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To amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as provide a short title; to provide legislative findings; to define certain terms; to require any bank or lending institution serving as a depository for the state or any department or agency of the state to offer and to accept gold and silver coin for deposit; to amend Title 50 of the Official Code of Georgia Annotated, relating to state government, so as to provide legislative findings; to define certain terms; to require the exclusive use of gold and silver coin as tender in payment of debts by or to the state; to provide for related matters; to provide an effective date; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
This Act shall be known and may be cited as the "Constitutional Tender Act."
Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, is amended by adding a new chapter to read as follows:
The General Assembly finds and declares that sound, constitutionally based money is essential to the livelihood of the people of this state, to the stability and growth of the economy of this state and region, and vitally affects the public interest. The General Assembly further finds that Article I, Section 10 of the United States Constitution provides that no state shall make anything but gold and silver coin a tender in payment of debts.
To amend the Official Code of Georgia Annotated so as to provide that prenatal murder shall be unlawful in all events and to remove numerous references to such procedures; to amend Title 16, relating to crimes and offenses, so as to make certain findings of fact; to define certain terms; to provide that any prenatal murder shall be unlawful; to provide a penalty; to repeal certain exceptions to certain offenses; to provide for severability; to provide an effective date; to repeal conflicting laws; and for other purposes.
The value of each coin used pursuant to Code Section 50-37-3 as payment of obligations by and to the state shall be determined by the current market value of the silver or gold content of each coin and not determined by the face value of each coin itself. The value of the silver or gold content of each coin shall be equal to the most recent United States dollar value set on the current business day by the London Silver Fixing Price and the London Gold Fixing Price as of 10:30 A.M. Greenwich Mean Time and 15:00 P.M. Greenwich Mean Time as follows:
(1) Silver eagles and gold eagles shall be valued at the current market value of the silver or gold content of each coin; and
(2) Pre-1965 silver coins shall be valued at the current market value of the silver content of each coin, multiplied times 0.715 of the face value of each coin.
having a 90 percent silver composition and containing when minted approximately 0.7234 troy ounces of silver per dollar of face value.
Originally posted by Tentickles
reply to post by DrMattMaddix
If this bill passes many of the banking families will be pissed!
Will probably lead to some interesting news stories in the future though.
Keep us posted on it's progress my friend I am very interested in this thread.