A group of State Representatives in New Hampshire, state motto: "Live Free Or Die," have introduced a voluntary, parallel Gold/Silver money bill for the Granite State. Lead by Rep. Henry McElroy and co-sponsored by David Buhlman and Dan Itse, this Sound Money Bill would allow the state of New Hampshire to include the use of Gold/Silver U.S. minted coins (or their digital equivalent) to be used in daily transactions for payables/receivables between it (the state) and the inhabitants and businesses in New Hampshire. It would be totally voluntary. Federal Reserve Notes could still be used or a combination of Gold/Silver U.S. minted coins or a total transaction in Gold/Silver U.S. minted coins (or their digital equivalent) !
There are NO restrictions or laws by the Federal Government that prevent ANY state from using Gold/Silver U.S. minted coins ! This bill is NOT radical...it simply shows that the state of New Hampshire conforms to the U.S. Constitution and wants to set an example of Constitutional conformity as well as offering a "Sound Money" alternative to its inhabitants and businesses!
Restoring the Gold Standard, what can you do?
While we are waiting for NESARA to be announced or for the Knights Templar riding down on a fiery chariot from the heavens raining Gold coins like the deluge from the Great Flood. There are a few practical steps that WE the American people can take to reign in the terror of the international bankers. more...
SOME COMMON QUESTIONS / OBJECTIONS ANSWERED 1. Americans have been using Federal Reserve Notes for some ninety plus years —so why stop now ?
a. The Federal Reserve Notes Americans use today are not the same, economically or legally, as the Federal Reserve Notes used in previous decades.
Federal Reserve Notes have gone through a process of deterioration. From 1913 to 1933, they were directly redeemable in United States gold coin; and the banks were required to maintain a reserve of gold equal to forty percent of their outstanding notes. Redeemability of Federal Reserve Notes in gold for American citizens was terminated in 1933; but the notes remained indirectly redeemable in silver from 1933 until 1968. Redeemability of Federal Reserve Notes for foreigners was terminated in 1971. So, today, Federal Reserve Notes are irredeemable in gold or silver. See Title 31, United States Code, Section 5118(b, c). Thus, the present situation is radically different from what it was prior to 1968 or 1971.
Furthermore, the supply of Federal Reserve Notes (and of bank deposits payable in those notes) has greatly expanded since the 1950s, seriously eroding the purchasing power of all United States paper currency and base-metallic (“clad”) coinage. Indeed, from 1985 to 2000, while the production of material goods in the United States increased by 50%, the money supply increased by 300%.
In sum, today the purchasing power of Federal Reserve Notes has no anchor in a valuable monetary commodity (silver or gold); and the policy of the Federal Reserve System is to increase the supply of those notes (and related bank deposits), thereby further sinking the notes’ real value.
b. The proposed legislation does not stop—or in any way inhibit—the use of Federal Reserve Notes or base-metallic coin. It simply enables citizens of New Hampshire to use United States silver and gold coin in preference to other media of exchange in their monetary transactions with the State, if they choose to do so.
Both before and after the Federal Reserve System was created in 1913, the United States minted silver and gold coins. Entirely base-metallic “clad” coinage began to be minted only in 1970. So, today, Congress has authorized a multiform monetary system, consisting of Federal Reserve Notes irredeemable in silver or gold [see 12 U.S.C. § 411 and 31 U.S.C. § 5118(b)], base-metallic coin [see 31 U.S.C. § 5112(a)(1-6)], silver coins [see 31 U.S.C. 5112(e)], and gold coins [31 U.S.C. § 5112(a)(7-10)], all of which are equally “legal tender” [see 31 U.S.C. §§ 5103 and 5112(h)], and any of which any individual may use to the exclusion of the others [see 31 U.S.C. § 5118(d)(2)].
Under the proposed legislation, those citizens of New Hampshire who prefer to use irredeemable Federal Reserve Notes and base-metallic coinage may continue to do so. But they will make this choice intelligently, knowing of their option to use silver and gold coin instead.
2. Why should New Hampshire question what the national government is doing with regard to monetary policy ?
New Hampshire is not questioning, but is actually implementing, Congressional monetary policy. As explained in No. 1, above, Congress has authorized several types of money as official media of exchange, but has not given a special position or preference to any. Through the proposed legislation, New Hampshire will enable its citizens to choose among these various media of exchange, and will facilitate their choices.
To fulfill its duty to protect its citizens’ economic welfare, New Hampshire needs to concern itself with the instability of the present monetary and banking regimes. See No. 4, below. Obviously, Congress, too, is concerned with this problem—or it would not have authorized the present multiform monetary system. See No. 1, above.The preceding is from "SOME COMMON QUESTIONS / OBJECTIONS ANSWERED" and referred to as "20 Questions About The Sound Money Bill." To read the whole article just go to the "Articles" section of our website. The questions were posed by inhabitants upon hearing that the Sound Money Bill was being considered in New Hampshire. They were answered by Dr. Edwin Vieira, the author and crafter of the revised bill (HB 1342). We thank him for his hard work and his expertise in this important arena. Dr. Vieira is still involved and will be further revising the bill as it evolves and is, again, introduced in the 2004/2005 legislative session in New Hampshire.
We encourage you to learn about "Sound Money" and to persuade your state Representative and Senator to pass this much needed bill in the next session ! We also encourage those inhabitants in the other 49 states to make their state Representatives and Senators aware of New Hampshire's intentions and to also consider passage of a similar bill in their states! Thank you!