Rep. McElroy, Hills. 61
January 8, 2004
2004-0038h
08/01

Draft Amendment to HB 1342-FN-A-LOCAL

Amend the bill by replacing all after the enacting clause with the following:

1 New Chapter; Gold and Silver Coin. Amend RSA by inserting after chapter 6-C the following new chapter:

CHAPTER 6-D
GOLD AND SILVER COIN

 

6-D:1 Findings. The general court of New Hampshire finds and declares that:

I. The absence of silver and gold coin as media of exchange between the state of New Hampshire and its citizens, in the exercise of the state’s essential sovereign prerogatives, functions, rights, powers, privileges, and duties:
(a) Abridges, infringes on, and interferes with the sovereignty and independence of this state and its citizens, and their rights, powers, privileges, immunities, and prerogatives as a political community, recognized and guaranteed to them by part first, article 7 of the constitution of New Hampshire;
(b) Exposes this state and its citizens to chronic problems and potentially serious crises that may arise from the economic and political instability of the present domestic and international systems of coinage, currency, banking, and credit; and
(c) Restricts the ability of this state and its citizens to fulfill and enjoy the mandates and guarantees of part first, articles 1, 2, 3, 12, and 28 of the constitution of New Hampshire, to secure a sound economy, and to maintain a firm fiscal foundation for a policy and program of homeland security.

II. In order to preserve the sovereignty and independence of this state and its citizens, and their rights, powers, privileges, immunities, and prerogatives as a political community, as well as to protect, provide for, and promote the people’s safety, health, welfare, security, and economic prosperity, it is imperatively necessary and proper for the general court to guarantee to and provide for this state and its citizens constitutional and economically sound media of exchange by exercising:
(a) This state’s power, privilege, and duty to “make gold and silver Coin Tender in Payment of Debts,” as reserved to and required of each state under Article I, Section 10, Clause 1 of the Constitution of the United States, and confirmed by the Tenth Amendment thereto and by part
first, article 7 of the constitution of the state of New Hampshire; and
(b) Other powers, reserved to this and every state by the Tenth Amendment, and to this state by part first, article 7 of the constitution of the state of New Hampshire, which relate to this state’s choice of media of exchange for the fulfillment of its essential sovereign functions.


6-D:2 Definitions and Exclusions. For the purposes of this chapter:

I. “State depositary” means any facility established RSA 6-D:5.

II. “Check” means checks, drafts, bills of exchange, wire transfers, and other like instruments.

III. “Financial institution” means banks, trust companies, credit unions, depositary institutions, and other like businesses and enterprises.

IV. “First operational day of this chapter” means a date that the treasurer shall certify to the general court and to the governor that all of the state depositaries are ready to operate in conformity with this chapter.

V. “Legal tender of the United States” means:
(a) All coins of the United States, whenever minted, that were or are required by the statutes authorizing their issuance to be composed of fine silver or fine gold to the extent of less than 85 percent or more, by weight;
(b) All coins of the United States, whenever minted, that were or are required by the statutes authorizing their issuance to be composed solely of base metals; and
(c) All paper currencies produced by the United States, or by any individual, person, corporation, or other legally recognized entity acting under color of the laws of the United States, whenever issued, that are not in law guaranteed redeemable and in fact being redeemed, “dollar for dollar”, in silver and gold coin of the United States that were or are required by the statutes authorizing their issuance to be composed of fine silver or fine gold to the extent of 85 percent or more, by weight; but shall not include any “silver and gold coin” defined in paragraph VII, notwithstanding that such coins may have been or are designated legal tender under the laws of the United States.

VI. “Person” means individuals, partnerships, corporations, labor unions, and other legally recognized entities.

VII. “Silver and gold coin” means the following silver and gold coins of the United States:
(a) Silver coins:
(1) Silver dollars, so denominated and whenever minted, that were or are required by the statutes authorizing their coinage to contain 371.25 grains (Troy) of fine silver per dollar, thereby being examples of the “dollars” to which the Constitution of the United States refers in Article I, Section 9, Clause 1 and the Seventh Amendment, the “value” of which was determined in the Act of 2 April 1792, ch. 16, 1 Statutes at Large 246, 248;
(2) Silver half dollars, quarter dollars, and dimes, so denominated, whenever minted, that were or are required by the statutes authorizing their coinage to contain fine silver in amounts proportionate to the constitutional silver dollar of 371.25 grains (Troy) of fine silver per dollar; and
(3) Silver American Eagle or Liberty coin minted pursuant to Public Law 99-61, Title II, 99 Statutes at Large 113, 115.
(b) Gold coins:
(1) Gold American Eagle coins, of all denominations, minted pursuant to Public Law 99-185, 99 Statutes at Large 1177.
(c) “Silver and gold coin” shall include silver or gold coin, or any combination of silver and gold coin, or of silver coin alone, or of gold coin alone, as the context may require, indicate, or allow.

VIII. “Specie exchange” means any person who or which conducts the business of exchanging silver and gold coin for legal tender of the United States, and legal tender of the United States for silver and gold coin, in any market within or without the state or the United States.

IX. “Specie warehouse” means any person who conducts the business of a depositary, bailee, trustee, warehouse, or other facility for the deposit, safekeeping, storage, and transfer of silver and gold coin.

X. “State” means the state of New Hampshire and its political subdivisions, and all legislative, executive, judicial, and administrative branches, departments, tribunals, offices, agencies, and instrumentalities, and all elected and appointed officials, employees, agents, and independent contractors, thereof acting in their official capacities or under color of law or public contract.

XI. “Sub judice” means before a judge or court but not yet legally decided.

XII. “Tale” means count or tally.


6-D:3 Certifications of Rates of Exchange. At the beginning, midpoint, and end of each business day, the treasurer shall determine and certify the rates at which silver and gold coins exchanges against legal tender of the United States, and:

I. Shall immediately publish such certified determinations in each State Depositary, and in such media, including but not necessarily limited to the Internet, as shall make those determinations readily available on a timely basis to all interested persons;

II. If the treasurer shall find it technically feasible, shall make and publish such determinations at intervals more frequent than heretofore mandated; and

III. Shall record and archive all such determinations in the state treasury, and make such archived determinations available at each state depositary, and shall otherwise make available, in the most expeditious manners possible, any archived determination to any person upon request therefor, without charge.


6-D:4 Subject to RSA 6-D:20, any certified determination made under RSA 6-D:3 shall be conclusive evidence in all the courts, administrative agencies, and other tribunals, and all executive and other offices, of the state as between any and all persons, as well as between the state and any and all persons, the rights, powers, privileges, immunities, or other legal or equitable interests of whom or of which such value or determination shall or may affect.


6-D:5 Establishment and Operations of State Depositaries; Powers and Duties of Officers.

I. There is established at the treasury in the city of Concord a central state depositary, and in each county a local state depositary, which in each instance shall consist of a suitable building or other place, or portion thereof or offices therein, erected, leased, rented, or otherwise maintained or occupied, that shall be provided, prepared, and kept in readiness and operation for the receipt, collection, deposit, storage, safekeeping, transfer, payment, and disbursement of the silver and gold coin, and legal tender of the United States, necessary for implementation of this chapter.

II. Each state depositary shall be provided and equipped with such vaults, safes, alarms, fire-proofing, and other facilities, devices, equipment, and security personnel as may be necessary to provide such safeguards as the treasurer and the general court deem necessary.

III. Each state depositary shall be under the immediate jurisdiction and direction of a special assistant deputy treasurer for financial stability, subject to the treasurer’s oversight, supervision, and control, and shall be staffed with such personnel, appointed, hired, or otherwise selected and retained, as each such special assistant deputy treasurer, with the approval of the treasurer, deem necessary.

IV. Within its designated area, each state depositary shall be the place at which and from which all receipts, payments, payouts, and disbursements of silver and gold coin, and legal tender of the United States, shall be had and made. Provided that any such receipt, payment, payout, or disbursement may be had or made at or from the central state depositary, at the option of any person paying to or receiving from the state any such coin or legal tender.

V. All of the state depositaries shall be completed in respect of physical plant, equipment, facilities, and the appointment or hiring of personnel, and ready to operate no later than ___ days after the effective date of this chapter.


6-D:6 Special Assistant Deputy Treasurers. For each state depositary, the treasurer shall appoint a special assistant deputy treasurer for financial stability as soon as practicable, and thereafter immediately upon any such office’s expiring or falling vacant for any reason. Such special assistant deputy treasurers shall serve at the pleasure of the treasurer; and

I. Shall be individuals qualified by training and experience to perform the duties required of them;

II. Shall, immediately upon appointment, give bonds to the state for the faithful discharge of their duties according to law, in such amounts, valued in constitutional silver dollars, as the treasurer shall direct, with sureties to the satisfaction of the attorney general, and shall from time to time renew, strengthen, and increase their bonds as the treasurer, and their sureties as the attorney general, or both, may direct, in order to meet any increased responsibility which may grow out of accumulations of silver and gold coin, and legal tender of the United States, in the state depositaries subject to their jurisdiction;

III. Shall perform all the duties required of them by this chapter, relating to the receipt, collection, deposit, storage, safe-keeping, transfer, payment, and disbursement of, and accounting for, silver and gold coin, and legal tender of the United States, in their respective state depositaries, including:
(a) Initially establishing and selecting, and thereafter maintaining in good order and supervising, the physical plant, equipment, and personnel of their respective state depositaries, ready at all times to operate;
(b) Exercising custody and care of, providing for the security of, and accounting for all silver and gold coin, and legal tender of the United States, that shall be held in their respective state depositaries;
(c) keeping safely without using, loaning, hypothecating, depositing in financial institutions, or exchanging for other funds, other than as allowed by this chapter, all such coin and legal tender in their possession and custody, until the same, or any part thereof, may be ordered by the proper department or officer of this state to be transferred or paid out consistently according to this chapter, and otherwise in conformity to law; and when such orders for transfer or payment are received, faithfully and promptly complying therewith;
(d) Monitoring and maintaining timely and accurate records and accounts of, all silver and gold coin, and legal tender of the United States, received, collected, deposited, stored, safely kept, drawn upon, transferred, paid out, and disbursed by their respective state;
(e) Reporting quarterly, or more often if so directed, by the treasurer with respect to receipts, deposits, disbursements, and other relevant activities and information pertaining to the operations of their respective state depositaries;
(f) Directing and supervising all personnel appointed, hired, or otherwise selected or engaged to perform duties within or pertaining to their respective state depositaries; and
(g) Complying with such orders, regulations, or guidelines adopted by the treasurer, as is deemed necessary and proper


6-D:7 Transfer of Gold and Silver Coins. At his or her discretion as the public welfare, interest, service, and convenience may require, the treasurer may:

I. Transfer any silver and gold coin, and legal tender of the United States, from any local state depositary to the central state depositary, from the central state depositary to any local state depositary, and from any one local state depositary to any other local state depositary, or among such state depositaries;

II. Draw upon the central state depositary and any local state depositary for such coin and legal tender for all purposes allowed by law; and

III. Invest legal tender of the United States drawn from the state depositaries in such securities, bonds, or other investments, and at such times and in such manners, as may be otherwise allowed by law: provided that all returns, both of principal and interest or of dividends or other profits, from such investments shall inure solely to the benefit of and be paid over to, or in the case of losses shall be charged solely against the accounts of, each of the state depositaries from which the legal tender was originally drawn for the purpose of such investments, and in proportion to the amounts drawn from each state depositary.


6-D:8 Powers and Duties. The treasurer with respect to all state depositaries and, subject to the treasurer’s oversight, supervision, direction, and control, and according to such regulations as the treasurer may adopt, each special assistant deputy treasurer for financial stability with respect to the particular state depositary under such individual’s jurisdiction:

I. May exchange silver and gold coin for legal tender of the United States, silver coin for gold coin or gold coin for silver coin, and legal tender of the United States for silver and gold coin, on deposit in each state depositary in such amounts and at such times as may be.

II. May effect the said exchanges with any specie exchange; provided that such transactions shall be effected, as much as possible, and with all other considerations being equal, with specie exchanges which are resident or do substantial business in the state; and

III. Shall take care that no silver or gold coin which appears by reason of abrasion, filing, clipping, or other physical wear, defect, or suspicious condition to be of less than full weight, to the extent that such coin would not pass by tale in the markets for precious metals, shall be received by any state depositary, and that any such coins which have, for whatever reason, come into the possession of any state depositary shall, as soon as practicable, be exchanged in those markets for an equivalent value of coins that do pass by tale.


6-D:9 As to methods of receipt, payment, and transfer of silver and gold coin, and legal tender of the United States, by state depositaries:

I. Silver and gold coin, and legal tender of the United States, received by any state depositary shall be deposited therein, except that silver and gold coin may be deposited in such state depositary’s account with any specie warehouse that satisfies the standards set out in paragraph III.

II. Checks drawn on the account of any person in any financial institution, and payable thereby on demand in legal tender of the United States, may be accepted in any state depositary for any purpose allowable under this chapter and credited to the payor, but, when so received, the special assistant deputy treasurer for financial stability for that state depositary shall take care that, as soon as possible, such checks:
(a) Shall be presented at their place of payment and fully and timely paid according to law, and such legal tender received in payment promptly deposited in that state depositary; or
(b) Shall be endorsed for payment to any specie exchange for an amount of such coin no less than the amount such exchange would at that time trade for the amount of legal tender specified in the instrument so endorsed.

III. Checks drawn on the account of any specie warehouse and payable by such warehouse on demand in silver and gold coin, may be accepted in any state depositary for any purpose allowable under this chapter and credited to the payor, but when so received, the special assistant deputy
treasurer for financial stability for that state depositary shall take care that, as soon as possible, such checks shall:
(a) Be presented at their place of payment and fully and timely paid according to law, and such silver and gold coin as is received in payment shall promptly be deposited in that State Depositary; or
(b) Be deposited with such specie warehouse in an account upon which the state depositary may draw by check, payable in silver and gold coin, but only if such warehouse shall:
(1) Maintain all deposits of silver and gold coin in such separate, segregated storage as the treasurer deems satisfactory;
(2) Not loan, employ as collateral or security, hypothecate, invest, or otherwise use in any manner;
(3) Maintain such physical security for its deposits as the treasurer deems sufficient;
(4) Be bonded to an amount, and with such sureties, as the treasurer deems adequate;
(5) Charge the state no more for its services of deposit, storage, and disbursement than the average cost of such services as are incurred by a state depositary performing the same services on its own behalf, as the treasurer by regulation shall conclusively determine; or
(c) Be presented at their place of payment and fully and timely paid according to law, and such silver and gold coin as is received in payment shall promptly be deposited in an account in a different specie warehouse that satisfies the standards set out in paragraph III.

IV. Special assistant deputy treasurers for financial stability may cause to be issued checks drawn on their respective state depositaries, and payable thereby on demand in either silver and gold coin, or legal tender of the United States; or drawn on the accounts of their respective state
depositaries with specie warehouses that satisfy the requirements of paragraph III, and
payable by such warehouses on demand in silver and gold coin. Where such checks are payable in silver and gold coin, they shall state the number of each type and denomination of silver and gold
coin transferred thereby.

V. Every financial institution doing business in the state shall accept for deposit, to be cashed, and for all other purposes all checks drawn on a state depositary and payable in legal tender of the United States, to the same extent, and with the same rights, privileges, and recourse, that such institution accepts such instruments drawn on member banks of the Federal Reserve System.

VI. No specie warehouse in which a state depositary maintains an account shall be subject to any lien, judgment, fine, charge, claim, or other judicial, executive, or administrative order, writ, or other process that may in any manner encumber or interfere with the ability of such state depositary, or any person authorized thereby, to draw upon or to liquidate such account on demand, in whole or in part.


6-D:10 Treasurer; Further Powers and Duties. In addition to the other powers and duties granted by this chapter, the treasurer shall:

I. Maintain accounts of silver and gold coin, and legal tender of the United States, transferred or drawn upon pursuant to RSA 6-D:7;

II. Cause regular examinations, inventories, and audits to be made of the books, records, and accounts of, and the types and quantities of silver and gold coin, and legal tender of the United States, on deposit in, the several state depositaries, and for that purpose shall appoint such auditors, examiners, investigators, and other agents as the treasurer may deem necessary, who shall, upon application to the respective special assistant deputy treasurers for financial stability, have immediate, unlimited, and unimpeded access to such books, records, and accounts, physical locations of storage of such coin and legal tender, and all other papers, materials, information (in whatever manner compiled or stored), or places of, in, or in any way connected with such state depositaries or the personnel or operations thereof, as may assist them in the performance of their duties;

III. Cause regular examinations, inventories, and audits to be made of the books, records, and accounts of, and the types and quantities of silver and gold coin on deposit in each specie warehouse in which a state depositary maintains an account, and for that purpose shall appoint such auditors, examiners, investigators, and other agents as the treasurer may deem necessary, who shall, upon such notice to any such warehouse as the treasurer shall deem reasonable, have immediate, unlimited, and unimpeded access to such books, records, and accounts, physical locations of storage of such coin, and all other papers, materials, information in whatever manner compiled or stored, or places of, in, or in any way connected with such warehouses or the personnel or operations
thereof, as may assist them in the performance of their duties; and it shall be a condition of the establishment and maintenance of any such account that such warehouse shall submit to and fully cooperate with any examination authorized by this paragraph;

IV. Report quarterly, or more often if required, to the General Court and the Governor with respect to receipts, deposits, disbursements, and other relevant information pertaining to the
operations of the State Depositaries;

V. Adopt rules:
(a) That establish the standards to be applied pursuant to RSA 6-D:9;
(b) As to what shall constitute timely notice under RSA 6-D:18; and
(c) That are necessary and proper for implementation of this chapter.


6-D:11 Use of Silver and Gold Coin and Legal Tender of the United States. Except as otherwise provided in this chapter, on and after the first operational day of this chapter the state shall neither compel nor require any person to recognize, receive, pay out, deliver, promise to pay, or otherwise use or employ any thing but silver and gold coin as media of exchange with respect to:

I. The calculation and payment of any tax or other involuntary contribution, public due, charge, assessment, or fee, or fine or other monetary penalty, imposed by the state;

II. The principal and interest of any loan, howsoever denominated or evidenced, made to and on the credit of the state;

III. The purchase or sale by the state of any lands, real estate, buildings, tangible personal property, or any other assets, property, or things of value, or of any legal or equitable rights, easements, or other interests, of whatsoever types or descriptions;

IV. Any monetary award or agreement in respect of expropriation of private property pursuant to the exercise of the power of eminent domain by the state or by any person authorized
by the laws thereof to exercise such power;

V. Any judgment, decree, or order of any court, administrative agency, or other tribunal of the state, except where and only to the extent that the same shall find, on the basis of clear and convincing evidence, that payment of silver and gold coin shall not constitute just compensation for the damages or harm suffered by the prevailing party, and therefore shall mandate:
(a) Specific performance of a contract or other agreement then sub judice by other than the payment of money;
(b) Specific restitution of property other than money;
(c) Payment of some medium of exchange other than silver and gold coin, pursuant to a requirement for such payment in a contract or other agreement then sub judice;
(d) Other like relief; and

VI. Contracts, agreements, or other arrangements for the payment of wages, salaries, fees, or other monetary compensation to any person who or which shall have provided or shall provide goods or services to, or otherwise be entitled to payment from, the state, either as officers, employees, agents, or contractors of the state or in any other capacity. Provided that with respect to any tax, loan, sale or purchase, award in eminent domain, judgment, or contract or other agreement that was
imposed, was made, or became payable in, or that designated explicitly or implicitly a specific medium of payment other than, silver or gold coin before the first operational day of this chapter, the medium of exchange for the payment or other satisfaction thereof shall be the medium designated, required, specified, or reasonably contemplated at the time the tax was imposed, the loan or contract or other agreement was made or became payable, the sale or purchase occurred, or the award or judgment was handed down.


6-D:12 Use of Silver and Gold Coin and Legal Tender of the United States; Taxes. With respect to any tax or other involuntary contribution, public due, charge, assessment, or fee, or any fine or other monetary penalty, imposed by the state:

I. The state shall determine and certify the amount payable in legal tender of the United States.

II. The party liable for payment of the aforesaid amount may deliver to the state, and the state shall receive in payment:
(a) Silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I;
(b) Legal tender of the United States, to the aforesaid amount;
(c) A combination of silver and gold coin, together with legal tender of the United States, to such amounts of each medium as shall cumulatively satisfy such party’s liability.

III. For each 10 percent of the amount which the party liable for payment shall deliver to the state in silver and gold coin, that party shall be credited with a reduction of one half of one percent of the amount owed. Provided that with the exception of payments the amounts of which have already been determined and certified pursuant to paragraph I, this proffered reduction in liability may be altered, amended, revoked, or repealed at any time.


6-D:13 Use of Silver and Gold Coin and Legal Tender of the United States; Loans, Bonds, and Notes. With respect to all loans, whether denominated bonds, notes, or otherwise, and howsoever evidenced made to and on the credit of the state:

I. The state shall determine and certify the amount to be borrowed in:
(a) Legal tender of the United States;
(b) The equivalent value in silver coin, specifying the specific silver coin or coins in which the loan shall be payable; and
(c) The equivalent value in gold coin, specifying the specific gold coin or coins in which the loan shall be payable. In each such instance, the state shall also determine and certify the particular rate of interest to be paid, the premium or discount, if any, and the maturity date of the loan, any or all of which may differ depending upon the medium of payment specified.

II. Whether by sale of a bond or note, or in whatever other manner or form the transaction may be effected, the lender shall have the option to deliver to the state the certified amount of legal tender of the United States, or silver coin, or gold coin; and such delivery shall designate and fix the medium of payment of principal and interest, the rate of interest, and the maturity date, on such loan, loans of the first category to be designated “legal tender loans,” loans of the second category to be designated “silver coin loans”, and loans of the third category to be designated “gold coin loans.”

III. The designation of the medium of payment of principal and interest, and of the rate of interest and maturity date, and premium or discount if any, shall be deemed a pledge of the full faith and credit of the state, shall bind the state as a contract, the obligation of which shall be protected by Article I, Section 10, Clause 1 of the Constitution of the United States against any impairment, and shall require upon the loan’s maturity the delivery of the full amount of payment of principal and interest of such loan in the medium specified, and that medium only, to the lender. To wit, legal tender loans shall be repaid in legal tender of the United States, silver coin loans in the specific silver coin or coins specified therein, and gold coin loans in the specific gold coin or coins specified therein. A loan may be made redeemable before maturity, as otherwise authorized in law, provided that the terms and conditions for such early redemption shall specify payment in legal tender of the United States, silver coin, or gold coin, according to the original tenor of, and subject to the same legal guarantee as, the loan itself.

IV. The procedures set out in this section shall be employed with respect to refunding of bonds, as otherwise authorized by law.

V. The procedures set out in this section shall be employed with respect to issuance of revenue bonds, as otherwise authorized by law; provided that:
(a) No revenue bond payable in silver or gold coin shall be issued unless:
(1) The revenues derived from the facilities to be funded thereby are to be paid in silver or gold coin;
(2) The revenue bond refunds an outstanding bond the principal of which was used for facilities the revenues from which are paid in such coin; and
(b) Every revenue bond issued shall pledge the faith and credit of the state with respect to the medium of payment and other terms.


6-D:14 Use of Silver and Gold Coin and Legal Tender of the United States; Purchase and Sale of Property by The State
. With respect to the purchase or sale by the state of lands, real estate, buildings, tangible personal property, or any other assets, property, or things of value, or of any legal or equitable rights, easements, or other interests, of whatsoever type or description:

I. The state shall determine and certify the price of the thing to be sold, or shall agree to and certify the price of the thing to be purchased, in legal tender of the United States.

II. The purchaser of the thing to be sold by the state may deliver, and the state shall receive, in payment, or the seller of the thing to be bought by the state may receive therefrom, and the state shall deliver, such
(a) Silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I;
(b) Legal tender of the United States, to the aforesaid amount; or
(c) Combination of silver and gold coin, together with legal tender of the United States, to such amounts of each medium as shall cumulatively satisfy the contract of purchase and sale.
III. For each 10 percent of an amount payable which a party shall deliver to or receive from the state, as the case may be, in silver and gold coin, that party shall be credited with a reduction of _ of one percent in the amount owed to the state, or an addition of _ of one percent to the amount owed by the state. Provided that with the exception of prices already determined, agreed, and certified pursuant to paragraph I, such proffered reduction or addition may be altered, amended, revoked, or repealed at any time.


6-D:15 Use of Silver and Gold Coin and Legal Tender of the United States; Expropriated Property. With respect to any monetary award or agreement arising out of expropriation of private property pursuant to the exercise of the power of eminent domain by the state or by any person or entity authorized by the laws thereof to exercise such power:

I. The state shall determine and certify the amount of any award or agreement in legal tender of the United States.

II. The party whose property has been or will be expropriated shall have the option to accept in payment for such property:
(a) Silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I;
(b) Legal tender of the United States, to the aforesaid amount; or
(c) A combination of silver and gold coin, together with legal tender of the United States, to such amounts of each medium as shall cumulatively satisfy the award or agreement.

III. For each 10 percent of an amount payable which a party shall receive from the state in silver and gold coin, that party shall be credited with an increase of _ of one percent in the amount owed by the state. Provided that with the exception of awards or agreements already determined and certified pursuant to paragraph I, such proffered increase may be altered, amended, revoked, or repealed at any time.


6-D:16 Use of Silver and Gold Coin and Legal Tender of the United States; Fines and Penalties. Except as to cases within the categories delineated in RSA 6-D:11, I and RSA 6-D:12, I, with respect to any judgment, decree, or order of any court, administrative agency, or other tribunal of the state, whether arising in a civil action or proceeding or in a criminal prosecution, which specifies, imposes, enforces, or otherwise involves a monetary award or payment, or a fine or other like monetary penalty:

I. The state shall determine and certify the amount of such award or penalty in legal tender of the United States.
II. In civil cases, the party in the position of judgment-creditor may stipulate with the party in the position of judgment-debtor to receive and to pay, respectively, the amount of any award, including an award of attorneys’ fees, in:
(a) Silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I;
(b) Legal tender of the United States, to the aforesaid amount; or
(c) A combination of silver and gold coin, together with legal tender of the United States, to such amounts of each medium as shall cumulatively satisfy the award, and such stipulation shall be specifically enforced by the state as a contract the obligation of which shall be protected by Article I, Section 10, Clause 1 of the Constitution of the United States against any impairment. In the absence of such stipulation, the state shall require the party in the position of judgment-debtor to pay to the party in the position of judgment-creditor the latter’s choice of the alternatives set out in paragraph I.
III. In criminal cases, cases involving contempts of court, and all other cases in which the state shall be legally entitled to receive the payment for its own account, the party against whom a monetary penalty shall be assessed shall pay the amount thereof solely in silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I.


6-D:17 Use of Silver and Gold Coin and Legal Tender of the United States; Contracts, Wages and, Fees. With respect to any contract, agreement, or other arrangement for the payment of wages, salaries, fees, or other monetary compensation to any person who or which shall have provided or shall provide goods or services to, or otherwise be entitled to payment from, the state, either as officers, employees, agents, or contractors of the state or in any other like capacity:
I. The state shall determine and certify the amount of such monetary compensation in legal tender of the United States.

II. The party entitled to receive such monetary compensation shall have the option to stipulate for and receive payment in:
(a) Silver and gold coin with an aggregate value in legal tender equal to the amount determined in paragraph I;
(b) Legal tender of the United States, to the aforesaid amount; or
(c) A combination of silver and gold coin, together with legal tender of the United States, to such amounts of each medium as shall cumulatively satisfy the agreement for compensation. And such stipulation of the medium or media of payment by the party entitled to receive such compensation shall be specifically enforced by the state as a contract the obligation of which shall be
protected by Article I, Section 10, Clause 1 of the Constitution of the United States against any impairment.

III. For each 10 percent of an amount payable which a party shall receive from the state in silver and gold coin, that party shall be credited with an increase of _ of one percent in the amount owed by the state; provided that with the exception of amounts already determined and certified pursuant to paragraph I, such proffered increase may be altered, amended, revoked, or repealed at any time.


6-D:18 Notification of Choice of Monetary Medium.
With respect to any transaction effected under RSA 6-D:12 - 17, each person shall notify the state, in a manner deemed timely according to rules adopted by the treasurer, of that person’s election to receive or to pay silver and gold coin in lieu of legal tender of the United States. Absent such timely notification, the medium of exchange for any such transaction shall be legal tender of the United States.


6-D:19 Every receipt and disbursement that occurs in silver and gold coin shall be made in such types and numbers of such coin as the payor or payors shall determine; and the value of such coin in the aggregate in legal tender of the United States shall as closely as practicable approach the amount required in that medium, whether that value be more or less than the said amount, but in no event with a deviation of more than ___ percent, with any difference between the amount required and that actually delivered to be paid or refunded in legal tender of the United States.


6-D:20 Judicial Enforcement; Inaccurate Certified Determination of Exchange Rates.

I. Any person aggrieved thereby may bring a civil action in the Superior Court against the individual or individuals responsible therefor, in both his or their official and individual capacities, for any and all appropriate forms of relief, including monetary damages; and in such an action no defense of official immunity shall be allowed.

II. In any case, civil or criminal, in which such a person is made a defendant, any such inaccurate determination or publication may be raised, where relevant, by way of defense, counterclaim, set- off, or other pleading.

III. Where the issue of an inaccurate determination or publication is heard and decided on the merits, reasonable attorneys’ fees shall be awarded to the prevailing party for litigation of that question.


6-D:21 Fines. Any individual who shall knowingly and intentionally make or publish an inaccurate certified determination of exchange rates pursuant to 6-D:3 shall be imprisoned for 6 months, and fined $1,000 in silver coin of the constitutional standard of 371.25 grains (Troy) fine silver per dollar.


6-D:22 Prohibited Conduct.


I. Any person who shall convert to his own use, in any manner whatsoever, or who shall use, by way of investment of any kind, or who shall loan, with or without interest, or deposit in any bank or exchange for other media of exchange any portion of the silver and gold coin, or legal tender of the United States, entrusted to such person for any of the purposes thereof, shall be guilty of embezzlement.

II. Any person authorized under this chapter to pay out or disburse silver or gold coin, or legal tender of the United States, who shall accept or receive at, or transfer to any state depositary any receipt, voucher, or like instrument from any creditor of the state, without having paid out or disbursed to such creditor the full amount of such coin or legal tender as was required to be paid out or disbursed, shall be guilty of embezzlement.

III. Any person who shall advise or participate in, or concert or conspire with any other person in, or aid and abet with respect to, or attempt to conceal by the withholding, destruction, or falsification of records, by false statement, whether made under penalty of perjury or not, or by any other device, artifice, or means, any of the conduct prohibited in this section shall be guilty of embezzlement.

IV. Upon the trial of any person for embezzlement as under this section:
(a) Any failure or refusal by such person to produce, or to order to be produced, upon demand by the treasurer, a special assistant deputy treasurer for financial stability, or any auditor, examiner, investigator, or other agent appointed under RSA 6-D:10, any silver or gold coin, or legal tender of the United States, entrusted to such person, or to personnel subject to such person’s direction and control;
(b) Any failure or refusal by such person promptly to pay out or disburse, or to order to be paid out or disbursed, such coin or legal tender under such person’s control, upon presentation thereto of any valid draft, order, warrant, or like instrument requiring such payment or disbursement by such person, or by personnel subject to such person’s direction and control; or
(c) Any balance against the office or position held by such person in the accounts of a state depositary, or of the treasury of the state, not satisfactorily explained shall constitute prima facie evidence of embezzlement.

V. Any person convicted of shall be sentenced to imprisonment of not less than one year nor more than 10 years, shall be fined 10 times the amount embezzled, such fine to be paid to the state in silver and gold coin, notwithstanding that such person may have embezzled legal tender of the United States, shall pay restitution in such coin to every party aggrieved by his actions, and shall be disqualified for life from any position of trust or honor, elected or appointed, or for any other position or employment, in or with the government of the state.

VI. Punishments for anyone found guilty of willful or negligent manipulation, abrading, filing, shaving, clipping, or counterfeiting money shall be death or a fine not to exceed $3,000,000 plus 100 times the amount estimated as having been manipulated or counterfeited plus no fewer than 25 years in prison with no chance of parole, or both.


6-D:23 State Depositary; Prohibited Conduct.

I. Any specie warehouse or branch thereof in which a state depositary maintains an account authorized by RSA 6-D:9, III (b) which shall fail to pay on demand and in full any check drawn on the state depositary’s account, or other lawful request for payment or transfer of silver and gold coin from the state depositary or official thereof or other official of the state authorized thereby, shall immediately be placed in receivership by, and all property and assets thereof taken into the custody and control of, the special assistant deputy treasurer for financial stability of the state depositary within the territory of which the said business or branch thereof is located.

II. Any specie warehouse that establishes and operates accounts payable on demand, which shall fail to pay on demand and in full any check drawn on an account so payable of a customer, other than a state depositary, or other lawful request for payment or transfer of silver and gold coin by a customer, shall, upon petition of any aggrieved person to the superior court, immediately be placed in receivership, and all assets and property thereof shall come under the control of the court and such receivers, trustees, conservators, masters, or other officers as the court shall appoint.

III. Any proprietor, joint venturer, partner, officer, director, shareholder, or other person in authority, under whatsoever title or description, of any specie warehouse or branch thereof who negligently orders, oversees, or otherwise participates in, or who by exercise of his authority could, but negligently takes insufficient action to, prevent any failure to pay or transfer on demand described in this section shall be personally liable for damages to each and every person aggrieved thereby, whether or not a customer of said warehouse or branch. Provided that any amount then lawfully owed to such warehouse or branch by any such person aggrieved shall be set off against damages awarded to that party.

IV. Any proprietor, joint venture, partner, officer, director, shareholder, or other person in authority, under whatsoever title or description, of any specie warehouse or branch thereof who orders, oversees, or otherwise participates in, or who through exercise of his authority could, but takes insufficient action to, prevent any failure to pay or transfer on demand described in this section:
(a) With the specific intent to deprive any customer of that warehouse or branch of property, or to injure any person in his business, estate, or property, or
(b) With reckless disregard of or willful blindness to such consequences of his actions, shall be imprisoned for no less than one year and no more than 5 years, fined no less than 1,000 and no more than 5,000 coined dollars of the Constitutional standard of 371.25 grains (Troy) fine silver per dollar, and be required to pay restitution in silver and gold coin to every person aggrieved by his actions. Provided that no person convicted of embezzlement RSA 6-D:22 may also be convicted under this section where the charges in both instances arise out of the selfsame set of facts and circumstances.

2 Effective Date. This act shall take effect 60 days after its passage.