Monetary Free Market Bill

The Monetary Free Market Bill (H.40) is a proposed law by New Liberty Front leader to abolish government-printed currency and legalize all items as tender.

It failed in the House of Delegates floor, with 2 votes in favor, 7 against, and NeoOmegav absent.

History
leoskini questioned the severability clause of the bill, saying that it might a breach of separation of powers between the legislature and the judiciary, and that such clauses are for contracts with private citizens, not for acts of statutory law.

Full text
Purpose In an understanding that when the government introduces a price control, basic economic factors kick in, and the commediaty either has a decrease in supply relative to demand, or an increase of demand relative to supply.

Article I: Legal Tender


 * All legal tender laws currently enacted shall be superseded by this bill upon passage.
 * There shall be no government printed money, or a monopoly in money printing held by the government
 * Business and store owners, and the population as a whole, are allowed to accept any item they wish as money.
 * Money is defined as any item that is used as an indirect means of exchange. In other words, any item or commodity that is used to buy a good or service for another, beyond barter.
 * Any business, store owner, or member of the general population, my refuse a payment on the grounds of the money used
 * Any institution is allowed to ‘print’ it’s own paper money, but it cannot force people to use said paper money
 * Paper money is defined as any item that can be mass printed, and is a promissory note, i.e. the owner of that note can hand it into the institution that printed it, for the value promised by that institution. The value must be stated based upon a precious metal or stone.
 * An institution that prints money must back anyone who holds a note they printed, for the value that they promised it for.

Article II: Banking


 * There shall be no institution that is allowed to dictate the interest rates of any banking or lending institution. All such institutions shall be allowed to set their own rates
 * A banking institution is defined as any business that takes in loans from the general public, called savings here forward, and lends out money at an interest
 * A lending institution is defined as any institution that is built upon lending money, but does not take in savings
 * There shall be no reserve rate set by any central agency, particularly if government owned, but also includes private institutions that does the same
 * A reserve rate is defined as the portion of reserves a bank must have on hand at any given moment
 * There shall be no bailouts of any banking or lending institutions. This shall be universally applied, and includes banks and lending institutions of any size.
 * If a bank or lending institution fails, and must pay back savers and/or investors, the shareholders and/or owners of that bank or lending institution must pay them back personally

Article III


 * If any part of this bill is ruled unconstitutional, the rest of the bill remains in effect