South Carolina Lawmaker Seeks to Ban Federal Currency

[AZKing]

I haven't seen this posted yet; interesting articles if it hasn't been.

http://www.cbsnews.com/8301-503544_162-6217403-503544.html


South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina.

http://www.goupstate.com/article/20110212/ARTICLES/102121020/1001/sports02?p=1&tc=pg


Continuing a pattern of attempts to assert South Carolina's independence from the federal government, State Sen. Lee Bright, R-Roebuck, has introduced legislation that backs the creation of a new state currency that could protect the financial stability of the Palmetto State in the event of a breakdown of the Federal Reserve System.

[Koz]

Where are they going to get all of the gold?

[hazek]

I will migrate from my country to the U.S. to any state that would adopt such a law.

[hazek]

Where are they going to get all of the gold?

All of what gold?

[FrankRep]

22 February 2010

South Carolina Bill Seeks to Refuse Federal Reserve Notes as Legal Tender (http://www.thenewamerican.com/index.php/usnews/politics/2987-sc-bill-seeks-to-refuse-federal-reserve-notes-as-legal-tender)

South Carolina State Representative Mike Pitts wanted to outlaw paper money in South Carolina. by Joe Wolverton II

[hazek]

The bill: http://www.scstatehouse.gov/sess118_2009-2010/bills/4501.htm

[Working Poor]

I think it is cool

[AZKing]

The bill: http://www.scstatehouse.gov/sess118_2009-2010/bills/4501.htm

Is it the same bill? That's from the last session I believe

[hazek]

Hmmm: I have two problems with the bill:

1st:
(1) the value of any silver coin must be calculated by dividing the weight of fine silver in grains (troy) that the coin shall contain by 371.25 grains, and expressing the quotient in 'dollars';

(2) the value of any gold coin shall be calculated by multiplying the weight of fine gold in grains (troy) that the coin shall contain by the proportion by weight between silver and gold as determined by the Treasurer of the State of South Carolina by dividing the product of such multiplication by 371.25 grains, and expressing the quotient in 'dollars'; and

I don't like how the value of a gold coin should be calculated

2nd:
Section 1-1-1160. On and after the effective date of this article the State shall denominate all public accounts, and record the value of all public assets and liabilities, in standard silver dollars."

I don't understand how could they express their public accounts with metal if they don't actually have it?

[hazek]

Would anyone care to comment on the bill and the two points I raised?

[hazek]

Come on, anyone? :(

[hazek]

god damn I said WRITE A COMMENT! :D :p

[Koz]

I don't understand how could they express their public accounts with metal if they don't actually have it?

That's what I'm saying. Where are they going to get the gold and silver to mind coins? Although minting coins can only be done by the fed. gubment per constitution, correct?

[AZKing]

That's what I'm saying. Where are they going to get the gold and silver to mind coins? Although minting coins can only be done by the fed. gubment per constitution, correct?

It's kind of a gray area, I think. They're not supposed to coin money, but at the same time they're not supposed to pay for debts in anything except gold and silver.