Legalize Competing Currencies

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Free Competition in Currency Act of 2009

HR 4248 IH

111th CONGRESS

1st Session

H. R. 4248

To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.

IN THE HOUSE OF REPRESENTATIVES

December 9, 2009

Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Free Competition in Currency Act of 2009′.

SEC. 2. REPEAL OF LEGAL TENDER LAWS.

    (a) In General- Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.

    (b) Clerical Amendment- The table of sections for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item:

      `5103. [Repealed]‘.

SEC. 3. NO TAX ON CERTAIN COINS AND BULLION.

    (a) In General- Notwithstanding any other provision of law–

      (1) no tax may be imposed on (or with 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; and

      (2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.

    (b) Effective Date- This section shall take effect on December 31, 2009, but shall not apply to taxes or fees imposed before such date.

SEC. 4. REPEAL OF SUPERFLUOUS SECTIONS.

    (a) In General- Title 18, United States Code, is amended by striking sections 486 (relating to uttering coins of gold, silver, or other metal) and 489 (making or possessing likeness of coins).

    (b) Conforming Amendment to Table of Sections- The table of sections at the beginning of chapter 25 of title 18, United States Code, is amended by striking the items relating to the sections stricken by subsection (a).

    (c) Special Rule Concerning Retroactive Effect- Any prosecution under the sections stricken by subsection (a) shall abate upon the taking effect of this section. Any previous conviction under those sections shall be null and void.

13 responses to “Legalize Competing Currencies”

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  10. David

    Well, i’m a firm believer in Ben Franklin economics, and i think that in order to maintain a consistent, stable and reliable economy, we do need a public debt free artificial currency (and credit system), administered by the treasury as a non profit public service and not by banks, which can be created and put into circulation to match the full capacity of the American population to provide each other with useful goods and services, and let loans of the currency to the people fund the operations of government without taxes in the process. The reason i believe in this is that this is the single and only thing in history which has ever been demonstrated to create prosperity for any country or general population far beyond anything which could possibly be experienced otherwise and i can see the enormous benefits and prosperity which would be generated for the American people today by it with our modern technology and production capacity. I want them to have that.

    With that said, i’m also a full supporter of legalizing competing currencies as well. How could any free economy not have legal competing currencies ?. People should be free to trade and establish security with any means they choose and are willing to accept.

    This would give us the best of both worlds actually, as we could use the public currency simply as a common and universally accepted means of trade to fuel production as this is its only useful function and should not be confused with a means to security, and then if people wanted to they could establish security with the hard competing currencies as well. Just remember is that the only reason the hard currencies are worth anything is that people attribute an artificial value to them, so again, its not really the security that some think them to be, but for those who choose to use them as such, or simply wish to trade with them, they should certainly be free to do so.

    I’m 100% for emptying out Fort Knox and letting the gold be secured in the hands of the population themselves, as it was before and should have been all along. If there is any left that is ?

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    1. Woopa

      I completely disagree with your support of a “public debt free artificial currency (and credit system), administered by the treasury as a non profit public service”
      I think it is a terribly flawed idea.

      However, I would like to point out that your good common-sense has trumped your bad economics: “With that said, i’m also a full supporter of legalizing competing currencies as well. How could any free economy not have legal competing currencies?” Exactly so. If more people realized, like you have, that the best test of any plan is to offer it openly for willing participants to join and for others to not join… Indeed, if more people realized that it is immoral to force any positive action on others, then we would all be able to actually figure out what we need to do to live together in peace and freedom.

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  11. Kim Shaffer

    This is a beginning to making government conform to the constitution and our rights under it. Thank you and don’t give up please.

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