PEW: Economic Anxiety, Distrust of Government Fuel Gold Rush

by Marsha Mercer, Pew Charitable Trusts Originally published at http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2017/08/11/economic-anxiety-distrust-of-government-fuel-gold-rush By the end of the year, Texas plans to open the nation’s first state-supervised gold and silver depository, allowing ordinary Texans, as well as businesses, banks and others, to store their precious metals, and use the holdings in their account to make electronic payments. “The…

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Status Report: States take on the Fed’s Money Monopoly

by Mike Maharrey Originally posted at http://tenthamendmentcenter.com/2017/08/02/status-report-states-take-on-the-feds-money-monopoly/ States continue to pass measures that chip away at the Federal Reserve’s monopoly on money by facilitating and encouraging the use of gold and silver. On July 25, North Carolina Gov. Roy Cooper signed a bill into law exempting the sale and purchase of gold and silver from state…

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Texas Bill Would Establish Gold and Silver as Legal Tender, Take on Federal Reserve Money Monopoly

by Mike Maharrey Originally published at http://blog.tenthamendmentcenter.com/2017/04/texas-bill-would-establish-gold-and-silver-as-legal-tender-take-on-federal-reserve-money-monopoly/ AUSTIN, Texas (April 4, 2017) – A bill introduced in the Texas Senate would establish gold and silver as legal tender in Texas. Passage of the bill would create currency competition in the state and serve to undermine the Federal Reserve’s monopoly on money. Sen. Bob Hall introduced…

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States Should Restore Gold and Silver as Legal Tender before the Monetary Crisis Arrives

by Jp Cortez Originally published at http://tenthamendmentcenter.com/2016/08/09/states-should-restore-gold-and-silver-as-legal-tender-before-the-monetary-crisis-arrives/ States Shouldn’t Wait for a Monetary Crisis to Devastate Their People and Economies The Constitution for the United States of America is not merely a set of suggestions. So when the Constitution says, in Article I Section 10, “No state shall make any Thing but gold and silver…

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Four Ways States Can Take on the Federal Reserve

by Jp Cortez Originally posted at http://tenthamendmentcenter.com/2016/07/16/four-ways-states-can-take-on-the-federal-reserve/ There are practical steps that can be taken at the state level to promote the use and acceptance of sound money and undermine the Fed’s monopoly on money. Control the money and you control the people. The federal government has done just that in the Unites States. Over…

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Arizona Governor Vetoes Bill Supporting Gold and Silver as Legal Tender

by Mike Maharrey Originally posted at http://blog.tenthamendmentcenter.com/2016/05/arizona-governor-vetoes-bill-supporting-gold-and-silver-as-legal-tender/ PHOENIX, Ariz. (May 13, 2016) –  Arizona Gov. Doug Ducey vetoed a bill that would have “legalized the Constitution” by defining gold and silver specie as legal tender and encouraging their use as currency. Sen. David C. Farnsworth and Rep. Doug Coleman, along with seven cosponsors, introduced Senate Bill…

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Kentucky Bill Would Support Constitutional Tender

by Mike Maharrey Originally published at http://blog.tenthamendmentcenter.com/2016/02/kentucky-bill-would-support-constitutional-tender/ FRANKFORT, Ky. (Feb. 17, 2016) – A bill introduced in the Kentucky House would “legalize the Constitution” by defining gold, platinum and silver coins as legal tender and encouraging their use as currency. Rep. Thomas Kerr (R-Taylor Mill) introduced House Bill 405 (HB405) on Feb. 12. The legislation…

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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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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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