Article 19 –
Money and Finance
Section 1 The Silver Penny
The federal government shall keep its
accounts, levy contributions, and borrow money in a unit of 24 grains of fine
silver alloyed to .925 fine. It shall issue coins of this weight and fineness
and in multiples and fractions thereof. These coins shall be legal tender for
the payment of all public debts. The Federal Government shall have no central
bank. It shall issue no bank notes or fiat paper money.
Section 2 Realm Currencies
The Realms have the right to continue
to issue their own currency. There shall be no federal taxes to discourage
their use. However the silver penny must be allowed to be used in transactions
at the option of private parties. No tax shall be levied to discourage the use
of the silver penny.
Section 3 Federally Charter Banks
Parliament may pass a general law for
the chartering of banks taking deposits, making loans and issuing bank notes
denominated in silver pennies. All such Banks shall, if their officers wish to
avoid prosecution for fraud, hold coined cash reserves of at least 31 percent
and at least an additional 20 percent in bullion or coin on all demand or like
deposits. They shall not hold more than 10 percent of their assets in
securities denominated in any other currency and they shall not ask for or
receive any government bailout.
Section 4 Counterfeiting and
Bankruptcy
Parliament shall have power to
provide for the Punishment of counterfeiting the Securities and current Coin of
the Commonwealth Federation and uniform Laws on the subject of Bankruptcies
throughout the Federation.
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