The E-Sylum:  Volume 10, Number 47, November 18, 2007, Article 25

RON PAUL'S 'MAKE NO CENTS UNTIL IT MAKES SENSE' ACT

Dick Johnson writes; "Ron Paul, a Representative from Texas,
has introduced an act that gives control of the cent composition
to the Secretary of the Treasury.  His statement on his proposed
legislation is so on target it is reproduced here in full:

 "Mr. Chairman, I am introducing this bill in response
 to HR 3956, which would unconstitutionally delegate
 the authority to determine the metal content of coins
 to the Secretary of the Treasury. While I am concerned
 at the high cost of minting pennies, I am not entirely
 convinced that the Mint needs to mint as many pennies
 as it does. Over the past 30 years, over 300 billion
 pennies have been minted, more than twice as many coins
 as all other denominations combined. This is over 1,000
 pennies for each man, woman, and child in this country.

 I find it hard to believe that with this many pennies
 having been minted, we still have a shortage of pennies.
 My bill would prohibit the minting of pennies until the
 Treasury and Federal Reserve certify that there is no
 surplus of pennies. If there is a surplus of pennies,
 it makes no sense for the Mint to continue to coin them
 if each penny costs more than one cent to produce. If
 there really were a shortage, the onus would be on the
 Treasury and Fed to conduct their survey in a timely
 fashion in order to facilitate further penny production.

 In the event of a shortage I would urge my colleagues
 to consider Mr. Roskam's HR 4036, which addresses the
 cost issue by changing the composition of pennies while
 maintaining the Congressional control and oversight
 mandated by the Constitution."

He calls this the 'Make No Cents Until It Makes Sense Act.'
Here is the statement from one of his supporters, Lew Rockwell:
Full Story "

  Wayne Homren, Editor

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