A BILL to be entitled an Act 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. http://www.legis.state.ga.us/legis/2009_10/sum/hb430.htm Introduced Last year & Still in Commission After Clicking LC 21 0297/a Looks Like if Passed you Can pay into savings accounts & Maybe Checking Accounts. in Gold Or silver and Expect to be able to cash out & Receive Gold Or Silver as your Earnings. if I'm not Misreading 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. As used in this chapter, the term1) 'Federal Reserve Accounting Unit Dollar accounts' means accounts based on federal reserve notes created by 12 U.S.C. Section 3, Subchapter XII.(2) 'Gold eagle accounts' means accounts based on the weight in troy ounces of the gold content of gold coins minted by the United States Mint since 1986 pursuant to 31 U.S.C. Section 5112(a)(7) through (a)(10) and 31 U.S.C. Section 5112(h).(3) 'Pre-1965 silver accounts' means accounts based on the face value of silver coins minted by the United States Mint prior to the Coinage Act of 1965 (Pub. L. 89, 81, 79 Stat. 254), having a 90 percent silver composition and containing when minted approximately 0.7234 troy ounces of silver per dollar of face value.(4) 'Silver eagle accounts' means accounts based on the weight in troy ounces of the silver content of silver coins minted by the United States Mint since 1986 pursuant to 31 U.S.C. Section 5112(e) and 31 U.S.C. Section 5112(h). a) Banks and lending institutions designated in Code Section 7-9-3 shall offer accounts denominated in1) Federal Reserve Accounting Unit Dollar accounts;(2) Pre-1965 silver accounts;(3) Silver eagle accounts; and(4) Gold eagle accounts.(b) Accounts established as provided in subsection (a) of this Code section shall be segregated from all other types of currency. Withdrawals shall be made in the same currency as deposits."
I may also be misreading this but to me it sounds like this only pertains to banks that the State Government has accounts at, and only for the government and its agencies.
It would be a nice service to be able to use a bank for safe-keeping. However, many questions still need to be answered. Will the deposit earn gold or silver interest? I think the answer is probably no. Will the deposit be covered by the FDIC? Again, probably not, meaning that you are an unsecured creditor if the bank goes under. Will there be any fees? Probably yes. Still, it's a step in the right direction.
Very interesting question about the constitutionality of that bill in light of Article 1, Section 10 of the US Constitution. Either way I predict it will never become law.
This is fascinating, thanks for posting. That part I quoted sounds like they're going to collide with legal tender laws, if they won't accept Federal Reserve Notes in payment of debts to the state.
I don't see a constitutional issue since the state is using federally issued coins to denominate the account. But I agree it will never become law.
