SB 12-137: Gold and Silver Coin for Payment of Debts | Article One Of The United States Constitution | Legal Tender

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Office of Sen. Mike Johnston Colorado General Assembly | 200 E. Colfax Avenue | Denver, CO 80203 | 303.866.4864 FACT SHEET MEMORANDUM SB 12-137 Gold And Silver Coin For Payment Of Debts Sen. Lambert & Rep. Beezley Staff Name: John Feeney-Coyle What the Bill Does: Under current law gold and silver coins issued by the U.S. Government are considered legal tender for the payment of all debts contracted on or after April 5, 1893 between all citizens of Colorado. Gold and silver coins may also be rec
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  DRAFT 2/8/2012 9:24 PM For a complete list of fact sheets, visitwww.mikejohnston.org/in-the-legislature. Office of Sen. Mike Johnston Colorado General Assembly | 200 E. Colfax Avenue | Denver, CO 80203 | 303.866.4864 F ACT S HEET M EMORANDUM   SB 12-137 Gold And Silver Coin For Payment Of DebtsSen. Lambert & Rep. Beezley Staff Name : John Feeney-Coyle What the Bill Does :Under current law gold and silver coins issued by the U.S. Government are considered legal tender forthe payment of all debts contracted on or after April 5, 1893 between all citizens of Colorado. Gold andsilver coins may also be received by citizens in payment of all debts and in satisfaction of all taxes leviedon citizens by law. 1  The proposed legislation seeks a declaration by the General Assembly (GA) that Section 3, Article II of the Colorado Constitution, and Article I, Section 10 of the U.S. Constitution gives Colorado citizens theright to accumulate, possess, and protect gold and silver coins. Additionally, the proposed legislationseeks a declaration from the GA that under Article I, Section 8 of the U.S. Constitution as well as the 10 th   Amendment of the U.S. Constitution, Colorado’s citizens, through their elected representatives, have primary jurisdiction over the regulation of intrastate commerce within Colorado. Further, the proposedlegislation amends subsection 2 of current law to declare that gold and silver coins, issued by the U.S.Government or authorized by law, shall be considered currency that can be used to pay debts incurredbetween citizens or to pay taxes levied by the State. Lastly, the proposed legislation precludes personsfrom compelling another to pay for, or accept as payment for debts, with gold and silver coins. Bill Provisions :    Seeks a Declaration from the GA that Colorado citizens have the inherent right to acquire, possesses,and protect property.    Seeks Declaration from the GA that Colorado citizens have the right to acquire, possess, andcirculate gold and silver for their protection and security.    Seeks declaration from the GA that Article I, Section 10 of the U.S. Constitution provides that nostate may make any currency other than gold and silver coins legal tender for the payment of debts.    Seeks a Declaration from the GA that “sound, constitutionally based money” is important to thelivelihood, solvency, and stability of Colorado’s government and economy, of which gold and silver coins are such “money.”      Seeks Declaration from the GA that, pursuant to Article I, Section 8, and the 10 th Amendment of theU.S. Constitution, the citizens of Colorado, through their elected representatives, retain the primary  jurisdiction over the regulation of Colorado’s intrastate commerce.    Gold and silver coins may be sued to pay for, or satisfy, debts between citizens or pay any taxeslevied by the State. 1 C.R.S. §11-61-101  DRAFT 2/8/2012 9:24 PM For a complete list of fact sheets, visitwww.mikejohnston.org/in-the-legislature.    Precludes a person from forcing another to pay, or accept as payment, for debts gold or silver coins. Fiscal Impact :Although there is a fiscal note, the Legislative Council determined the proposed legislation would haveno fiscal impact. The note did point out that although the proposed legislation affirms that gold andsilver are legal tender in Colorado, the bill does not place any new regulatory requirements on the State’s divisions of Banking, Financial Services, or Securities within the Department of Regulatory Agencies. 2   2 Harry Zeid, Fiscal Note: SB 12-137 (Feb. 1, 2012), available at   http://www.leg.state.co.us/clics/clics2012a/csl.nsf/fsbillcont3/4EDF3AF750C8884D8725798800594C82?Open&file=SB137_00.pdf . 
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