Senate Bill 453, The Indiana Honest Money Act

[Ex Post Facto]

If you live in Indiana read the bill. They may have the right approach here to combat the Federal Reserve. Creating a system of treasury ran by the state that converts dollars into gold or silver electronic units that can be withdrawn at a bank.

http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2009&session=1&request=getBill&docno=453#latest_info


Synopsis: Use of gold by the state and local government. Requires the treasurer of state to designate one or more electronic gold currency payment providers to be a payment provider for the state and political subdivisions. Requires the treasurer of state and fiscal officers of political subdivisions to: (1) maintain one or more electronic gold currency accounts with a designated electronic gold currency payment provider; and (2) conduct all monetary transactions of the state or political subdivisions through electronic gold currency accounts. Provides that an electronic gold currency payment provider must use an electronic gold currency unit that constitutes a monetary unit of account and represents a claim of title to and ownership of a specifically defined, fixed weight of gold held by an independent specie vault. Specifies that a specie exchange with which an electronic gold currency payment provider associates must conduct the business of exchanging gold and silver coin, legal tender of the United States, and the electronic gold currency of the electronic gold currency payment provider. Provides that after December 31, 2009, the state and political subdivisions may not compel or require any person to recognize, receive, pay out, deliver, promise to pay, or otherwise use or employ anything but gold and silver coin (in that form or in the form of a designated electronic gold currency) as media of exchange with respect to certain payments. Provides that after December 31, 2009, a person receiving certain payments from the state or a political subdivision has the option of accepting payment in either legal tender of the United States or in electronic gold currency. Allows a person engaging in covered transactions to elect to receive or to pay a designated electronic gold currency instead of legal tender of the United States. Provides that if a person does not make a timely election, the medium of exchange for the transaction is legal tender of the United States. Specifies that if there is not sufficient gold in the state's or a political subdivision's accounts with electronic gold currency payment providers for the state or the political subdivision to make any payment in gold, the payment shall be made in legal tender of the United States.

Full Bill Link: http://www.in.gov/legislative/bills/2009/IN/IN0453.1.html

[Dequeant]

................

[Ex Post Facto]

It'll never survive a question of constitutionality.

I think you are reading Section 10 in the wrong way...it says that the state should not trade in anything but gold and silver coin.

Technically, all states are breaking their own constitution by using non gold or non silver backed Fed notes.

[Kotin]

I think you are reading Section 10 in the wrong way...it says that the state should not trade in anything but gold and silver coin.

Technically, all states are breaking their own constitution by using non gold or non silver backed Fed notes.

it also says the state shall not coin money.

[Knightskye]

http://www.archives.gov/exhibits/charters/constitution_transcript.html


Section. 10.

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.