Oklahoma Bill Would Establish Bullion Depository, Help Facilitate Transactions in Gold and Silver

OKLAHOMA CITY, Okla. (Jan. 29, 2016) – A bill prefiled in the Oklahoma House would create a state gold depository, an important first step toward establishing gold and silver as commonly used legal tender in the state. Sen. Nathan Dahm prefiled Senate Bill 1296 (SB1296) earlier this week for official introduction when the regular session begins on…

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Hugh McCulloch

Hugh McCulloch, 27th Secretary of the Treasury, appointed by President Abraham Lincoln

“The present legal tender acts were war measures, and while the repeal of those provisions which made the United States notes lawful money is not now recommended, the Secretary is of the opinion that they ought not to remain in force one day longer than shall be necessary to enable the people to prepare for a return to the constitutional currency. It is not supposed that it was the intention of Congress, by these acts, to introduce a standard of value, in times of peace, lower than the coin standard, much less to perpetuate the discredit which must attach to a great nation which dishonors its own obligations by unnecessarily keeping in circulation an unredeemable paper currency. It has not in past times been regarded as the province of Congress to furnish the people directly with money in any form. Their authority is “to coin money and fix the value thereof;” and, inasmuch as a mixed currency, consisting of paper and specie, has been found to be a commercial necessity, it would seem, also, to be their duty to provide, as has been done by the National Currency Act, that this paper currency should be secured beyond any reasonable contingency. To go beyond this, however, and issue government obligations, making them by statute a legal tender for all debts, public and private, is not believed to be, under ordinary circumstances, within the scope of their duties or constitutional powers.” — From the “Annual Report of the Secretary of the Treasury,” Dec. 4, 1865

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UPMA Monetary Summit

The UPMA has been on the front lines of the battle for sound money in America. Consider joining them: UPMA Monetary Summit Program This year in recognition of the expanding scope of its monetary mission, the UPMA is being reorganized as the “United Precious Metals Association”. To commemorate this important milestone, the UPMA will return…

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Objection: “This Note Is Legal Tender!”

In 2009, when Georgia Rep. Bobby Franklin introduced my first version of the Constitutional Tender Act (HB 430) in the Georgia House, we knew it wasn’t just going to be difficult to get passed into law — it was going to be difficult to get any co-sponsors, it was going to be difficult to get…

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Silver and Gold Debit Cards: One More Step Towards Constitutional Tender

Recently, when writing about the growing popularity of “Gold ATMs”, I mentioned that they’re being placed in cities all over the world, including within the United States. But being able to exchange fiat Federal Reserve Notes for real money at an ATM is only the first step; the next order of business is for banks…

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“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.”

— George Washington, in a letter to Jabez Bowen, a deputy governor of Rhode Island and colonel in the American Revolution, on January 9, 1787

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“…the prohibition of state tender laws will admit of no construction confining it to state laws, which have a retrospective operation. Accordingly, it has been uniformly held, that the prohibition applies to all future laws on the subject of tender; and therefore no state legislature can provide, that future pecuniary contracts may be discharged by any thing, but gold and silver coin.” — Supreme Court Justice Joseph Story, Commentaries on the Constitution, Volume 3, Chapter 33 (p. 463, § 1366)

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