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Nevada to issue their own silver backed money

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  • David Smith
    Why can t California (and every other state) do this!!!??? http://www.leg.state.nv.us/72nd/bills/ab/ab532.html Assembly Bill No. 532–Committee on
    Message 1 of 3 , Apr 1 2:05 PM
    • 0 Attachment
      Why can't California (and every other state) do
      this!!!???


      http://www.leg.state.nv.us/72nd/bills/ab/ab532.html



      Assembly Bill No. 532�Committee on
      Constitutional Amendments



      March 24, 2003

      ____________



      Referred to Committee on Constitutional Amendments



      SUMMARY�Directs issuance of Nevada silver coins. (BDR
      31‑1297)



      FISCAL NOTE: Effect on Local Government: No.

      Effect on the State: No.



      ~



      EXPLANATION � Matter in bolded italics is new; matter
      between brackets [omitted material] is material to be
      omitted.

      Green numbers along left margin indicate location on
      the printed bill (e.g., 5-15 indicates page 5, line
      15).



      AN ACT relating to state financial administration;
      directing the issuance of Nevada silver coins;
      providing that such coins are legal tender for all
      debts in this state; and providing other matters
      properly relating thereto.



      THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

      SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:



      1-1 Section 1. Chapter 353 of NRS is hereby amended
      by adding

      1-2 thereto the provisions set forth as sections 2
      and 3 of this act.

      1-3 Sec. 2. The Legislature finds that:

      1-4 1. The State of Nevada, at the time of its
      admission to the

      1-5 United States, was a sovereign entity on equal
      footing with the 13

      1-6 sovereignties that formed the compact known as
      the Constitution

      1-7 of the United States.

      1-8 2. In ratifying and approving the Constitution
      of the United

      1-9 States, Nevada agreed to delegate certain of her
      sovereign powers

      1-10 to three agencies of government, all in the form
      provided by the

      1-11 Constitution.

      1-12 3. Among the powers delegated by Nevada was
      the sovereign

      1-13 power to issue money. That power was delegated
      by Nevada and its

      1-14 sister states to the Congress of the United
      States in Section 8 of

      1-15 Article I of the Constitution of the United
      States, on condition that

      1-16 the Congress would issue all money.



      2-1 4. Nevada also, in Section 10 of Article I of
      the Constitution

      2-2 of the United States, agreed not to issue its own
      money. This

      2-3 agreement was also conditioned upon the Congress
      discharging its

      2-4 obligation to issue money as the agent of Nevada
      and its sister

      2-5 states.

      2-6 5. The purported delegation by the Congress of
      the power to

      2-7 issue money to the Federal Reserve Bank, a
      privately owned

      2-8 corporation, is a violation of the terms of the
      Constitution of the

      2-9 United States.

      2-10 6. The failure of the Congress to discharge
      its obligation to

      2-11 issue all of the money pursuant to Section 8 of
      Article I of the

      2-12 Constitution of the United States absolves the
      State of Nevada

      2-13 from its constitutional obligation not to issue
      money.

      2-14 Sec. 3. 1. The State of Nevada shall issue
      into circulation

      2-15 coins of the State of Nevada in the face amount
      of $50,000,000.

      2-16 The coins must contain 1 ounce of fine silver,
      must be alloyed to

      2-17 90 percent fineness and must bear The Great Seal
      of the State of

      2-18 Nevada on one side and the words �Contains One
      Troy Ounce

      2-19 Fine Silver,� �Twenty Dollars,� �Nevada Legal
      Tender� and the

      2-20 year of issue on the other side. The coins so
      issued are legal tender

      2-21 for all debts, public and private, in this
      state.

      2-22 2. Except as otherwise provided in this
      section, when the

      2-23 coins authorized by subsection 1 are received
      into the State

      2-24 Treasury, they must be reissued. The coins must
      not be held as a

      2-25 reserve except as the Legislature otherwise
      directs.

      2-26 3. If the number of coins subject to the
      control of the State

      2-27 Treasurer diminishes to 500,000, the State of
      Nevada shall make

      2-28 successive issues of coins in accordance with
      subsection 1 in the

      2-29 face amount of $50,000,000, unless the total
      face value of the

      2-30 coins already issued is $500,000,000, in which
      case the State of

      2-31 Nevada shall issue no further coins without
      prior approval of the

      2-32 Legislature.

      2-33 4. If the Legislature of the State of
      Nevada determines that

      2-34 the Congress of the United States is fulfilling
      its constitutional

      2-35 obligation to issue money by:

      2-36 (a) Requiring the Federal Reserve Bank to
      retire its

      2-37 circulating notes; and

      2-38 (b) Causing the issuance of sufficient notes
      of the United

      2-39 States and other currency to meet the needs of
      the commerce of

      2-40 the United States and of Nevada,

      2-41 the State Treasurer shall retire the coins
      authorized by this section

      2-42 as they are received into the State Treasury.

      2-43 Sec. 4. This act becomes effective upon
      passage and approval.



      2-44 H


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