Official Journal of the Republic
Official Gazette of publication of government resolutions in Pilgrimtown
1. By the H. Assembly | Monetary System Law of the Republic
- 1. | Monetary System Law of the Republic.
Summary of Resolution.
The issue started on december, 1604 and finished on may, 1605. The Honorable Supreme Central Government Assembly (hereinafter the H. Assembly) PASSED with a absolute majority -according to the Pilgrimtown's Legislative System Code- (82 votes in Favor, 7 votes Against, 11 abstentions) the law iniciative for creat the Monetary System Law of the Republic. Mr. President of the Government signed the new law yesterday, may 17th, 1605. One of the main objectives of this legislation is to achieve monetary, and ultimately financial, independence for the republic. It is celebrated as an achievement and an important step.
Monetary System Law of the Republic..
The H. Assembly enact:
Article 1. | We cancelled the English monetary system and the currency units called pound sterling and shilling on The Reformed Republic of Pilgrimtown to make payments to all services and activities, purchases and sales of all products, every payment obligation, agreements and contracts within this sovereing republic. Now, this monetary system and unities have not official power and validity to make the aforementioned actions.
Article 2. | In replacement of the monetary system cancelled by the Article 1, is created the Pilgrimtownian Silver peso monetary System to make payments to all services and activities, purchases and sales of all products, every payment obligation, agreements and contracts within this sovereing republic.
Article 3. | Is created the base currency unit of this new monetary system. This currency unit will be officialy called Pilgrimtownian Gold sun, the name can be reduced as Gold sun, his code in the ISO Code will be "PTG", and his symbol for represented it will be "Ǥ", which will be in the left of the quantity of money to indicate that the amount is expressed in base monetary unit. Likewise, the base currency unit is divided in 12 fractional units; in this way, one Pilgrimtownian Gold sun equals twelve Silver pesos. Each fractional unit will be officialy called Silver peso, his simbol for represented it will be "ᵱ", which will be in the right of the quantity of money to indicate that the amount is expressed in fractional monetary unit.
Article 4. | This currency unit established by the Article 3 is constituted as the official unit to measure and represent amount of money (representation of the material wealth and goods, and the labor) of and on The Reformed Republic of Pilgrimtown (their jurisdiction). The State of the Republic of Pilgrimtown will take over of regulation and protection of the Monetary system of the Republic and their currency unit. The phisical representation of basic and fractional units will be by means of metallic coins, whose designs and characteristics will be determined by Technical committee of the Pilgrimtown's mint, approved by the H. Assembly by means of decree signed by Mr. President of the Government. The coins manufacturing will be done only by State of the Republic, by means of the Pilgrimtown's mint. The State will have the monopoly of coins manufacturing of the new monetary system.
Article 5. | The representation of money (representation of the material wealth and goods, and the labor) mentioned by the Article 4, which the coins will carry out, will be by means of the National silver reserves, this is constituted as warranty of money. This warranty will be phisical in the coins of Silver pesos (that is, this coins will be make with silver and their value will depend on the quantity and value of silver), while it will be fiat (trust) in the coins of Gold suns (that is, this coins will be make with metal, but their value will not depend on the quantity and value of metal, will depend on the value of the quantity and value of silver of the twelve Silver pesos it represents).
Article 6. | It is determined that the nominal value of the base unit coins to be manufactured will be only 1 unit. The nominal value of the fractional unit coins be manufactured will be 1, 3, 4 and 6 units. This may be modifiable through a reform (an amendment) to this article with an absolute majority, according to the Pilgrimtown's Legislative System Code.
Article 7. | The category of the crime of Financial Fraud to the Republic is created for our jurisdiction. Below are the criminal actions that will be part of the category:
- Monetary Alteration, manipulation and corruption. Any type of alteration and manipulation of the fractional coins manufactured by the State in terms of their weight, quantity, quality and percentage of silver, either by workers of the Mint or by individuals, individually or in groups.
- Forgery and apocryphal manufacture. Any type of unofficial manufacture of coins of any nominal value that imitate the official design and that defraud in regards to the quantity, quality and percentage of metal, and that dares to falsify the official emblem of the Republic in such apocryphal pieces.
These crime modalities will be treated as serious, and it is decreed that if the facts are verified, the corresponding punishment is capital punishment, complying with the Pilgrimtownian Penal Code. If these crimes are committed by foreigners, it will proceed in accordance with the guidelines of the Criminal Protocol for foreings.
-First. 15 days after the law was published in the Official Journal of the Republic (hereinafter the OJR), the design of the coins that will constitute the new monetary system must begin. 1 month after the designs are approved, the manufacturing of the dies must begin, and 1 month after that the manufacturing of the coins must begin.
-Second. Having manufactured the first batch of 1000 pieces of each coin of each nominal value, a two-year transition period will begin in which the monetary units of the two systems coexist (the outgoing and the incoming) and it will be legal to carry out the activities described in Articles 1 and 2 using both systems.
-Third. At the end of this period, the currencies of the units of the outgoing system will lose all validity and official power within The Reformed Republic of Pilgrimtown (their jurisdiction).
-Fourth. The equivalences between the units of the new system and those of the outgoing system, as well as of the main foreign monetary units, will be those established by the State through analysis of the value of silver and the value of alternate units in the international market. These equivalences will be published in each edition of the OJR, from July 1st, 1605.
-Fifth. The payment obligations contracted with the foreigner in monetary units of the outgoing system will be converted into the currency of the incoming system, and must be paid through them from the end of the period described in the Second transitory article.
-Sixth. Payment obligations of foreigns contracted in units of the outgoing system may be paid even with that system. As of the publication of this law in the OJR, all foreign and national payment obligations must be made with the new system, they can be settled with both systems and use the equivalences until the end of the transition period described in the Second transitory article, when they should only be settled with currency from the incoming system.
John R. Mencken
H. minister President of the Coordination Table of the Assembly.
- Coram Deo -
Complying with the Pilgrimtownian Legal Code, for publication and compliance herewith, in Government Palace, Owentown City, signed:
Timoty Mattew Wyclif
Mr. minister President of the Government of Pilgrimtown
- Soli Deo Gloria -
Edited and published by Printing Department of the Republic.