Last week we launched our campaign for the new and improved Free Competition in Currency Act. Today, please continue educating Congress about this bill.
You may copy or borrow from this letter . . .
Supporting this bill will enable you to honor your oath of office. The 10th Amendment to the Constitution limits federal powers to only those functions the Constitution specifically mentions. Congress has no power to . . .
* pass a legal tender law
* create a central bank
* create money (the Constitution only authorizes the federal government to make coins out of *existing* gold and silver money)
This means that our current system is the exact opposite of what the Constitution requires . . .
* The Federal Reserve, created by Congress, is the nation's central bank
* Congress has conferred legal tender status on Federal Reserve Notes
* the Treasury's gold and silver coins are simply collectibles that cannot be used as money
The Free Competition in Currency Act would reverse this unconstitutional scheme by . . .
* repealing the legal tender law that established the Federal Reserve's money monopoly
* allowing the private minting of coins that can be used as money
* prohibiting state and federal taxes on precious metal coins and bullion
These changes would . . .
* allow individuals to settle payments with each other on mutually agreed-upon terms, using Federal Reserve Notes, gold, silver, or any other form of money they might choose
* compel Federal Reserve Notes to compete with other forms of money, such as gold and silver
The Federal Reserve System is unconstitutional and should be abolished. The Free Competition in Currency Act will . . .
* allow the creation of a free market money system parallel to the Federal Reserve system
* prove that we don't need the Fed
* provide a stable transition leading to the Fed's ultimate abolition
Supporting the Free Competition in Currency Act will show me that you are committed to . . .
* Honoring the Constitution
* Protecting the value of my money
* Fostering my freedom to choose
Assistant Communications Director