H.R. 4248 The Free Competition in Currency Act

OPEN LETTER TO CONGRESSMAN TOM MCCLINTOCK IN SUPPORT OF H.R. 4248 THE FREE COMPETITION IN CURRENCY ACT OF 2009

WHEREAS: Legal tender laws give monopoly control over money to the federal reserve, whose inflationary policies has devalued the dollar and transferred wealth from savers to spenders; and

WHEREAS: The monetary unit of exchange should satisfy certain properties: marketability, durability, portability, recognizability, and homogeneity. Gold and silver meet all of these requirements while paper notes do not; and

WHEREAS: Throughout history gold and silver have been the two metals that have most often been used as currency, survived the market process, and gained the trust of billions of people; and

WHEREAS: Legal Tender laws act as a price control and fulfill Gresham's Law where "bad money drives out good money" from circulation; and

WHEREAS: There are no provisions in the U.S. Constitution that allow congress to enact legal tender laws; and

WHEREAS: Capital gains and sales taxes should be repealed as they discourage both the holding, and exchange, of gold and silver; and

WHEREAS: H.R. 4248, the Free Competition in Currency Act, would repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage;

THEREFORE: We, the people of Californias 4th Congressional District, urge you to cosponsor H.R. 4248 and do everything in your power to help pass this bill.