Revision: Dec. 14, 2011, midnight
HCR 37 – AS INTRODUCED
2012 SESSION
08/10
HOUSE CONCURRENT RESOLUTION 37
A RESOLUTION urging Congress to pass legislation against losses in value due to money supply by the federal reserve; restoring gold and silver money; and phasing out the federal reserve system.
SPONSORS: Rep. Tregenza, Carr 2; Rep. Duarte, Rock 1; Rep. Mirski, Graf 10; Rep. Ingbretson, Graf 5; Rep. Comerford, Rock 9; Rep. Sorg, Graf 3; Sen. Forsythe, Dist 4
COMMITTEE: State-Federal Relations and Veterans Affairs
This house concurrent resolution urges Congress to pass legislation against losses in value due to money supply by the federal reserve; restoring gold and silver money; and phasing out the federal reserve system.
12-2086
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twelve
A RESOLUTION urging Congress to pass legislation against losses in value due to money supply by the federal reserve; restoring gold and silver money; and phasing out the federal reserve system.
Whereas, our Founding Fathers were very familiar with the disastrous consequences, such as sharp price increases and the loss of wealth by most citizens, experienced by those colonies that had issued paper money not backed by gold or silver; and
Whereas, our Founding Fathers were very careful to craft a Constitution that prohibits the issuance of paper money by either the federal government or the states by including such statements as “No State shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts....” (Article I, Section 10), and only empowering the federal government “To coin Money, regulate the Value thereof, and of foreign Coin....” (Article I, Section 8); and
Whereas, the Constitution designated the “dollar” as the standard of value (Article I, Section 9, Clause 1 and the Bill of Rights, the Seventh Amendment), which was acknowledged in the Mint Act of 1792 to be a silver coin containing 371.25 grains (troy) of pure silver; and
Whereas, our national government’s first experiment with an unbacked paper currency, the Civil War-era “greenback,” led to the large-scale loss of wealth by United States citizens when they were paid with “greenbacks,” which had only about half of the value of gold-backed notes; and
Whereas, the creation of the quasi-public, independent Federal Reserve System by Congress in 1913 has led to our current monetary system of a fiat paper currency, the “Federal Reserve Note” not backed with either gold or silver since 1971; and
Whereas, the Federal Reserve System created a 3,800 percent increase in the money supply (properly known as inflation) over the years 1959 to 2006 which led to an 86 percent decrease in the purchasing power of a $1 Federal Reserve Note (the classic effect of inflation); and
Whereas, the Federal Reserve System has been greatly increasing the money supply in recent years, and beginning with the financial crises of 2008, undertaking to create additional trillions of dollars out of thin air for bailouts with no end in sight, or as the New York Times for November 26, 2008 put it, “The Federal Reserve and the Treasury announced $800 billion in new lending programs on Tuesday, sending a message that they would print as much money as needed to revive the nation’s crippled banking system…;” and
Whereas, as a result of these recent, large-scale increases in the money supply, we can expect unprecedented rounds of price increases and economic dislocations in the future, leading to unprecedented losses of the value of take-home pay, retirement income, insurance policies, and investments by most citizens, and possibly ultimate economic chaos; now therefore, be it
Resolved by the House of Representatives, the Senate concurring;
That the general court of the state of New Hampshire, the Congress of the United States, and particularly, the legislative delegation to Congress of the state of New Hampshire, are hereby urged and petitioned to use all of their efforts, energies and diligence to protect all the citizens of this nation from potential, unprecedented losses in the value of take-home pay, retirement income, insurance policies, and investments as a result of the Federal Reserve’s ongoing inflation of our unbacked paper money by passing legislation (such as H.R. 2756 to repeal our nation’s legal tender laws, H.R. 4683 “The Free Competition in Currency Act of 2007,” and H.R. 5427 the “Tax-Free Gold Act of 2008,”) to help restore gold and silver money in accordance with the Constitution, then phasing out the Federal Reserve System and its inflationary paper money, the Federal Reserve Note (as in H.R. 2755); and
That copies of this resolution be forwarded by the house clerk to the President of the United States, the Speaker of the United States House of Representatives, the President of the United States Senate, and each member of the New Hampshire congressional delegation.