“Congress shall have the power to…coin money, regulate the value
thereof and of foreign coin, and fix the standard of weights and
measures.“No State shall…make anything but gold and silver coin a tender in payment of debts.”
So says the American Constitution and because of that Constitution, South Carolina and several other states have been fighting for six years for the right to do what the Constitution already says we can do. Furthermore, we can do it without any input whatsoever from the Federal government. Notice the wording. Congress is to “coin” the money and fix the value—which is based on weight, not on a federal reserve stamp indicate a dollar coin, five dollar coin, etc. The State, on the other hand, is to use ONLY gold and silver coin for payment in debts.
In this world of plastic money, i.e. debit cards and electronic transfers, a person’s gold or silver could be in the bank while he uses a debit card to transfer it from himself to his creditor.
As for individual transfers, the Constitution says nothing whatsoever about private transactions. According to the Constitution, a person can give another private individual any payment whatsoever that the two agree upon. If you agree to accept chickens in return for doing a job for your neighbor, it is none of the government’s business. Hence, bartering stays a viable option.
Since the majority of SC citizens are content with the federal reserve dollar, why does it matter?
- The national debt is far more serious than main stream media is telling us. If the dollar were to collapse completely, gold and silver coin would remain a viable means of exchange. Ron Paul has warned that the federal reserve is going to “self destruct.” When that happens, States without a sound money system will be at the mercy of whatever means of exchange is forced on them.
- Sound money protects purchasing power. The fed is artificially controlling inflation by keeping interest rates low. It is a ticking time bomb. If inflation goes to double digits, the value of gold and silver will increase exponentially. Those who have real money have a better chance of surviving.
- Economic and political freedom will result from an insistence on sound money.
- The elimination of dependence on the federal reserve would also eliminate the manufactured “boom and bust” cycles that investors have been led to believe is perfectly normal.
- The use of real money would open up the free market as both US gold and silver and foreign coin—its weight and measure established by Congress—would be legal tender.
- Currently, trade in the US is based on “fiat” money, meaning money back by nothing but debt, i.e. nothing. However a sound money system does not even mean “gold backed” money. It means the literal exchange of gold or silver from one person to another. That doesn’t mean carrying it around in a bag. With today’s technology, a debit card could be easily used to transfer gold and silver—valued by weight—from one person’s account to another.
- The state, in order to facilitate such trade would need to keep a portion of the state assets in silver and gold. Such requirement would also protect the State in the event of collapse of the US fiat monetary system.
Section 1-1-1120. (A) To the full extent allowed by Article I, Section 10, Clause 1 to the Constitution of the United States, gold and silver coins shall be legal tender in the State of South Carolina under the laws of this State.
(B) Any person may employ gold or silver coin, or both, as legal tender in this State under its laws for payment of any debt to which that person is a party.
(C) If by its terms a debt requires payment in gold or silver coin, or both, then the only allowable medium of exchange for payment of it is gold or silver coin, or both, as the debt stipulates. In any case or controversy involving the enforcement of a debt, the courts of this State shall specifically enforce payment in gold or silver coin, or both.
(D) If by its terms a debt requires payment in some medium of exchange other than gold or silver coin, or both, the parties to the debt may mutually agree to payment of it with gold or silver coin, or both, at a rate of exchange between the other medium of exchange originally stipulated in the debt and gold or silver coin, or both, as the parties find to be appropriate and formally memorialized in an addendum to the debt. In any case or controversy involving the enforcement of a debt as so modified, the courts of this State shall specifically enforce payment in gold or silver coin, or both, according to the terms of the addendum.
(E) No party to a debt which stipulates that payment is to be made in a medium of exchange other than gold or silver coin, and which shall not have been modified in accordance with subsection (D) of the this Section, shall be compelled to tender or accept gold or silver coin in the satisfaction of the debt.
Additional sections indicate that people can accept, in addition to gold and silver, any type of money that is legal under Federal law. Furthermore, the exchange of gold or silver shall not be subject to tax.
Straight forward as it seems, this bill has attracted a hornet’s nest of DC lobbyists determined to twist it into something that keeps the State firmly in the hand of the Federal government, under the influence of the World Bank, and in the control of the Federal Reserve.
The only part of the bill that was passed out of committee was the part that will create a “study committee.” The bill is simple, so what do they need to “study?” The answer to that is also simple. The committee—which will be composed of people from these outside organizations if SC citizens do not stand up and demand otherwise—will be amending the bill to make sure it is rewritten such that the Federal Reserve is able to ensure continued control and confiscation of the wages and assets of South Carolina citizens. Finish reading @Source: SC.Libertynews.com
Related: Sound Money Bill of South Carolina Could be Sabotaged by CFR Infiltrators
