HB 430: Constitutional Tender Act - Bobby Franklin

This is testimony given at the Georgia House combined Financial Institutions & Services Subcommittee / Regulations & Oversight Subcommittee hearing on HB 430, the "Constitutional Tender Act". Testimony in favor of the bill was given by Rep. Bobby Franklin, Bill Greene, Aaron Krowne, Sean Mangieri, Jesse Bickel, and Franklin Sanders. Testimony in opposition to the bill was given by a state bureaucrat and two banking industry lobbyists.

HB 430 would return the State of Georgia to adherence to the U.S. Constitution's legal tender provisions. Specifically, U.S. Constitution declares that "no State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts", but Georgia HAS made some other "Thing" besides gold and silver coin a "Tender in Payment of Debts" -- some "Thing" called "Federal Reserve Notes." Therefore, this bill would require Georgia to ONLY use gold and silver coins in payments to and by the State. Federal Reserve Notes could still be used by the people of the State in personal and business transactions, if they so choose; but with the introduction of competition with REAL money, FRNs will likely soon go the way of the dodo bird.

The witnesses testified and explained to the Members of these Banks and Banking Committee subcommittees the absolute requirement of the U.S. Constitution for the State of Georgia to ONLY use gold and silver coins in its transactions, and a dialogue was begun in the best MEANS by which this should be done. The bureaucrats and banking lobbyists were concerned with cost, efficiency, and change, but it was apparent that they had not read the bill thoroughly or with an open mind, and especially had not read the FAQ on the ConstitutionalTender.com website.

These experts and Rep. Franklin explained to the Members the need to shift away from our fiat money system, and into a sound money system. The hyperinflationary end of various countries' fiat money was explained. The fallacies of fractional reserve banking was shown, and how the system robs the inherent wealth of the American citizens. The likely complete devaluation of Federal Reserve Notes, and thus the need for Georgia to protect its citizens via returning to Constitutional Tender, was also explained.

See: http://www.ConstitutionalTender.com/

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[RainstormGB]

i thought it was 1st of jan 2010

not 2011?

[profg11]

That's if it had passed last year. That date will change to "one year after being signed into law" upon passage.

[Roylamx]

Art 1 Sec 10 (No State Shall... Make anything but silver and gold) is meant to be enforced by the People, by withholding their monies from the State & Congress by refusing to pay any fine, fee, or tax until they (Congress) provide the Specie Coin as required.

But that requires intelligence, understanding and action on the part of the people.....

When we have that, we will be free.

[GrimmMylene]

This is wonderful to see. I can't believe it's true... YOO!!!!!!!!!HOO!!!!!!!!!!!!!!! It won't be long before other states follow. He makes alot of sense on for this Sound Money System. Look Out Feds, your end is near..

[1INACTION]

Your Federal Reserve Notes are Counterfeit. This will remove the Federal Reserve OLE BEN's money printing machine we can melt down and sell for scrap.

[rovingbetty]

maybe this would make people use there head for something beside tv

[allcingeye]

I thought America had a Gold and silver reserve it must be reserved for some thing like making coins to pay dept.

[Raycheetah]

It's good to see that someone, somewhere is paying attention to where things are trending. It was interesting to watch the panel members try to wrap their minds around what was, to them, and alien concept. No nation currently uses a metal-backed currency, but history provides plenty of examples... And of what happened when they debased their currencies. If Georgia can pass this, other states WILL follow. =^[.]^=

[mkc1979]

Yeh on the Act in Section four it says: This Act shall become effective on January 1, 2010. When will this actually become effective? Or can it still be rejected? Did you see the effigy of Obama hanging in Georgia this morning? I don't think Georgia liked Obama's first year in office. HA.

[LisaJ4Liberty]

The fiat system has failed, so a return to a gold standard is in the cards. The people have been okay with the fiat system because it seemed to be working. It's a different story now.