SOURCE

Excerpts:

Ron Paul’s Free Competition in Currency Act Lives On
by Michael Zielinski

Rep. Paul Broun Jr. of Georgia has introduced the “Free Competition in Currency Act of 2013″ in the 113th Congress. This bill contains the same provisions as bills previously introduced by former Congressman Ron Paul, which seek to repeal legal tender laws and prohibit taxation on certain coins and bullion.

The newly introduced bill H.R. 77 seeks to repeal Section 5103 or title 31, which states “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.” This would be replaced by “5103. [Repealed].”

The bill also provides that no tax may be imposed with the respect to the sale, exchange, or other disposition of any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person. Further, no state may asses any tax or fee any any currency or monetary instrument used in the transaction of interstate or foreign commerce which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.

Finally, the bill would repeal superfluous related sections of the United States Code by striking Title 18, sections 486 and 489, which relate to uttering coins of gold, silver, or other metal and possessing likenesses of coins. These are treated as anti-counterfeiting statutes. It is provided that any prosecution under these sections shall abate, and any previous conviction under the sections shall be null and void.

After its introduction on January 3, 2013, H.R. 77 was referred to the Committee on Financial Services, in addition to the Committees on Ways and Means, and the Judiciary. The bill currently has no co-sponsors.

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In a statement included in a press release, Rep. Broun indicated his desire “to pick up right where Congressman Paul left off.”


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There's only one thing that ever bothered me about the Competition in Currency Acts proposed, and that is the amount they attempt to bite off in one Act.

The abolishment of legal tender laws is something I certainly want, but that could be separated from the issue of prohibitions/taxation on coins, bullion, currency and other monetary instruments. If I have an alternate currency that isn't prohibited by law, and the direct exchange of which isn't taxable, the fact that it must be occasionally converted into the fiat currency for payment of anything government or debt related is a minor issue for me. Let the ever-devalued "legal tender" do its thing. As long as I don't have to save in it, I don't mind using it as a temporary medium of conveyance, any more than I mind using Bitcoins as a transfer medium...but won't save in those either.