Re: e$: More fun with cash: Senate Bill 307

[Sandy Sandfort <sandfort@crl.com>]

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                          SANDY SANDFORT
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C'punks,

On Mon, 4 Sep 1995, Robert Hettinga wrote:

> Has anyone heard about this bill?  Comments?

> >(c)  Currency Exchange--
> >     (1)  Plan--Not later than 12 months after the date of enactment of this
> >section, the Secretary shall devedlop and begin implementation of a plan to
> >require the exchange of all existing $100 denomination United States currency
> >held within and outside of the United States for $100 denomination domestic
> >use and nondomestic use United States currency issued in accordance with this
> >sectin.

. . .

> >     (1)  domestic use currency, issued in accordance with this section shall
> >be recognized as constituting a negotiable claim against the United States
> >Treasury only when presented within the United States, and shall constitute
> >legal tender for any debts, public or private, only when presented in the
> >United States, . . .

> >     (2)  nondomestic use currency shall be recognized as constituting a
> >negotiable claim against the United States Treasure, and legal tender
> >for any debts, public or private, only when presented outside of the 
> >United States, . . .

It's obvious that this bill has very little to do with large-scale
money laundering, narcotrafficking nor terrorism.  All those folks 
will simply use "domestic use currency" inside or outside of the 
United States.  At worst, it will cause them a one-time problem.

Then at whom is the bill really aimed?  Average, middle-class
Americans, is my guess.  Fortunately, it doesn't look too tough
to get around.  If you have a matress full of C-notes, I suggest
you start using them to buy travelers checks--including a few
denominated in strong foreign currencies.


 S a n d y

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