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HB 430: Constitutional Tender Act - Aaron Krowne

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Uploaded on Mar 24, 2009

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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