Free Market Silver Dollar Act

Summary

Free Market Silver Dollar Act - Declares that it shall be the policy of the United States to promote the free coinage of silver at a free market price. Directs the Secretary of the Treasury to offer the silver bullion reserves of the United States for sale to the public, except that such sales shall only be in the form of silver coins that are minted in accordance with the provisions of this Act. Declares that, in addition to any other legal tender of the United States, the following shall be legal tender in payment of debts, public and private: (1) silver coins minted by the Secretary under this Act; (2) silver coins minted by any person; and (3) silver bullion. Requires the Secretary to establish a procedure for computing on a periodic basis the official conversion rate between silver and any other legal tender of the United States. Directs the Secretary to accept silver bullion or silver coin offered from any source in exchange for its equivalent fine weight in silver coins minted under this Act. Prohibits any seigniorage from being charged by the Secretary for any silver coin minted under this Act. Directs the Secretary to use the proceeds of the sale of silver coins to redeem and cancel any United States obligations held by the Federal Reserve System. Prohibits the United States or any State from: (1) imposing an excise, transaction, or capital gains tax upon the monetary use of silver or upon financial services that involve the promise to pay with a fine weight of silver; or (2) restricting financial services involving the transfer of any ownership or equity interest in silver. Directs the Secretary to take such actions as necessary to encourage the public to recognize and use silver coins minted under this Act. Declares that no provision of law in effect on the date of the enactment of this Act, and not repealed by this Act, shall have any force or effect inconsistent with the provisions of this Act.

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1 official file

• Introduced in House

  summary · EN · 13 November 1981

  Open at official source

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