|
(A) Congress hereby directs the Secretary of the Treasury to authorize the production and
immediate distribution of United States Treasury credit-notes, denominated in 1, 5, 10, 20, 50, and
100-token dollar units, in sufficient quantity to replace all outstanding United States legal tender
paper currency of every type.
(B) The following characteristics, among others, define the United States Treasury credit-notes:
(1) paper document denominated in token dollars
(2) an obligation of the United States
(3) created by authorization of the United States Congress
(4) issued by the United States Treasury bearing no interest
(5) placed in circulation through voluntary acceptance
(6) designed to circulate as money
(7) irredeemable in specie
(8) having exchange value
(9) having limited legal-tender character
(C) Congress hereby declares that, from the date of passage of this Act, United States Treasury
credit-notes are legal-tender for all debts—public, private, and personal—where such debts are not
explicitly stated and understood by the parties involved to be dischargeable in some other stipulated
medium of exchange.
(D) All existing forms of United States legal tender paper currency of whatever type, denominated in
dollars and produced on or before the date of passage of this Act, are exchangeable or replaceable at a
face value of one for one for the new United States Treasury credit-notes. Federal Reserve Notes,
National Bank Notes, and State Bank Notes will no longer be printed.
(E) Congress hereby directs the Secretary of the Treasury to authorize the production of standard
silver and gold coins from the following sources:
(1) coinage at the public mints of all government-owned silver and gold bullion except for minimum
amounts which may be required under the Strategic and Critical Materials Stock Piling Act (50
U.S.C. 98 et seq.); and,
(2) coinage at the public mints of silver and gold bullion acquired on the world market by the
Secretary of the Treasury at not more than the then current average world price; and,
(3) unlimited coinage at the national mints of privately owned bullion; and,
(4) encouragement of private coinage.
(F) Congress hereby directs the Secretary of the Treasury, under Article
I, § 8, cl. 5 of the United States Constitution, to establish and implement procedures and
necessary regulations to encourage each of these sources to its maximum extent.
(G) United States Coinage
(1) The standard unit of the domestic monetary system shall be a lawful United States constitutional
silver dollar coin, containing 371 and 1/4 grains of silver, as construed in the United States
Constitution and the Coinage Act of 1792. The
Secretary of the Treasury shall provide for the minting of 1, 1/2, 1/4, and 1/10-dollar pieces,
containing weights of silver in these exact proportions to the standard silver dollar.
(2) The Secretary of the Treasury shall provide for the minting of standard gold coins. A standard
gold coin, called the eagle, will contain 1 troy ounce of gold. The Secretary of the Treasury may, by
discretion, provide for companion-pieces containing 1/10 troy ounce of gold, the 1/10 eagle; and 1/4
troy ounce of gold, the 1/4 eagle; and 1/2 troy ounce of gold, the 1/2 eagle.
(3) Despite any other provision of law, the Secretary of the Treasury shall provide for the minting
and issuance of standard gold and standard silver coins of the following character:
(a) consist of an alloy of —
(i) the specified weight of the precious metal; plus
(ii) other metal, weighing not more than 1/10 of the total weight of the coin, included to
increase the coin durability;
(b) a silver dollar will contain 371 and 1/4 grains of silver, being a minimum of 90 percent
silver by weight, with the 1/2, 1/4, and 1/10-dollar pieces containing weights of silver in exact
proportions to the standard dollar;
(c) an eagle will contain 1 troy ounce of gold, being a minimum of 90 percent gold by weight,
with 1/2, 1/4, and 1/10eagle pieces containing weights of gold in exact proportions to the standard
eagle;
(d) have a standardized design which remains unchanged for thirty years —
(i) symbolic of Liberty on the obverse side; and
(ii) of an eagle on the reverse side;
(e) have inscriptions —
(i) indicating denomination, such as “One-half Dollar” or “One Eagle”; and
(ii) actual type and weight of precious metal content, such as “371 and 1/4 Grains Silver”
or “One Troy Ounce Gold”; and
(iii) “Liberty”; and
(iv) “United States of America”;
(f) are marked —
(i) to identify the mint of origin; and
(ii) with the first year of the decade of minting or issuance;
(g) all standard silver coin will have a twelve-sided polygon design with reeded edges;
(h) all standard gold coin will have a sixteen-sided polygon design with reeded edges;
(4) To compensate for abrasion of the lawful coinage, the “Value” of any
particular coin is equal to its actual weight divided by its specified total weight expressed in
appropriate terms of dollars or eagles.
(5) The Secretary of the Treasury shall immediately open the public mints to unlimited coinage of
both metals, levying a charge, denominated in treasury credit-note dollars, for seigniorage at the
minimum level necessary to fund the mints’ operations.
(6) The Secretary of the Treasury shall determine and publish at least weekly, but more often if he
deems necessary, the exchange-ratios between —
(a) a treasury credit-note dollar and a United States standard silver dollar and
(b) a treasury credit-note dollar and a United States eagle,
such ratios being calculated by adding the current average world market price, denominated in
treasury credit-note dollars, for the bullion equivalent weight of the standard coin to the mint
seigniorage charge to produce a standard coin.
(7) All existing laws or regulations authorizing governmental seizure of precious metals for
monetary policy purposes or prohibiting the recovery and use of the bullion content of lawful coins
are hereby repealed.
(H) Private Coinage
(1) As part of the duty, under Article
I, § 8, cl. 5 of the United States Constitution, to supply the country with an adequate coinage,
Congress requires the Secretary of the Treasury to, upon request of United States wholly owned and
operated private mints, have prepared and make available at cost, dies for the minting of standard
silver and gold coin of the United States.
(2) The Secretary of the Treasury is hereby directed to create, subject to the approval of
Congress, the necessary policies, procedures and regulations to ensure that the quality of standard
silver and gold coinage produced by private parties equals or exceeds the public standard. Any
penalties provided will apply equally to officers of the public mints.
(I) The Secretary of the Treasury may issue silver and gold certificates, denominated in dollars and
eagles, respectively.
(1) The silver series shall include 1, 5, and 10-Dollar Silver Certificates of the following
character:
(a) They are printed on a distinctive paper of silver color.
(b) They have inscriptions —
(i) “United States of America”; and
(ii) “In God We Trust”; and
(iii) indicating year of issue; and
(iv) indicating denomination, such as “Five Dollar Silver Certificate”; and
(v) indicating promise of redemption, such as “The United States Treasury will pay face value
to the bearer on demand in standard silver dollar coin.”
(2) The gold series may include 1, 5, and 10-Eagle Certificates of the following character:
(a) They are printed on a distinctive paper of gold color.
(b) They have inscriptions —
(i) “United States of America”; and
(ii) “In God We Trust”; and
(iii) indicating year of issue; and
(iv) indicating denomination, such as “Ten Eagle Certificate”; and
(v) indicating promise of redemption, such as “The United States Treasury will pay face value
to the bearer on demand in standard gold coin.”
(3) These certificates shall represent only standard coined silver and gold actually on deposit
with the United States Treasury, or with designated Treasury agents, and must be redeemed on demand.
(4) Any failure to redeem silver certificates or gold certificates issued under the provisions of
this Act upon any demand
(i) shall cause an immediate audit by two independent qualified public auditors at the expense of
the Treasury and
(ii) will be prima facie cause for the removal of the Secretary of the Treasury.
(J) All accounts of record of all monetary transactions of whatever type, subject to the jurisdiction of
the United States, are hereby required to show the form or forms of currency used. The use of the term
“dollar” or the symbol “$” without other qualifiers will designate United States Treasury
credit-notes or its subdivisions such as clad token coins and subsidiary token coins of base alloys. The
terms “silver dollar,” “silver $,” “dollars silver” or “$ silver” without other
qualifiers will designate standard silver dollar coin containing 371 and 1/4 grains of silver and its
appropriate subdivisions. The term “eagle” without other qualifiers will designate standard gold
coin containing 1 troy ounce of gold and its appropriate subdivisions.
Read Explanation and Details for Section 4. |