8. Allows Free Coinage & Interaction with LETS
The Coinage Act, 1792 , Section 14 through 19 determines the Right for people of "Free Coinage".
This meant that anybody can go to the mint and surrender their "...silver or gold bullion, in order for it to be coined, ...and that the bullion so brought shall be there assayed and coined as speedily may be...and that FREE of expense to the person or persons by whom the same shall be brought".
The JMS allows for this option as well, only then in a different way:
JMS allows THREE OPTIONS with regard to the Monetization WAY of No. 3 and 4:
The JMS-MA guarantees to ALWAYS exchange Gold in any form presented to it for Value in JMS-Currency.
The JMS-Monetary Authority can offer to purchase certain Natural Resources valued in, and in exchange for an amount of JMS-Currency according to the New Fixed Gold Standard which are thereby transferred in ownership to the JMS-Authority.
People and organizations can go to the JMS-Monetary Authority to present the Natural Resources they own as described in Way No. 3 and No. 4 and request an Official Statement of the JMS-AMonetary Authority which expresses and confirms the presented Natural Resources in a specified amount of JMS-Currency, determined in Value by the New Fixed Gold Standard. They can then try to sell it on the market.
For all three options will the JMS-Monetary Authority determine the Value of the assets in the Exchange via obtaining the necessary Assay Reports, while guaranteeing to set off the Asset in relation to the Value Determination of the New Fixed Gold Standard.
JMS allows TWO OPTIONS with regard to the Monetization WAY No. 5:
OPTION 1 - Manufactured Goods
People and organizations can offer Manufactured Goods to request an Official Statement of the JMS-Monetary Authority which expresses and confirms the presented Goods in a specified amount of JMS-Currency determined in Value by the New Fixed Gold Standard.
A JMS-Bank can help with selling the Goods on the market, whereby it can facilitate the transfer and exchange and assist in obtaining the amount in JMS-Currency. Those wishing to exchange it need to transfer ownership of those Goods, thereby providing collateral for the equivalent (or a reasonable percentage of the set value) in JMS-Currency. A suitable Legal Document establishing Transfer of Ownership is required.
OPTION 2 - Services
WAY No. 5 of the JMS will require a solid, legally valid and binding contract whereby the Buyer of those services has committed to purchase the services in question for a specific period and for a specific price. A JMS-Bank can then provide a specific set amount in JMS-currency to the service-supplier, whereby the Service Contract is assigned to the JMS-Bank. The JMS-Bank could negotiate to have the right to send an invoice to the Buyer and collect it.
Small Flat Costs-Covering Fee may be required
Depending on the presented Asset the JMS-Authority and/or the JMS-Bank might be required to charge a small fee for carrying out the Exchange into JMS-Currency, which will be deducted from the total JMS-amount paid out.
Interaction with LETS & BARTER-Systems
Free Coinage also means for the JMS to allow interaction with LETS and BARTER-Systems, when they operate with REAL Value.
Condition here is that the "Unit of Account" of the LETS (Local Exchange Trading Systems) and the BARTER-System either uses the identical Determination of Value as set by the New Fixed Gold Standard of the JMS, or an Agreement is made whereby the Exchange Rate is determined and FIXED.
The reasoning is that such LETS and BARTER-Systems, need to be based on REALISTIC & REASONABLE VALUE as derived from the demand on the supply of their Goods and Services.
The JMS-Monetary Authority would examine the LETS and BARTER-System and the Unit of Accounts they apply and the basis of Value-determination they use, whereupon JMS could release a setting of an acceptable exchange rate between the JMS-Currency and the examined LETS / BARTER Sytstem-currency.
If they want to interact with the JMS they will need to allow for the Transaction Fee to be levied as well.
This interaction with the JMS can be applied to LETS or BARTER-Systems ANYWHERE in the World.