1. That the Legislature in the exercise of its reserved power under Article I, Section 10, Clause 1 and the 10th Amendment, as well as other provisions of the Constitution for the United States, shall adopt a currency, other than that emitted by Congress, for use in all the financial transactions of the State. These shall by statute establish an Advisory Commission on Alternative and Competitive Currency for the State, the purpose of which shall be to study and recommend:
(i) the means, including all necessary State legislation (and where appropriate legislation that authorizes direct and independent action by units of Local government), by which the State can adopt an economically sound and constitutional alternative and competitive currency, consisting exclusively of silver and gold, initially for use in all of the financial transactions of the State’s government, thereby minimizing the use in such transactions of Federal Reserve Notes or bank balances payable in those notes, and eventually to supplant the use of such notes or balances in all private economic transactions within the State to the maximum degree possible for the benefit of its citizens; and
(ii) such legislation as may be necessary and proper for the State to enact in order to guarantee that the citizens of the State may employ such alternative and competitive currency in all of their private economic transactions free from any form of taxation, reporting, or other regulation by the State or agency thereof, that increases in cost, hinders, deters, discourages, delays, or renders cumbersome the use of such currency, or the consummation of transactions in which such currency is the medium of payment, in comparison to the same use of, or the consummation of similar transactions involving, Federal Reserve Notes or bank balances payable in such notes.
2. That the Advisory Commission shall be composed of the following persons: {…here list the proposed members of the Commission…}.
3. That the Advisory Commission shall, within sixty (60) days from the effective date of the said statute, submit to the Legislature a report containing complete and specific drafts of all such legislation as may be necessary and proper for the Legislature to enact in order to achieve the goals set out in Paragraph 1, ante.
4. That the Legislature shall, within sixty (60) days from its receipt of the drafts of legislation submitted by the Advisory Commission pursuant to Paragraph 3, ante, enact such legislation as will achieve the goals set out in Paragraph 1, ante.