"Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

[GlassyEyed]

"Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

Upon the crash of the national economy and financial systems, a Georgia bill proposes all debts be paid in gold and silver. Below is an exceprt from the bill. I'm willing to bet the CRH'g in Georgia will pick up dramatically once the general population becomes aware of this proposal...


"Pre-1965 silver coins, silver eagles, and gold eagles shall be the exclusive medium which the state shall use to make any payments whatsoever to any person or entity, whether private or governmental. Such coins shall be the exclusive medium which the state shall accept from any person or entity as payment of any obligation to the state including, without limitation, the payment of taxes; provided, however, that such coins and other forms of currency may be used in all other transactions within the state upon mutual consent of the parties of any such transaction."


http://www1.legis.ga.gov/legis/2011_12/fulltext/hb3.htm

Any thoughts??

 

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[jim4silver]

Re: "Constitutional Tender Act" - Georgia House Bill 3

I wonder if it will pass?

What is kind of funny is that the US Constitution basically made that the rule for states to begin with, although this proposed law is much more in depth on the subject.

If something like that law passed nation-wide, the premiums on silver and gold eagles and junk silver (90%) would probably go way up over other types of PMs. I personally doubt there would be or could be enough gold and silver eagles in existence to comport with the language in the rule specifying use of said coins however.

http://www.usconstitution.net/xconst_A1Sec10.html


Jim

 

[Jason in Enid]

Re: "Constitutional Tender Act" - Georgia House Bill 3

Logistically it's impossible. There aren't enough silver and gold coins left to form the circulation base for a single state.

 

[Agro]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

Clad coins do have a little intrinsic value unlike FRNs. They should be worth something in that type of scenario.

 

[jrf30]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

He has introduced this bill for numerous years now. It has never been taken seriously. BUt he at lest tries, and it is on the record as being submitted. :-)

 

[profg]

Re: "Constitutional Tender Act" - Georgia House Bill 3

Logistically it's impossible. There aren't enough silver and gold coins left to form the circulation base for a single state.

Jason, is that an assumption, or do you have evidence for that? Just wondering.

 

[legend76]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

I think I've seen a silmilar bill in Virginia and one in a Western State, Oregon, maybe.

 

[SFBayArea]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

Yeah.. they can except pre-65 coins now for face value.

This guy must have a hoard of silver since he seems to care so much about it. Otherwise, who else would care?

How are they going to determine the value of the coins.. have some type of up to the minute Precious Metals Exchange quote when people want to pay? Are they taking them for just below melt? It's just too hard to determine value because prices change constantly.

What a waste of public taxes and funds to have this guy waste taxpayer money on this.

If these bills ever pass, I think it's really bad for CRHing because it draws awareness and more people/competition would be poured into this hobby thus ruining it for those who are doing it now.

 

[JD-GA]

Re: "Constitutional Tender Act" - Georgia House Bill 3

Logistically it's impossible. There aren't enough silver and gold coins left to form the circulation base for a single state.

Jason, is that an assumption, or do you have evidence for that? Just wondering.

Ive been asked to order customers 6 rolls of eagles this week. I use 2 refineries when I dont have enough on hand. They told me 3 weeks and they cant lock in todays price. This means they cant get them either. That is proof enough for me.

 

[profg]

Re: "Constitutional Tender Act" - Georgia House Bill 3

Logistically it's impossible. There aren't enough silver and gold coins left to form the circulation base for a single state.

Jason, is that an assumption, or do you have evidence for that? Just wondering.

Ive been asked to order customers 6 rolls of eagles this week. I use 2 refineries when I dont have enough on hand. They told me 3 weeks and they cant lock in todays price. This means they cant get them either. That is proof enough for me.

OK. But it's not proof enough for me. The present supply of United States silver and gold coin is certainly sufficient for the program the proposed statute sets up in Georgia, and most likely sufficient even if all the States implemented similar programs. Critics forget that, in a free market, prices of all goods and services will automatically and correctly adjust to the amount of silver and gold coin in circulation, whatever that may be. Moreover, it is far better to allow the free market to adjust prices to the amount of money in circulation, than to empower monopolistic banks or ponderous government bureaucracies to dictate the supply of money in inevitably futile attempts to control prices.

In any event, the supply of United States silver and gold coin is not unalterably fixed. Congress has mandated that the United States Treasury should mint sufficient silver and gold "American Eagle" coins to meet public demand. See 31 U.S.C. §§ 5112(e) (silver coins) and 5112(i)(1) (gold coins). Therefore, as long as the U.S. Treasury obeys the law, the supply of silver and gold coin can increase step by step with the successful implementation of the proposed legislation.

Those who make the claim that there isn't enough gold or silver available for today's purposes are, in reality, saying that since the supply of gold and silver are limited, there is not enough gold and silver to back an infinite number of printed, worthless paper fiat dollars, thus not allowing for an infinite, unaccountable governmental spending spree (like we are seeing today). They are correct. However, their desire to continue just such a system, as we now have, borders on immoral. And as mentioned above, there is ample supply of gold and silver in the United States for the purpose of this Act.

 

[profg]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

Yeah.. they can except pre-65 coins now for face value.

This guy must have a hoard of silver since he seems to care so much about it. Otherwise, who else would care?

How are they going to determine the value of the coins.. have some type of up to the minute Precious Metals Exchange quote when people want to pay? Are they taking them for just below melt? It's just too hard to determine value because prices change constantly.

What a waste of public taxes and funds to have this guy waste taxpayer money on this.

If these bills ever pass, I think it's really bad for CRHing because it draws awareness and more people/competition would be poured into this hobby thus ruining it for those who are doing it now.

If you read the bill, you'll see that the value of the coins is specifically stated, based on the standard London Fix for the metal, the U.S. Mint's standard fees for the premiums, and the standard market-based markup for the junk silver. AND, the conversion from FRNs to the constitutionally-required gold & silver coins wouldn't be a daily occurrence - the bill states that it takes place on a single specified day.

 

[crazyjarhead]

Re: "Constitutional Tender Act" - Georgia House Bill 3

Logistically it's impossible. There aren't enough silver and gold coins left to form the circulation base for a single state.

Agree too. They would have to start making silver coins again and that would take years to do

 

[Rich Hartford]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

So far there are 10 States with similiar bills.
Rich

 

[legend76]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

I think I've seen a silmilar bill in Virginia and one in a Western State, Oregon, maybe.

It was Utah, not Oregon. Here's the link:
http://www.washingtontimes.com/news/2011/mar/10/utah-legislature-goes-gold-silver-legal-tender/#

HH,
Legend

 

[quiksilver]

Re: "Constitutional Tender Act" - Georgia House Bill 3 (Pre-1965 silver coins...)

Its time to listen to people like Ron Paul or Peter Schiff , or just research throughout history when money is printed. The possible death of the dollar may be around the corner, or maybe inflation is comiing. No matter what any of you say or think printing money has always throughout history had some negative impact on an economy. Its not a matter of " if " it is a matter of when and how bad . When that day comes silver and gold will most likely be good to have as long as its not a total breakdown of society.