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State Proposes Bill to Treat Gold and Silver as Money to Directly Fight Federal Reserve Monopoly
Lawmakers have proposed a bill that will directly undermine the Federal Reserve’s monopoly on money by treating gold and silver as legal tender.
NASHVILLE, Tenn. (TAC) – Bills introduced in the Tennessee legislature would define gold and silver specie as legal tender and eliminate sales taxes levied on it. Passage of these bills would pave the way for Tennessee residents to use gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.
Sen. Steve Southerland (R-Morristown) introduced Senate Bill 978 (SB978) on Feb. 6. Rep. Rick Eldridge (R-Morristown) introduced the House companion bill (HB1323) the same day. Titled the Tennessee Legal Tender Act, the legislation would make gold and silver legal tender in the state, meaning it would be recognized as a medium of exchange for the payment of debts and taxes. Practically speaking, gold and silver specie would be treated as money, putting it on par with Federal Reserve notes in Tennessee.
Specie legal tender would be defined as:
(1) Specie coin issued by the United States government at any time; and
(2) Any other specie that a court of competent jurisdiction, by final and unappealable order, rules to be within state authority to make or designate as legal tender.
By allowing the court to designate additional specie to be used as legal tender, Tennessee could free its citizens from potential supply constraints imposed by the use of only United States minted gold and silver coin. More importantly, the people of the state of Tennessee would be able to define what specie is considered constitutional tender, further distancing themselves from potential control of their competing currency by Washington D.C.
SB978/HB1323 would also repeal the state sales tax on gold or silver specie.
With the passage of SB978/HB1323, Tennesse would take a step toward treating gold and silver specie as money instead of a commodity. As Sound Money Defense League Policy Director Jp Cortez testified during a committee hearing on a similar bill in Wyoming last year, charging taxes on money itself is beyond the pale.