On Money

Contractual money is any contract between a private guarantor (the issuer) and any entity that can be a party to a contract, which can be arbitrarily transferred, wherein the issuer is bound to exchange the money for a redemption value, on demand but possibly only after a certain date, as agreed to.

The following restrictions apply to all contractual money.

Except in the initial issue, the issuer cannot control the transfer of money it guarantees.

Only an incorporated entity can issue contractual money.   The incorporated entity must publicly announce any issue of contractual money, revealing particularly the quantity issued, the expiration date, and the terms of the money contract.

The state cannot issue contractual money.

The redemption value of any contractual money must not include any contractual entitlement; in particular, the redemption value cannot include contractual money.   After redemption, no contractual obligation or entitlement can remain in connection with the money redeemed.

In no case can holders of contractual money demand by way of redemption that the issuer dedicate more than 33% of its production or service capacity within a particular domain, as defined in § The Monopoly, figured over a one month period, to the fulfillment of currency obligations.   To resolve conflicts among redeemers, redemption is on a first-come first-served basis.

All contractual money must specify an expiration date, after which it is null and void.   In the case that fulfillment of money contracts by the issuer is delayed because the proportion of performance capacity dedicated to money fulfillment is already at or above the maximum legally mandatable level, the expiration date of the currency is extended until all money presented in a timely manner for redemption has been fulfilled.

For money to be enforceable at court, a contract tax must be paid on it prior to its issuance.   For each year of enforceability, the current baseline proportion of the money must be paid as taxes.   The tax is paid using a portion of the money being issued.   All taxes must be paid prior to any other issuance of the money.

The national unit of state must retain in escrow the money thereby assigned to it for 80% of the lifetime of the money, a period hereinafter called the escrow period.   The state must make publicly available detailed information on its complete inventory of escrowed money, revealing particularly the quantity held, the issue date, the expiration date, and the terms of the contract.

At any time after the escrow interval has elapsed, the state can present the money to its issuer for redemption or can exchange it in profitable or fair market activities, and in any case must redeem or exchange it before it expires.

Whenever money is redeemed before the escrow period has elapsed, a tax refund is forthcoming, equal to the contract taxes paid for the money redeemed covering the interval from the time of redemption to the time of expiration.   The tax refund is effected by voiding that proportion of the escrowed money.

No law can affect the mining, refining, minting, use in trade, and custody, by individuals and incorporated entities, of precious minerals, including gold, silver, platinum, palladium, and diamonds, in any quantity, as negotiable currency or otherwise, except as specified in this document.



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This is a preliminary draft. Pending changes are in The To-Do List