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from 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.
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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