Ron Paul's "Honest Money Act" (HR 2756)

2007-Dec-04

Pass Ron Paul's "Honest Money Act" (HR 2756)
Background
The text of the "Honest Money Act" is very simple. It reads as follows . . .

To repeal section 5103 of title 31, United States Code.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Honest Money Act'.

SEC. 2. REPEAL OF LEGAL TENDER LAWS.

(a) In General- Section 5103 of title 31, United States Code, (relating to legal tender) is hereby repealed.

(b) Clerical Amendment- The table of sections for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item: `5103. [Repealed]'.

Section 5103, the part repealed by the "Honest Money Act," reads as follows . . .

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.