Ron Paul's HR 4248: Free Competition in Currency Act of 2009

On December 9, 2009, Ron Paul introduced HR 4248: Free Competition in Currency Act of 2009. As of March 12, there was only one co-sponsor – Walter Jones (R-NC). This proposed legislation is an important step that needs to be much more widely supported. Please let your representatives know about HR 4248. Here is the summary of the bill:

“Free Competition in Currency Act of 2009 - Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public charges, taxes, and dues. Prohibits any tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by a state, the United States, a foreign government, or any other person. Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that has legal tender status under the Constitution. Repeals provisions of the federal criminal code relating to uttering coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins. Abates any current prosecution under such provisions and nullifies any previous convictions.”

H.R. 4248 was referred to the following committees: Subcommittee on House Financial Services, Subcommittee on House Judiciary, Subcommittee on House Ways and Means, and a separate Subcommittee of House Judiciary – Commercial and Administrative Law.

To give you an idea as to the importance of this bill, H.R. 4248 would make the Liberty Dollar a legal form of currency for the exchange of goods and services. Many patriots had quantities of Liberty dollars and had no idea that U.S. Code Title 31, Section 5103 makes only United States minted coin and Federal Reserve Notes “legal tender” while making all other minted coins “illegal” for the discharge of all “debts, public charges, taxes and dues”. H.R. 4248 would repeal this section of U.S. Code.

As more counties and states experience a cash crunch and economic downturn, having the freedom to create local currencies is becoming a necessity.