SB 12-137: Gold and Silver Coin For Payment of Debts
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 received by citizens in payment of all debts and in satisfaction of all taxes levied on 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 the right to accumulate, possess, and protect gold and silver coins. Additionally, the proposed legislation seeks a declaration from the GA that under Article I, Section 8 of the U.S. Constitution as well as the 10th Amendment of the U.S. Constitution, Colorados citizens, through their elected representatives, have primary jurisdiction over the regulation of intrastate commerce within Colorado. Further, the proposed legislation 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 incurred between citizens or to pay taxes levied by the State. Lastly, the proposed legislation precludes persons from 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, and circulate 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 no state 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 the livelihood, solvency, and stability of Colorados 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 10th Amendment of the U.S. Constitution, the citizens of Colorado, through their elected representatives, retain the primary jurisdiction over the regulation of Colorados intrastate commerce. Gold and silver coins may be sued to pay for, or satisfy, debts between citizens or pay any taxes levied by the State.
1
C.R.S. 11-61-101
DRAFT 2/8/2012 9:24 PM
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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 have no fiscal impact. The note did point out that although the proposed legislation affirms that gold and silver are legal tender in Colorado, the bill does not place any new regulatory requirements on the States divisions of Banking, Financial Services, or Securities within the Department of Regulatory Agencies.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.p df.
