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Constitutional Tender Act

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1 Constitutional Tender Act on Sun Oct 02, 2011 6:49 am


Constitutional Tender Act
The United States Constitution declares, in Article I, Section 10, "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts". This means that no State can make something besides gold or silver a "tender in payment" (which means they cannot "make something else an offer as payment") for any debts, which would include debts owed by and to the State. However, EVERY State in the United States of America HAS made some other "Thing" an offer as payment - they have by law declared that they will accept, and pay out, Federal Reserve Notes for any debts owed by or to them. Therefore, every State is in violation of Article I, Section 10 of the U.S. Constitution. Thus the need for the "Constitutional Tender Act" -- a bill template that can be introduced in every State legislature in the nation, returning each of them to adherence to the United States Constitution's actual legal tender provisions.

The "Constitutional Tender Act" has been re-introduced in the Georgia House of Representatives by Rep. Bobby Franklin (R-43), a member of the Georgia House Banks & Banking Committee, for the 2011 Session of the Georgia Legislature. The bill number is HB 3.

Last session's bill was referred to two subcommittees: the Financial Institutions & Services Subcommittee, and the Regulations & Oversight Subcommittee. The first hearing before a combined meeting of the two subcommittees was held the week of March 23, 2009 (view the testimony in support of the bill here). A vote on the bill itself was not held during the 2009 session.

This session's bill was referred to the Financial Institutions & Services Subcommittee. A hearing was held the week of March 7, 2011 (view the testimony in support of the bill here). A vote on the bill itself has not been held yet in the 2011 session.

On the Senate side, Georgia Senator David Shafer used the first half of the Constitutional Tender Act as the basis for a bill he introduced last session, titled the "Sound Money in Banking Act." This bill would require banks in Georgia to offer accounts denominated in gold and silver coins - a huge step forward for the re-introduction of REAL money that keeps its value over time! View the new bill (introduced this session), SB 116, here.

Yes, there are (or have been) other bills proposed in different States, attempting to return them to Constitutional money. As we become aware of them, we'll post links to them here.








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