Bullion Banking Law - Requires USA Banks To Accept Gold and Silver Deposits and Transfers
This petition had 34 supporters
US Mint Bullion Banking Law
Upon acquiring enough signatures it is proposed that the following become law as per the intentions of The Constitution of the United States.
All banks doing business within the USA must accept and insure gold and silver deposits to their fullest value and must allow for the uninhibited transfer of holdings within the banking system within the United States of America, its territories and boundaries. These accounts shall be denoted as Bullion accounts and shall not be limited to a persons or entities citizenship.
Banks must show holdings in bullion type, weight, Mint and coins current public market value in USA Federal Reserve Notes based on Mint Type, Bullion Weight, and value shall never be less than that of the weight of the bullion per current rates of gold and silver in USA Federal Reserve Notes and a fee of no more then 1% can be levied per transaction.
The Federal Reserve must insure these deposits, allow for conversion via instant acquisition, and fees for such insurance must be collected via a transaction fee system only not to exceed 1% per transaction. Any acquisition of bullion via conversion to USA Federal Reserve Notes must be reallocated for public purchase through banks at current market value in USA Federal Reserve Notes.
Transaction fees shall be limited to deposits, withdraws, conversions, and transfers. Transfer fees can be paid in USA Federal Reserve Notes and or Bullion not limited to one or the other
This is a starting point to further the stability of our nation's economy and prosperity of its people.
The founding fathers of this country recognized the inflationary dangers of a paper currency that had nothing backing it. So when they wrote the constitution they declared that, “The Congress shall have the Power To To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”(1)
This task of creating the nation's money was enacted with the creation of, “the Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. The long title of the legislation is An act establishing a mint, and regulating the Coins of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.” (2)
Furthermore Article 1 Section 10 of the constitution states, “No State shall ...make any Thing but gold and silver Coin a Tender in Payment of Debts...” (3)
Therefore banks must allow deposits of gold and silver US Mint coin and those deposits of bullion must be held in an account that denotes their current market value of bullion weight not of face value since that is no longer an indicator of value since,
“After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.
Starting in the 1959–1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.S. President Richard Nixon to end international convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon Shock").” (4)
INFLATION Vs DEFLATION
Currently the Federal Reserve Notes may be created in two ways by the US treasury issuing bonds or Banks Loaning money that didn’t exist before. Both ways create US debt and create more money chasing after goods and services thereby creating inflation.
A true storage of value. Gold and Silver have a fixed supply and reserve and takes money and time to mine thereby creating real value. As more and more people choose to hold gold and silver the value will go up and it will take less and less to buy things. As the USA takes in the wealth of the world by accepting gold and silver deposits into the USA banks the nation's financial security and prosperity will be enhanced.
Taxes or No Taxes
Taxes are required on income derived from acquiring Federal Reserve Notes. No tax is levied on the exchange of gold and silver until the conversion of gold and silver into Federal Reserve Notes since it fluctuates as a commodity. However a face value does exist on gold and silver US Mint coins and the US Mint has the legal authority to set the denomination of the USA Coinage money supply. This would lead one to believe that you would pay taxes on the face value of said US Mint Bullion coinage however this has not been explored in much detail therefore it is hard to say how this would work itself out as I am not an accountant.
It is time for us all to recognize that for the financial stability and security of our nation that we must start allowing for the use of gold and silver and storage within our nation's banking system. As our national debt increases and deficit spending continues we know the inflation of our money supply will only continue in an unprecedented exponential manner leading us to further economic instability, suffering, and inequality.
As other nations strengthen their use of gold and silver within their banking system we must not be left behind to find ourselves in a dangerous position one day where the world does not recognize the US Dollar as having value.
We must work together with the banking organizations to create a win win situation whereby the financial integrity of our nation increases and the banks are allowed to prosper through the facilitation of storage, exchange, and transfer of gold and silver between account holders and banking institutions within the USA.
Join with me in creating this most valuable and historically precedented law that our founding fathers knew to be of essential importance in creating a fiscally sound nation.
Author of Petition
Adam Holms was born Sep 7 1975 to a poor family that lived on welfare during the early days. Through the hard work of his parents they rose up to middle class status by achieving educational and career goals. Adam’s aspirations started young by pursuing scouting at age 7 years of age and exceeding all the way to Eagle Scout as well as Brotherhood of the Order of the Arrow. By learning transcendental meditation at age 5 he gained an inner and outer awareness that comes from silencing the mind and has been practicing ever since. Later Adam graduated from Antioch University with a Bachelor's degree in Business and went on to sell a patented product at major retailers and work on Internet businesses. He is a husband and a father of two young children one with special needs. After learning about the current monetary system in the USA he is now seeking to reform it in a way to secure long term financial stability for both the average citizen and our nations great financial institutions that ensure our economic stability and growth.
Article 1 Section 8
The Congress shall have Power To To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
The Constitution of THE United States September 17, 1787
Coinage Act of 1792
The Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. The long title of the legislation is An act establishing a mint, and regulating the Coins of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
Article 1 Section 10
1: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
The Constitution of THE United States September 17, 1787
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