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Title: 13 States Now Considering Gold and Silver as Money
Source: [None]
URL Source: http://fromthetrenchesworldreport.c ... old-and-silver-as-money/22392/
Published: Oct 2, 2012
Author: FromTheTrenchesWorldReport
Post Date: 2012-10-02 10:41:08 by christine
Keywords: None
Views: 194
Comments: 10

13 States Now Considering Gold and Silver as Money:When the governor of Utah signed a bill that made gold bullion and silver bullion legal tender in the state last March, he had no idea of the groundswell he was going to start.

The Utah Sound Money Act outright flies in the face of the fiat money system, which is the printed money used today; backed by nothing but the promises of politicians…

… It is not practical for people to carry around heavy gold bullion or silver bullion coins, so the Utah Gold & Silver Depository was created. People can deposit their gold bullion and silver bullion coins there and receive a debit card to make transactions with—just like depositing money at a bank. The prices of gold bullion and silver bullion are based on the closing prices of both precious metals in U.S. dollars in London on each business day, creating the exchange rate used on the debit card.

Missouri and South Carolina in 2012 are the closest to enacting very similar legislation and creating a gold bullion and silver bullion depository, just like Utah. (Source: CNN Money, February 3, 2012.)…

… Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia…

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Begin Trace Mode for Comment # 10.

#1. To: christine (#0) (Edited)

Checking the Utah proposal, it was very cautious; bullion would be accepted as money WHEN/IF federal authority made it acceptable.

As a matter of fact, the Constitution speaks to this and says that bullion is not usable as legal tender. Under the US Constitution, Art. I, sec. 8, clause 5, only the federal govt can "coin money, regulate the value thereofm and of foreign coin"; states, under Art. I, sec. 10, clause 1, are forbidden to coin money or make anything but "gold and silver coin" a tender of payment (meaning, in addition to whatever currency the federal govt issues). States are limited to using coins but cannot make coins themselves, therefore the only coins they can use, to supplement the federally issued currency, are foreign coins - whose value is set by the Congress. This eliminates bullion as a legal tender.

It is very unlikely that the US will ever return to using gold/silver coins, simply because the Constitution says that Congress set the value of US currency, and specie coins (=precious metal coins) would necessarily be valued according to the market price of the metal rather than the Congressional designation.

Shoonra  posted on  2012-10-02   13:12:25 ET  Reply   Untrace   Trace   Private Reply  

This eliminates bullion as a legal tender.

Not true.

The reason why gold and silver were the only lawful money to be used in exchange for trading in goods and services is that in using bills of credit, it not only puts the states and country in debt but also the citizenry. The other reason was to prevent parties from entering into treaties with foreign banks and the Queen of England. What the U.S. has actually done is emit bills of credit for the purpose of crediting debtors to be bonded to the creditors from infancy to death. This is called slavery but it is also intentional fraud because it forces everyone from infancy to death into assuming the role of paying the continuing debt created by others supposedly protected by the FDIC and Full Faith and Credit Clause per Article IV which also conflicts with the Thirteenth Amendment and Sixteenth Amendments to the Constitution.

It is no wonder that the following may be said here: Gold is the money of kings; Silver is the money of gentlemen; barter is the money of peasants, but Debt is the money of slaves.---— Norm Franz

Article 1 Section 10 reads in part the following:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility... [Emphasis Added]

purplerose  posted on  2012-10-03   1:34:00 ET  Reply   Untrace   Trace   Private Reply  

for the purpose of [sic]crediting debtors to be bonded...

Correction here: Should actually read as creating debtors to be bonded...

purplerose  posted on  2012-10-03   14:34:19 ET  Reply   Untrace   Trace   Private Reply  

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