Charleston VoiceH. R. 391 - Mr. PAUL introduced the following bill;Wed Jul 18, 2007 00:17
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97TH CONGRESS 1ST SESSION
H. R. 391
To repeal the privilege of banks to create money.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 5, 1981 Mr. PAUL introduced the following bill; which was referred
to the Committee on Banking, Finance and Urban Affairs
To repeal the privilege of banks to create money.
1 Be it enacted by the Senate and House of Representatives
2 of the United States of America in Congress assembled,
3 That this Act may be cited as the “Monetary Freedom Act”.
4 TITLE I -ASSAY, INVENTORY, AND AUDIT OF
5 GOLD RESERVES
6 SEC. 101. The Secretary of the Treasury is directed to
7 conduct and complete, not later than six months after the
8 date of enactment of this Act, a full assay, inventory, and
9 audit of gold reserves of the United States at the place or
10 places where such reserves are kept, together with an analysis
1 of the sufficiency of the measures taken for the security of
2 such reserves.
3 SEC. 102. (a)(l) The General Accounting Office shall
4 contract with an independent, commercial auditing firm for
5 the purpose of reviewing the results of such assay, inventory,
6 audit, and analysis and, not later than nine months after the
7 date of enactment of this Act, shall prepare and transmit to
8 the Congress a report of the firm's findings, together with the
9 results of the assay, inventory, audit, and analysis conducted
10 by the Secretary of the Treasury.
11 (2) For purposes of such assay, inventory, audit, and
12 analysis, the General Accounting Office and the firm with
13 which it has contracted for the purpose of conducting an
14 audit shall have access to any depository or other facility
15 where such reserves are kept.
16 (b) The Secretary of the Treasury shall make available,
17 in order to facilitate the review of the General Accounting
18 Office under this Act, all books, accounts, records, reports,
19 files, correspondence, memoranda, and papers, or any other
20 document, tape, or record pertaining to the assay, inventory,
21 audit, and analysis required by this Act, as determined by the
22 General Accounting Office or the firm with which it has con-
23 tracted pursuant to subsection (a) of this Section.
1 TITLE II-PROHIBITION ON SALE OF
2 GOLD BULLION
3 SEC. 201. Section 10 of the Gold Reserve Act of 1934
4 is amended by adding at the end thereof the following:
5 “(e) The authority to sell gold bullion under this Act
6 may not be exercised unless Congress by law authorizes such
8 TITLE Ill-PROHIBITION OF SEIZURE OF
9 PRIVATELY OWNED GOLD
10 SEC. 301. Section 5(b)(I)(A) of the Trading With the
11 Enemy Act (12 U.S.C. 95a(b)(a)(A); 50 U.S.C. App.
12 5(b)(a)(A» is amended by striking out “gold or silver coin or
14 SEC. 302. Section l1(n) of the Federal Reserve Act (12
15 U.S.C. 238(n» is repealed.
16 SEC. 303.Sections 5, 6, and 7, and the last sentence of
17 section 15 of the Gold Reserve Act of 1934 (31 U.S.C. 315b,
18 408a, 408b, 444) are repealed.
19. SEC 304. The existing right of the people, guaranteed
20 by the Ninth and Tenth Amendments to the Constitution, to
21 coin, trade, make contracts in, melt, hold, own, or use in any
22 other lawful manner, gold, is hereby recognized and reaf
1 TITLE IV-REPEAL OF LEGAL TENDER LAWS
2 SEC. 401. The following sections of title 31 of the
3 United States Code are repealed: 311, 313, 314, 315b, 317,
4 321, 322, 324, 324b, 326, 327, 364, 365, 371, 373, 391,
5 392, 395, 396, 397, 398, 401, 404, 405, 405a-3, 405b,
6 406, 408a, 408b, 410, 428, 429, 444, 446, 449, 451, 452,
7 453, 454, 455, 456, 457, 459, 460, and 463.
8 SEC. 402. All other Acts and parts of Acts conferring
9 legal tender status upon any monetary instrument are re
11 TITLE V-REDEMPTION OF FEDERAL
12 RESERVE NOTES
13 SEC. 501. The Secretary of the Treasury shall redeem
14 in gold nine-tenths fine all Federal Reserve notes and United
15 States notes presented to the Treasury for redemption three
16 hundred and sixty days after the date of enactment of this
17 Act, and continuing for one year thereafter.
18 SEC. 502. Redemption shall be made at the mean of the
19 spot prices for gold on the New York Commodity Exchange
20 and the Chicago Board of Trade that prevailed at the close of
21 business on the five business days immediately preceding the
22 date redemption begins.
23 SEC. 503. Redemption may be made in either gold bul-
24 lion or gold coin at the discretion of the bearer of the notes.
25 The gold shall be of such fineness that of one thousand parts
1 by weight, nine hundred shall be of fine gold and one hundred
2 of alloy. No gold shall be used in redeeming notes that devi-
3 ates from the standard of this section by more than one part
4 per thousand.
5 SEC. 504. Nothing in this title shall be construed to
6 require the Secretary of the Treasury to deliver gold coin or
7 gold bullion in weights less than five grams.
8 SEC. 505. On and after the date redemption begins, the
9 gram of gold, ninety-nine one-hundredths fine, shall be the
10 money of account of the Government of the United States,
11 and all redemptions of Federal Reserve and United States
12 notes shall be made in multiples of grams of gold.
13 SEC. 506. (a) The Secretary of the Treasury is author-
14 ized and directed, for the purpose of redeeming Federal Re-
15 serve and United States notes, to issue gold certificates in
16 the following denominations: one gram, one-tenth gram, and
17 one-twentieth gram. Such certificates shall bear an inscrip-
18 tion indicating that they are redeemable in gold of a certain
19 weight, for a period of one year after the date redemption
20 begins. Beginning one year after the date redemption begins,
21 no gold certificates shall be issued by the Secretary of the
22 Treasury or by any other agency of the United States.
23 (b) The Secretary of the Treasury is authorized and di-
24 rected, as public demand requires, to issue gold coins in the
25 following denominations: five grams, ten grams, fifteen
1 grams, and thirty grams. Such coins shall bear no designation
2 of value other than the weight of the gold contained therein.
3 (c) The amount of gold certificates issued and outstand
4 ing, together with the Federal Reserve and United States
5 notes issued and outstanding, shall at no time exceed the
6 amount of gold held by the Treasury.
7 (d) The Secretary of the Treasury and the Federal Re-
8 serve are authorized and directed to cease issuance of Feder-
9 al Reserve and United States notes on the date of enactment
10 of this Act.
11 TITLE VI - OPEN
12 SEC. 601. Notwithstanding any other provision of law,
13 all depository institutions and persons who promise to pay a
14 sum of money on demand shall keep sufficient money in their
15 possession at all times to cover all such promises outstand
17 SEC. 602. Notwithstanding any other provision of law,
18 persons wishing to form associations for the carrying on of
19 the business of banking shall, after making an organization
20 certificate pursuant to sections 21 through 23 of title 12,
21 United States Code, be authorized to carryon such business.
22 Neither the Comptroller of the Currency nor any other officer
23 of the United States shall have power to prohibit any such
24 persons who have filed an organization. certificate from carry
25 ing on the business of banking.
1 TITLE VII-JUDICIAL APPLICATION
2 SEC. 701. In cases of controversy arising under the
3 laws of the United States, the courts shall decide in accord
4 ance with the following rule: Promises to pay Federal Re
5 serve notes or United States notes made before the date re
6 demption begins shall be payable in such notes or in an
7 equivalent amount of gold, at the discretion of the holder of
8 such promises.
9 SEC. 702. An equivalent amount of gold shall be deter
10 mined in accordance with section 2 of title V of this Act..
11 SEC. 703. This title shall apply to obligations of the
12 United States.
13 TITLE VIII-EFFECTIVE DATE
14 SEC. 801. The effective date of this Act shall be the
15 date of its enactment, except that title VI shall become effec- .
16 tive three hundred and sixty days after enactment of this Act.
RON PAUL ON MONEY....
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