost of public infrastructure 
investments, excessive un- and under-employment, and erosion 
of the ability of Congress to exercise its Constitutional 
responsibilities to provide for the common defense and general 
welfare. 
(3) The issue of means of exchange by private financial institutions 
as interest-bearing debts should cease once and for all. 
(4) The power of Government to create Money and spend or loan it 
into circulation as needed is similar but different in nature from 
the power to create and market instruments of indebtedness; it 
eliminates the need to pay interest charges on the nation’s 
money supply, to financial institutions and removes their undue 
influence over public policy. 
(5) Direct disbursement of United States Money can be readily and 
easily implemented, including replacement of Federal Reserve 
Notes and retirement of debt. 
(6) The Federal Reserve System shall be retained as a central bank 
of issue, a national fund processing clearinghouse, and a fiscal 
agent for the Government and should be incorporated within the 
US Treasury. It should no longer be utilized to introduce 
liquidity into the currency system through interest-bearing 
debts. 
(7) Government policy with regard to monetary supply should be 
based on the principle of furnishing sufficient liquidity to 
support the reasoned sustainable expansion of the physical 
economy, providing for the common defense and general 
welfare of the United States, and full employment of the 
nation’s working population 
4
Background: The Fed is a private organization, not a part of our government. 
The Federal Reserve System consists of 12 regional Federal Reserve banks, with boards of directors, under an umbrella 
direction of the seven member Federal Reserve Board in Washington, which has the power to determine major aspects 
of banking activity, such as setting interest rates, and the reserve and other operational requirements. There are no shares 
of the Washington Fed Board organization; the only “ownership” of the Fed is in shares of each of the 12 regional 
banks. They are entirely owned by the private member banks within their respective districts, according to a formula 
based on member bank size. The ownership is highly restricted in that such ownership is mandatory; the shares can’t be 
sold; and they pay a guaranteed 6% annual dividend. 
Explanations: Fed Private 
Money is created privately as debt, not by our government 
This has transferred tremendous power to the financial elements 
Thus the stories that the Federal Reserve is “owned” by foreign bankers (the Rothschild’s and other prominent banker 
names usually come up) are not accurate and these types of rumors have mainly served to discredit wholesome criticism 
of the banking system. 
It will be clear from the following facts that the Fed is definitely not part of the US Government. 
*The Fed is not organized within the Executive, Legislative or Judicial branches of our government. 
*Who pays the Fed’s bills and determines its budget? Not any part of our government. The Fed gets its funding from its 
own specially privileged operations. The Fed Board determines Fed budgets. 
*Who monitors and oversees Fed activities? Again the Fed itself. While some important elements of proper auditing 
have taken place, there has not yet been a comprehensive independent audit, by the Government Accountability Office 
as proposed in a recent letter from Ralph Nader to new Fed Chairman Ben Bernanke, calling for greater monetary 
transparency. 
*Federal Reserve Employees are not part of the US Civil Service System and are not covered by government 
employees’ health insurance or pension programs. Who does the hiring and firing? Except for the highly publicized 
Chairman and seven member Washington Board, this is in private, unelected hands. 
*Federal Reserve Banks are not listed as government organizations by the telephone companies, a small but telling fact. 
The ambiguity surrounding the Fed arises because the U.S. President appoints the Fed Chairman to four year terms, and 
the seven member board to 14 year terms. Also the Fed is supposed to implement government fiscal policy, but it has not 
really done so. (see Is the Federal Reserve System Part of the U.S. Government, at our website 
http://www.monetary.org/federalreserveprivate.htm) 
Several structural problems arise from private control: The system tends to be run to benefit those in control rather than 
the whole society. This concentrates wealth into fewer and fewer hands. The interest received by the banking system for 
money creation flows into their hands. The control over where the money goes determines the direction the society 
moves in. Privately controlled money tends to go into speculation to make a quick buck. Infrastructure, health and 
education get ignored or short changed. 
The private banking system, not government, now creates our money in the form of debt. 
Most Americans think our money is issued and controlled by our government. They are surprised to learn that most of 
our money is created when people and businesses have to borrow from banks, since this is the main way that money now 
enters the system. The banks make loans by crediting the borrowers account. This is fiat money, or “purchasing media” 
created out of thin air, thanks to a special legal privilege granted to them called “fractional reserve banking.” They write 
a computer credit in the account of those whose needs have driven them to the banking system to borrow money. 
This concentrates great power and transfers tremendous wealth to the financial sector. 
Under this privately controlled monetary system, it’s not surprising that wealth and power have become concentrated to 
obscene levels never before seen in our society, where less than 1% of the population is now claiming ownership of 
nearly 50% of the nation’s wealth! 
This money creation prerogative, often referred to as “THE MONEY POWER,” (President Martin Van Buren always 
capitalized it!) has traditionally been associated with national sovereignty. Alienating the power from government into 
private hands has inevitably served to concentrate elements of what should remain national sovereign power into those 
private hands, where predictably it has been used to promote the interests of the few in control rather than the society as 
a whole. That is clearly unacceptable in both a democracy and a republic. It establishes plutocracy – the rule by wealth.
5
TITLE I – DISBURSEMENT OF UNITED STATES 
MONEY 
SEC. 101 AUTHORIZATION FOR DISBURSEMENT 
Sections 101 & 102 specify the U.S. 
Dollar as our currency unit and 
make it “legal tender” – meaning all 
debts can be legally paid with it; 
creditors must accept it in payment. Not later than 90 days after the effective date of this section, all 
United States Government disbursements shall be denominated 
in United States Money, the nominal unit being the U.S. Dollar. 
SEC. 102 LEGAL TENDER 
United States Money shall enter into general domestic 
circulation as full legal tender in payment of all debts public and 
private. 
It does not prescribe a value for the 
dollar in terms of commodities, or 
labor or any other thing. The value 
of the currency unit is already 
known in the market in terms of its 
relation to assets and goods and 
services and existing obligations. 
SEC. 103 NEGATIVE FUND BALANCES This value is not fixed but adjusts to 
continuous changes in supplies and 
desirability of goods and services 
and is also influenced by the 
existing supply of money. This is a 
valid use of the market mechanism. 
If the money supply and economy 
are reasonably guided, such 
changes should be gradual and 
gentle and are a normal part of life. 
They help assure that the forces of 
production and consumption are 
rooted in economic realities, not 
frozen or dictated ideologically. 
Sec 103: “Negative Fund Balances” 
is the Treasury term for how much 
money the government needs to 
come up with to balance its 
available funds with its immediate 
expense needs. At present this 
balance has to be obtained through 
taxation or borrowing. This process 
in effect allows the private banking 
system to create the money and 
loan it to the U.S. at interest. But 
Under this Act, our government will 
create such money directly, and 
interest free. 
The Secretary of the Treasury shall directly issue United States 
Money to account for any differences between Government 
appropriations authorized by Congress under law and available 
Government receipts. 
Note: The fact that the Treasury will be able to make 
disbursements based on direct issuance of United States Money 
for negative fund balances reflects Congress’s Constitutional 
authority to “coin Money”, because Congress will then have 
the ability to adjust the amount of Money so created by 
regulating both appropriations as well as revenues from 
taxation and other sources. The focal point of power will be the 
House of Representatives as the initiator of revenue bills. 
Restoring to Congress its Constitutional authority will shift the 
ability to create Money and enter it into circulation from the 
private banking industry to our elected representatives, as the 
Constitution mandates. 
SEC. 104 FORECASTING OF DISBURSEMENT 
REQUIREMENTS 
The Secretary shall: 
(1) forecast disbursement requirements on a daily, monthly, and 
annual basis; 
(2) provide such forecasts to Congress and the public; 
(3) integrate forecasts with the Federal budget process; 
(4) maintain a sufficient research capability to continuously and 
effectively assess the impact of disbursement of United States 
Money on all aspects of the domestic and international 
economies; 
(5) report to Congress and the public regularly on the economic 
impact of disbursements of United States Money and the status 
of the monetary supply. 
Sec. 104 requires the Secretary of 
the Treasury to forecast these 
disbursements in a timely and 
effective way; and maintain enough 
research muscle to analyze and 
understand the impact of these 
disbursements both in the U.S. and 
internationally. 
6
A crucial feature of section105 
instructs the Secretary to pursue a 
stable monetary policy and neither 
cause inflation nor deflation through 
monetary policy. 
To oversee and assure that this 
policy is carried out, sec.105 of the 
Act establishes a 9 member 
Monetary Control Board, appointed 
by the President and confirmed by 
the Senate, to establish the 
monetary targets needed to realize 
this important policy. 
Any substantial discrepancies 
between monetary targets and 
actual results are quickly reported. 
Section 106 specifies that instead 
of borrowing money created by the 
banking system, the U.S. will create 
the money directly. 
However, the Congress continues 
to have the power to borrow money 
on behalf of the United States, 
should the Congress consider that 
advisable in a given situation. 
Section 107 provides thorough, 
independent and timely accounting 
of this money creation process. 
Background: Publicly created money - the key ingredient needed to achieve human progress 
Two Important effects will result from our Government creating money directly instead of borrowing 
money the banks have created. First we’ll begin saving the interest costs which in 2007 was 
$465 billion; which was 17% of the U.S. federal budget that year. At present, the interest cost that is 
paid on infrastructure construction generally doubles to triples the cost of construction. Saving the 
interest will make it much easier to bring our crucial infrastructure up to acceptable 21st century 
safety levels. The American Society of Civil Engineers gives our present infrastructure an 
embarrassing grade of “D” and estimates that $1.6 trillion is needed to make it safe once again. 
More importantly, private lenders will have far less influence over public policy decisions. 
The power to determine the fiscal course of our society will be in the hands of the Congress, where 
our Constitution places it. The difference is that a more reasonable and independent method of 
funding will be used. With Congress in charge, society’s blood – its monetary circulation – is much 
more likely to go into vital infrastructure – for example building and repairing levees that protect 
major cities – instead of going into real estate speculation and destructive Wall St. games as banker 
control over money creation has traditionally misdirected society’s money power. 
SEC. 105 MONETARY CONTROL 
(1) The Secretary shall pursue the policy that the supply of money 
in circulation should not become inflationary nor deflationary in 
and of itself. 
(2) Monetary supply targets shall be established by a Monetary 
Control Board consisting of nine public members appointed for 
staggered six-year terms by the President with the advice and 
consent of the Senate and reporting for administrative purposes 
to the Secretary. 
(3) Responsibility to regulate the monetary supply in reasonable 
accordance with targets established by the Monetary Control 
Board shall rest with the Secretary of the Treasury. 
(4) The Secretary shall report to Congress any discrepancies 
between targets and supply in excess of one percent at the end 
of each quarter. 
SEC. 106 DISBURSEMENT IN LIEU OF BORROWING 
(1) Disbursement of United States Money under this Act shall be 
made in lieu of borrowing through Treasury instruments. 
(2) Such borrowing shall cease as of the date stated in Section 101 
of this title, unless otherwise authorized by Congress; 
(3) Nothing in this Act shall prevent Congress from exercising its 
Constitutional authority to borrow on the full faith and credit of 
the United States. 
SEC. 107 ACCOUNTING 
The Secretary shall account for the disbursement of United 
States Money and of current fund balances through accounting 
reports maintained and published by the Secretary and by 
departments and agencies of the Government. The General 
Accountability Office shall conduct an independent audit every 
second year. 
7
TITLE II – RETIREMENT OF INSTRUMENTS OF 
INDEBTEDNESS 
SEC. 201 COMMENCEMENT OF RETIREMENT 
Section 201 provides that as U.S. 
debt instruments (bonds and notes) 
become due, they are to be paid 
with U.S. Money, not by continually 
rolling over more debt. This will be 
a gradual process as the debts 
extend several decades into the 
future. 
Not later than one 180 days from the effective date of this 
section, the Secretary shall commence to retire all outstanding 
instruments of indebtedness of the United States by payment in 
full of the amount legally due the bearer in United States 
Money, as such amounts become due. 
TITLE III – CONVERSION TO UNITED STATES 
MONEY 
SEC. 301 CONVERSION OF FEDERAL RESERVE NOTES 
Section 301 describes how Federal 
Reserve notes will be replaced by 
U.S. money certificates. We won’t 
call them notes because that 
indicates debt, and they are not 
debt. Some Greenbackers of the 
last century understood this and 
used the term “certificates of value.” 
That’s the best description we’ve 
heard, except for our own term – 
we just call it “money.” 
(1) Not later than 120 days from the effective date of this section, 
the Secretary shall establish the rules and procedures for 
converting outstanding Federal Reserve Notes to United States 
Money of equal face value. 
(2) Not later than 150 days from the effective date of this section, 
as Federal Reserve Notes are converted to U.S. Money the 
Secretary shall provide a sufficient quantity of United States 
Money to the domestic banking system to allow for conversion 
of all cash-on-hand; 
Federal Reserve notes and credits 
in accounts will be replaced by U.S. 
money on a one for one basis. 
Their values at the time of 
replacement shall be identical. All of 
the Federal Reserve notes will be 
destroyed. Some reasonable time 
limits will be established for all such 
notes to be exchanged. 
(3) Not later than 180 days from the effective date of this section, 
all financial institutions within the United States shall disburse 
funds only in United States Money; 
(4) The Secretary shall promptly dispose of all Federal Reserve 
Notes as they are returned in exchange for U.S. Money. 
Section 302 ends fractional reserve 
banking in the U.S. 
SEC. 302 REPLACING FRACTIONAL RESERVE 
BANKING WITH THE LENDING OF U.S. MONEY 
(1) Not later than 180 days from the effective date of this section, 
The Secretary shall establish the rules, pricing and processes for 
crediting through an accounting process, to all banks a 
sufficient amount of United States Money to each bank to back 
all deposit liabilities dollar for dollar with United States Money. 
This shall include rules for determining the acceptability of 
bank portfolios of institutions seeking such borrowing from the 
U.S. under this section. United States debt instruments held by 
banks will be credited to their positions in calculating the 
amounts necessary to back the deposit liabilities; 
This is the mechanism which allows 
the banking system to create 
“money” out of thin air: When banks 
make loans, they simply credit the 
borrower’s accounts at the bank, in 
exchange for the borrower signing 
over his finances to the bank as 
collateral. It’s essentially all credit. 
Under a fractional reserve of 10%, 
a bank can loan about ten times its 
deposits, adding to the money 
supply. In other words creating 
money, or the credit which functions 
as money in our system. 
(2) Time deposits shall be so backed in a manner determined by the 
Monetary Control Board, to be as rapid as possible, (perhaps 
immediate) while maintaining a solid monetary system; 
(3) Not later than 180 days from the effective date of this section, 
lending by banks will be accomplished only by 
a) the lending of actual United States Money that is owned 
8 
We call the interest banks charge 
on such credit “money” creation, 
seigniorage, which is estimated at 
over $100 billion annually. We are 
seeking an authoritative estimate of 
that amount from the Federal 
Reserve itself.
by the bank from earnings and or capital contributions by 
investors or borrowed at interest from the government; 
b) specific business arrangements made between banks and 
Banks will be encouraged to 
continue their loan activities by relending 
money that has been 
deposited with them. What they will 
not be allowed to do is to re-lend 
credit that has been deposited with 
them. 
their depositors for the use of their depositor's United States 
money for lending purposes; according to accounting rules and 
procedures to be specified by the Monetary Control Board and 
the Secretary. 
(4) Not later than 120 days from the effective date of this section 
the Secretary shall publish new lending and accounting 
regulations for various types of accounts including: 
a) Checking type accounts (i.e. demand deposit accts) which 
becomes a warehousing and transferring service for which 
banks charge fees. 
b) Savings and Time Deposit type accounts, whereby loans can 
be made with maturities related to the duration of deposits. 
c) Money Market and Mutual Fund type investment accounts. 
This will be done by computer 
tagging credit, so that when it gets 
deposited into a bank account it is 
recorded as a deposit of credit, not 
a deposit of money. Only deposits 
of money will be loan able. The 
process will be similar to the way 
Swiss banks computer tag accounts 
as denominated in $, Francs, Euros 
or Yen, etc. (5) The Secretary’s regulations and actions will encourage private, 
profit making lending activity by banks, but prohibit private 
money creation. Where will such dollar money come 
from? From all types of payments 
by our government, and from the 
government money that has 
replaced the old Federal Reserve 
notes and deposits. 
Note: It is anticipated that the money spent into circulation by 
the U.S. Government under Title V of this Act, will ultimately 
be deposited into the banks, where that money, not fractional 
reserves, will provide the engine for continued loans and 
necessary expansion. It is also anticipated that enough public 
spirited banking professionals will join with Treasury officials 
in assuring that these regulations are properly formulated 
recognizing realities within the banking industry, to assure a 
smooth transition. 
SEC. 303 INTEREST CEILINGS 
Sect. 303(1) establishes a rule used 
by several ancient money systems 
(Hammurabi, Hindustan, Rome and 
others) that the amount of interest 
shall never exceed the principle 
amount of the loan. We adopt this 
provision out of respect for its 
frequent historical appearance. (1) The total amount of interest charged by a financial institution to 
any natural person borrower through amortization, including all 
fees and service charges, shall not exceed the original principal 
of any loan, except mortgages; 
An interest rate ceiling of 8% is 
established throughout the United 
States. The howls of concern that 
will arise over this provision will all 
ignore that until 1980-81 forty nine 
states had such limits, without the 
predicted dire consequences! 
(2) The maximum interest rate of 8% per year will apply 
throughout the U.S. inclusive of all fees; 
(3) Interest payments by the U.S. to foreign central banks or their 
intermediaries will be reduced pro-rated over a 15 year period 
to a maximum of _ % per year. 
Background: the concept of money was being removed from the English language, so that 
when one spoke of money, one was substituting ideas of debt, for example calling bank notes money or calling 
U.S. notes debt. Economists have blurred the crucial distinction between money and credit, by referring to real 
money as “high powered money,” and referring to bank credit as “lower powered money.” This greatly 
empowered those dealing in credits – the banks. AMI ends this error of confusing money with credit, and vice 
versa. That falsehood has led to the present unethical situation. We must carefully distinguish between money 
and credit. 
9
TITLE IV – RECONSTITUTION OF THE 
FEDERAL RESERVE AS A BUREAU WITHIN 
THE UNITED STATES TREASURY 
Section 401 describes how the 
Federal Reserve System shall be 
incorporated into the U.S. 
Treasury. DEPARTMENT 
SEC. 401 RECONSTITUTION OF THE FEDERAL 
RESERVE 
The Fed will continue to be the 
nation’s check-clearing house, but 
will do so as a bureau within the 
U.S. Treasury. (1) No later than 90 days from the effective date of this section, the 
Secretary shall purchase on behalf of the United States all net 
assets in the Federal Reserve System at current market value 
denominated in United States Money. 
(2) The Federal Reserve in its role as a central bank of issue, a 
national fund processing clearinghouse, and a fiscal agent for 
the Government shall be reconstituted as a bureau within the 
United States Department of the Treasury. 
(3) The Federal Reserve shall be administered by a commissioner 
and deputy commissioner appointed for six-year terms by the 
President with the advice and consent of the Senate. 
It will administer the U.S. 
monetary policy to the banking 
system, assuring that banks are in 
compliance. But the Federal 
Reserve will no longer determine 
monetary policy. That will be 
guided by the new Monetary 
Control Board, which will establish 
monetary target levels, and 
manage the system for practical 
results rather than for theoretical 
ideological reasons. To “promote 
the general welfare” will become 
the guiding light of monetary 
policy. 
(4) The Federal Reserve shall administer on behalf of the Secretary 
the monetary targets established and authorized by the 
Monetary Control Board and shall administer lending of United 
States Money to authorized financial institutions as described in 
TITLE III of this act to assure that money creation is a function 
of the United States and fractional reserves lending is ended. 
Background: Adam Smith institutionalized a mythology of money pretending that 
government can’t properly administer the MONEY POWER, that private money is better. 
Better for whom? 
Thanks to centuries of propaganda there is a widespread attitude against government that really constitutes an 
attack on society. But government is the only organizational form that can potentially protect the people from 
the thieving Enrons of the world. And theft is not the end of it, it’s often a matter of life and death. 
We found the “smoking gun” where Adam Smith, a normally cautious professor, launched the vicious attack 
on the English Government, smearing it as “slothful” and “negligent” and “thoughtless(ly) extravagant” (see 
LSM, Ch. 12). Smith inadvertently laid bare the reason for his attack: to keep the MONEY POWER in the 
hands of the then privately owned Bank of England, when serious proposals were being made to nationalize 
this power back into the English government. He also bitterly attacked the American Colonies for issuing our 
own money. 
What was Smith’s motive? We’re not mind-readers; however we note that his Patron’s family (The Scottish 
Duke of Buccleugh) had recently intermarried with the English House of Montagu, which was the power 
behind the private Bank of England. We also note that Smith’s Wealth of Nations book came out in 1776, the 
year after the American Continental Congress began issuing our Continental Currency, which enabled us to 
fight and win the revolution against England, then the world’s strongest military power. 
The Continentals have been smeared as inflation money, and while British counterfeiting eventually destroyed 
them, still they carried us over 5 _ years of warfare to within 6 months of final victory. The Continentals gave 
us a nation. Later the Greenbacks allowed us to keep it. Examining the real facts (that we summarize below) 
surrounding government money creation, a very different picture emerges, from the propaganda about them. 
10
TITLE V – INFRASTRUCTURE 
MODERNIZATION 
SEC. 501 DIRECT FUNDING OF INFRASTRUCTURE 
IMPROVEMENTS 
Consider that If this Act stopped 
here, it would probably cause a 
deflation because it removes the 
privilege of the banking system to 
create new money. But a growing 
society requires that new money be 
added continuously, just to maintain 
existing financial relations. Most 
past monetary reforms have 
actually been deflationary. 
Note: Since the banks will not be creating new money and it is 
crucial in an expanding economy and population base that new 
money be added into circulation, this will be done through 
direct funding of infrastructure, social, education and health 
programs on a per capita basis assuring an equitable 
distribution throughout the nation. 
Therefore explicit provision is made 
for the Government to spend new 
money into circulation without 
creating new debt or interest 
payments. This takes the place of 
bank credit circulating as money. 
While Congressional approval is 
still required for expenditures, these 
provisions will facilitate that. 
Not later than 90 days from the effective date of this section, the 
Secretary shall report to Congress on opportunities to utilize 
direct funding by the Government to modernize, improve, and 
upgrade the physical economy of the United States in such areas 
as transportation, agriculture, water usage and availability, 
sewage systems, medical care, education, and other 
infrastructure systems, to promote the general welfare. This will 
be done with very substantial intrinsic ecological sustainability 
and quality of life considerations. 
This program shall promote throughout the U.S. a harmonious 
and balanced development of economic activities, sustainable 
and non-inflationary growth respecting the environment, a high 
level of employment and of social protection, the raising of the 
standard of living and quality of life, and economic and social 
cohesion. 
Everyone agrees we need the 
best infrastructure. They have 
disagreed on where the money 
could come from. The Act now 
provides a way to fund it in a fair, 
non-inflationary manner. Per 
capita spending rules minimizes 
playing politics over expenditures. Note: these ecological, sustainability and quality of life 
considerations are derived from the European Central Bank 
treaty protocols, which examined the questions extensively. The Act recognizes the necessity of 
considering the ethical, ecological, 
and sustainability implications of the 
monetary system and policies. 
SEC. 502 INTEREST FREE LENDING TO LOCAL 
GOVERNMENTAL BODIES 
Not later than 180 days from the effective date of this section, 
the Secretary shall provide recommendations to Congress for a 
program of interest-free lending of United States Money to state 
and local governmental entities including school boards and 
emergency fire services for infrastructure improvements under 
their control and within their jurisdictions, based on per capita 
amounts and other criteria to assure equity as determined by the 
Monetary Control Board. 
In addition to direct Federal 
Infrastructure expenditures, Sec. 
502 allows local government bodies 
from states to School boards more 
discretion to borrow newly created 
money interest free to create and 
repair infrastructure of their choice. 
Per capita formulas will restrict the 
loan amounts and since the funds 
have to be repaid, great care would 
be taken in these local decisions. 
SEC. 503 MONETARY GRANTS TO STATES 
Each year the Monetary Control Board will instruct the U.S. 
Treasury to disperse per capita grants evenly over a 12 month 
period to the 50 states equal to 25% of the money created under 
TITLE V in the prior year. The states will use these funds for in 
broadly designated areas of public infrastructure, education, 
health care and rehabilitation, and paying for unfunded Federal 
mandates. 
11 
Sec. 503 provides much needed 
state funding and a strong local 
empowerment feature to the Act. 
The fiscal starving out of local 
governmental bodies from school 
boards to villages to states will 
become a thing of the past.
SEC. 504 FARMING PARITY PROGRAM 
Sec. 504 helps assure that smaller 
scale family farming operations will 
continue and avoid losing their 
lands to financial operators; and 
improves our food security 
situation. It will also test how a 
multiplier effect based on farming 
finance could assist the Monetary 
Control Board in its decision making 
processes. 
Not later than 120 days from the effective date of this section, 
the Secretary, in cooperation with the Secretary of Agriculture, 
in co-operation with the Secretary shall propose to Congress a 
program to regulate the markets of farm commodities as in Title 
7 USC Sect. 602, to establish a good parity base period and 
provide for 90% parity loans (for which the crop shall be the 
sole security) on basic storable commodities; callable at a 
market price of 100% parity, not a date certain. 
SEC. 505 EDUCATION FUNDING PROGRAM 
Not later than 120 days from the effective date of this section, 
the Secretary, in cooperation with the Secretary of Education, 
shall provide recommendations to Congress for a program to 
help fund our educational system that will at least put the 
United States on par with other highly developed nations, and 
create a learning environment so that every child has an 
opportunity to reach their full educational potential 
Sec. 505 recognizes the need for 
very substantial federal funding of 
edu-cation. Presently a little federal 
help goes mainly for Special Ed for 
kids with special problems. Broader 
assistance could include expanding 
Pre-kinder-garten programs, and 
creating community centers, 
including apprenticeship programs, 
a program to reimburse for higher 
education and drug treatment and 
counseling programs. 
We shouldn’t rely on local property 
taxes to solve a problem that has 
for so long been a national shortcoming. 
This is about the future of 
our culture. 
SEC. 506 INITIAL MONETARY DIVIDEND TO CITIZENS 
Not later than 90 days from the effective date of this section, the 
Secretary, in cooperation with the Monetary Authority shall 
provide recommendations to Congress for payment of a 
Citizens Dividend as a tax-free grant to all U.S. citizens residing 
in the U.S. in order to provide liquidity to the banking system at 
the commencement of this act, before governmental 
infrastructure expenditures have had a chance to work into 
circulation. The Secretary will maintain a thorough study of the 
effects of this Dividend observing its effects on production, 
prices, morale and other economic and fiscal factors. 
SEC. 507 UNIVERSAL HEALTH CARE 
[This section will be written following consultation with people 
in the medical field who are working on this problem.] 
Section 506 establishes a one time 
Monetary Dividend payment to all 
citizens residing in the U.S. This 
should not be confused with a Basic 
Income Guarantee (BIG) or an 
ongoing program, and It is not a 
welfare payment. It goes to all 
citizens, of whatever age, and 
income level and its purpose is to 
prime the monetary situation and 
make liquidity available to the 
banking system as the other parts 
of the Act are getting into gear. 
Section 507 will be written when we 
meet medical people who are 
focused on this area. 
The American Monetary Institute thanks several persons in 
developing the drafts of this Act: Ken Bohnsack; Prof. Robert 
Blain; Ben Gisin; Richard Distlehorst; Robert Poteat; Greg 
Mihalich; Prof. Nic Tideman; Randy Cook; Charles Walters; 
David Hershey; Prof. Glen Martin; Byron Dale; Greg Young; 
Dr. Lewis Coleman; and James Robertson and Alistair 
McConnachie of the UK. We especially thank the public 
spirited Civil Servant Richard Cook for applying his decades of 
experience within the U.S. Treasury in Washington, DC, to help 
in formulating Chapter 24 of The Lost Science of Money book 
into developing this Act. Responsibility for the program as a 
whole rests with the American Monetary Institute Charitable 
Trust, a 501(c)3 organization founded in 1996 for the 
independent study of monetary history, theory and reform. 
Sections 507-509 
You get the idea; and no it won’t be 
inflationary. See below. 
Please see http://www.monetary.org where you may email your 
suggestions on this proposed legislation as well as donations to 
assist in its continued development at: ami@taconic.net 
12 
Here we thank some of the people 
who have helped in big or little 
ways to get the American Monetary 
Act developed to this point.
Background: The actual history of government control over money shows a far superior 
record to private control. There is a mythology – a reigning error – that government issued money has 
been irresponsible, and inflationary. But this is the result of decades, even centuries of relentless 
propaganda, and is contradicted by the historical facts. The Continental Currency is attacked, without 
discussion that while our government authorized $200 million and issued $200 million (plus replacement 
notes), the Brits successfully counterfeited untold $billions. They did the same for the French Assignats – 
the details became public when the counterfeiters sued each other in the English courts. 
The American Greenbacks are smeared as worthless inflation money when in fact our government 
authorized $450 million and printed exactly $450 million; and every greenback eventually exchanged one 
for one with gold coinage – but very few people bothered to exchange them! 
The German hyperinflation is cited by the private money gang without pointing out that the German 
Reichsbank was privately owned and controlled, or that the hyperinflation began the month that all 
governmental influence over the Reichsbank was removed on the insistence of the allied occupiers. These 
and other cases are described in The Lost Science of Money book. 
The specter of inflation will be raised against any proposal that our government fulfill its responsibility to 
provide the nation’s currency. But again this is a knee-jerk reaction resulting from the same propaganda. The 
reason that inflation is avoided is that real wealth is created with the money spent into circulation on 
infrastructure, and education and health care. It results in the provision of real goods and vital services and the 
existence of these serves to control inflation. It is mainly expenditures for warfare that are inflationary, because 
not only is the money not directed to creating values for life, it actually destroys those values, while increasing 
the money supply, and THAT will always be inflationary. 
It will be argued that the banks must have the money creation privilege in order to survive, and removing 
it would destroy banking. But that is absurd. The Savings and Loan industry operated for many decades on 
principles close to what this Act advocates. We are not out to destroy banking – it’s a necessary part of modern 
society. However, the folly of our present system is self evident. There is nothing in banker’s background, 
training or philosophy that qualifies them to be above our constitutional system of checks & balances. Look at the 
mess that has been created around the World! 
This comprehensive Act has its best chance for passage in the next financial crisis our unethical banking 
system is in process of creating. Because so much power exists in control of the money system, it is not 
possible to predict just when that will happen, but the warning signs have been visible for years. Our strategy is 
to educate as many citizens and lawmakers as we can on the monetary problem and its solution, and have the 
American Monetary Act ready, so that when the next crisis hits (or the next one), there is a chance for passage. 
Lawmakers at the national level must be made to understand how this problem is within their power to 
solve. Perhaps even more importantly, at the state and local levels, lawmakers must be made aware how solving 
this problem nationally opens the way for real world solutions of most of the “insoluble” local problems they 
face. Therefore in conjunction with the national approach, a state focused campaign needs to be organized. 
None of this is easy, but take heart when you consider that what we are proposing would be immensely beneficial 
to 99.5% of the population. Even those presently gaining unearned riches from the present faulty system, would 
benefit from the improved quality and security of life in general. 
The American Monetary Institute is organizing local chapters around the country to help educate our 
fellow citizens and representatives in the area of monetary history, theory and reform. We do this in a way 
that is understandable to the average newspaper reporter. The Lost Science of Money book is written in highly 
readable form – we intend to be understood! We invite you now to join with us in this adventure to achieve a 
just money system – to right this wrong that has plagued our nation for so long. 
Here is how you can help the AMI do this: 
*Purchase and read The Lost Science of Money book. 
*Become a supporting member of the AMI, by pledging to donate $48 or $75 (or more) per year 
*Attend the next annual AMI Monetary Reform Conference in Chicago 
*Join or help set up a local chapter of the American Monetary Institute in your area 
*Order and help distribute additional copies of this pamphlet, and stay in touch! 
(Please see the donation/registration form on the next page) 13
How the fractional reserve banking system creates “money” from the pamphlet Modern Money Mechanics first 
published in 1961 by the Federal Reserve Bank of Chicago, (revised 1968; 1971; 1975; 1982; 1992; 1994) 
This Chart from the Chicago Fed depicts how an initial deposit of $10,000 gets magnified into $100,000 assuming a 
fractional reserve requirement of 10%. The first bank can lend $9,000 keeping a 10% reserve. This gets spent and 
deposited into other banks which can then loan out $8,100 keeping a 10% reserve. This gets spent and deposited into the 
banking system which then loans out $7,290 keeping a 10% reserve, etc, etc. Eventually $100,000 of checkbook “money” 
goes into circulation; $90,000 of it as new bank loans, on which interest payments are required. An individual banker 
might not see it this way and might say he does not create money - he gets a “deposit” (of credit) and only creates new 
loans up to 90% of that amount! But system-wide, new money is being created. Fractional reserves constitute a special 
money creation privilege to the banking system and causes an undue concentration of wealth (This is a summary; the full 
process is more complex including different reserve requirements for different types of banks and accounts). 
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 
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Also in preparation is a bill to require greater transparency and monetary information from the Federal Reserve:
15 
The Monetary Transparency Act of 2007 (draft April 6, 2008) 
1) The purpose of the bill is to increase the quality, completeness and public accessibility of 
Federal Reserve research on the effects of monetary policy on the distribution of wealth in the United States, and its 
effect on the proportion of newly created monetary resources directed into various sectors of the economy. The bill 
consists of the following: 
2) New estimate of the overall money supply 
The bill requires the Federal Reserve to devise, calculate and publish a suitable replacement for the discontinued M3 
monetary statistic, in order to provide a transparent estimate of the nation’s total money supply. 
3) New Statistical analysis of the distribution of wealth in the U.S. 
The bill requires the Federal Reserve to tabulate and publish a statistical description of the current distribution of wealth in 
the U.S. by quintile, including a further examination of the uppermost 1% sections by .1% each. 
4) New credit institution seigniorage calculation for report to Congress 
The bill requires that the Federal Reserve calculate and report the total annual seigniorage interest income received by 
financial institutions as a result of their being allowed to create money in the form of the credit they extend above their 
own cash deposits or reserves prior to extending the loans. This credit becomes new purchasing media which serves as 
money in our system. We must know the value of this vast privilege, which borders on the creation of an aristocracy. 
5) New calculations for the semi-annual Humphrey-Hawkins testimony 
The bill requires that the Federal Reserve calculate and publish semi-annually the loss or gain in economic output due to 
the deviation of the previous year’s actual unemployment rate from the 4% level required by 15 USC 3101 et seq., known 
as the Humphrey Hawkins Full Employment and Balanced Growth Act of 1978, including such loss or gain, in income by 
quintile. 
6) New accessible statistical comparisons of where credit is being directed 
The bill requires the Federal Reserve to tabulate and publish data showing the amount of credit and the percentage of 
credit now being created and directed into: 
Public infrastructure; Primary residences; Secondary residences; 
Stock, bond, commodity, foreign currency and derivatives trading; 
Mergers and acquisitions; 
Education; 
Plant and equipment 
Data analyzing the relation between credit extended to corporations and jobs created to measure whether the corporations 
receiving the lion’s share of new credit are pulling their weight in job creation. 
Military expenditures, 
Each category will be further analyzed by type, and location if applicable. Please consider whether it is appropriate to also 
analyze these directions of credit by gender, race, religion, and wealth status. 
7) New land value calculation for the Flow of Funds Report 
The bill requires that the Federal Reserve develop a market-based estimate of the value of residential, corporate and 
publicly owned land and report figures 
8) New foreign debt calculation 
The bill requires that the Federal Reserve make projections in 10 year increments of the net foreign debt, and that it 
estimate and report on the location of Federal Reserve notes, by country and type of holder; including an estimate of lost 
notes. 
9) New GAO audit requirement 
The bill requires the GAO to conduct a full audit of the Federal Reserve in every year before a Presidential election year 
10) Improvements to the Survey of Consumer Finances 
The bill requires that the Federal Reserve undertake the Survey of Consumer Finances every year. 
12) New summaries of Total Credit Market Debt and Economic Growth 
The bill requires the Federal Reserve to publish a summary of Total Credit Market Debt, quarterly and annually. 
13) New public notification requirement 
The bill requires the Federal Reserve to release these statistics at a quarterly news conference and the Survey of Consumer 
Finances and the total credit market debt report at an annual news conference.
The American Monetary Act is in part based on what is known as the “Chicago Plan” of the 
1930s. The genius behind that was economics Professor Henry Simons, who made this grand 
observation which still afflicts us today: 
“The mistake…lies in fearing money and trusting debt. Money itself is 
highly amenable to democratic, legislative control, for no community wants a markedly 
appreciating or depreciating currency…but money is not easily manageable alongside a mass of 
private debt and private near-moneys…or alongside a mountain of public debt.” 
(P. 199, Economic Policy for a Free Society) 
The next AMI Monetary Reform Conference takes place at Roosevelt University in 
Chicago, September 27-30, 2007. The conference will especially focus on how our 
private money and banking system causes unnecessary warfare by creating a 
financial motive for war. 
Please see the order form to obtain more copies of this brochure or to register for 
the conference and to order your copy of The Lost Science of Money book. 
Now in our 11th year 
From: The American Monetary Institute 
PO Box 601, 
Valatie, NY 12184 
Stephen Zarlenga, Director 
http://www.monetary.org 
ami@taconic.net 
TO: 
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