-Caveat Lector- http://www.leg.state.nv.us/72nd/bills/ab/ab532.html Assembly Bill No. 532–Committee on Constitutional Amendments
March 24, 2003 ____________ Referred to Committee on Constitutional Amendments SUMMARY—Directs issuance of Nevada silver coins. (BDR 31?1297) FISCAL NOTE: Effect on Local Government: No. Effect on the State: No. ~ EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15). AN ACT relating to state financial administration; directing the issuance of Nevada silver coins; providing that such coins are legal tender for all debts in this state; and providing other matters properly relating thereto. THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS: 1-1 Section 1. Chapter 353 of NRS is hereby amended by adding 1-2 thereto the provisions set forth as sections 2 and 3 of this act. 1-3 Sec. 2. The Legislature finds that: 1-4 1. The State of Nevada, at the time of its admission to the 1-5 United States, was a sovereign entity on equal footing with the 13 1-6 sovereignties that formed the compact known as the Constitution 1-7 of the United States. 1-8 2. In ratifying and approving the Constitution of the United 1-9 States, Nevada agreed to delegate certain of her sovereign powers 1-10 to three agencies of government, all in the form provided by the 1-11 Constitution. 1-12 3. Among the powers delegated by Nevada was the sovereign 1-13 power to issue money. That power was delegated by Nevada and its 1-14 sister states to the Congress of the United States in Section 8 of 1-15 Article I of the Constitution of the United States, on condition that 1-16 the Congress would issue all money. 2-1 4. Nevada also, in Section 10 of Article I of the Constitution 2-2 of the United States, agreed not to issue its own money. This 2-3 agreement was also conditioned upon the Congress discharging its 2-4 obligation to issue money as the agent of Nevada and its sister 2-5 states. 2-6 5. The purported delegation by the Congress of the power to 2-7 issue money to the Federal Reserve Bank, a privately owned 2-8 corporation, is a violation of the terms of the Constitution of the 2-9 United States. 2-10 6. The failure of the Congress to discharge its obligation to 2-11 issue all of the money pursuant to Section 8 of Article I of the 2-12 Constitution of the United States absolves the State of Nevada 2-13 from its constitutional obligation not to issue money. 2-14 Sec. 3. 1. The State of Nevada shall issue into circulation 2-15 coins of the State of Nevada in the face amount of $50,000,000. 2-16 The coins must contain 1 ounce of fine silver, must be alloyed to 2-17 90 percent fineness and must bear The Great Seal of the State of 2-18 Nevada on one side and the words “Contains One Troy Ounce 2-19 Fine Silver,” “Twenty Dollars,” “Nevada Legal Tender” and the 2-20 year of issue on the other side. The coins so issued are legal tender 2-21 for all debts, public and private, in this state. 2-22 2. Except as otherwise provided in this section, when the 2-23 coins authorized by subsection 1 are received into the State 2-24 Treasury, they must be reissued. The coins must not be held as a 2-25 reserve except as the Legislature otherwise directs. 2-26 3. If the number of coins subject to the control of the State 2-27 Treasurer diminishes to 500,000, the State of Nevada shall make 2-28 successive issues of coins in accordance with subsection 1 in the 2-29 face amount of $50,000,000, unless the total face value of the 2-30 coins already issued is $500,000,000, in which case the State of 2-31 Nevada shall issue no further coins without prior approval of the 2-32 Legislature. 2-33 4. If the Legislature of the State of Nevada determines that 2-34 the Congress of the United States is fulfilling its constitutional 2-35 obligation to issue money by: 2-36 (a) Requiring the Federal Reserve Bank to retire its 2-37 circulating notes; and 2-38 (b) Causing the issuance of sufficient notes of the United 2-39 States and other currency to meet the needs of the commerce of 2-40 the United States and of Nevada, 2-41 the State Treasurer shall retire the coins authorized by this section 2-42 as they are received into the State Treasury. 2-43 Sec. 4. This act becomes effective upon passage and approval. Forwarded for your information. The text and intent of the article have to stand on their own merits. ~~~~~~~~~~~~~~~~~~~~ In accordance with Title 17 U.S.C. section 107, this material is distributed without charge or profit to those who have expressed a prior interest in receiving this type of information for non-profit research and educational purposes only. ~~~~~~~~~~~~~~~~~~~~ "Do not believe in anything simply because you have heard it. Do not believe simply because it has been handed down for many genera- tions. Do not believe in anything simply because it is spoken and rumoured by many. Do not believe in anything simply because it is written in Holy Scriptures. Do not believe in anything merely on the authority of teachers, elders or wise men. Believe only after careful observation and analysis, when you find that it agrees with reason and is conducive to the good and benefit of one and all. 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