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In accordance with Article 1 Section 10 Clause 1 of the United States Constitution which states, “No state shall…make any Thing but gold and silver Coin a Tender in Payment of Debts…” Indiana State Senator Greg Walker of District 41, (R-Columbus), has filed Senate Bill 0453 (Indiana Honest Money Act) which allows Indiana citizens a choice of gold bullion coins or silver bullion coins or the Electronic equivalent, such as GoldMoney, in both payable and receivable transactions with the State. While the bill is not a replacement for the Federal Reserve Note monopoly the Bill will remove some bulwarks against competition.
Senate Bill 0453 needs to be approved by the Tax and Fiscal Committee for House consideration, etc., and will probably be subject to debate and possible amendments. Of about 700 Bills under consideration approximately 200 will survive to be voted on during the current Legislature.
In 2003 and 2005 a similar attempt was made in New Hampshire. The Indiana bill is a modified version of a Gold Money Bill written by Dr. Edwin Vieira, who as an attorney has practiced before the United States Supreme Court and is the author of the preeminent legal treatise on American monetary jurisprudence – Pieces of Eight.
It will be interesting to see where this leads. While it will probably die in committee it will spark some debate and be an example for other States. Letting your own ‘representatives’ know there is an alternative to the current unsound system can help cause political pain and may result in change. Most are completely ignorant on the subject.
Additional States, particularly those with severe budget deficits like California or Florida, should consider similar monetary reform. Using a sound currency will be a great boon to business and entrepreneurship which will attract additional capital, both human and economic, resulting in economic growth that could possibly help reverse the budget deficits.
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I’ve sent a request to every politician I can think of in my state in hopes that they follow suit.
That is great work Daniel, keep it up.
I strongly dislike the idea of governments deciding what currencies are and are not allowed to be used. If Goldmoney or any other company get in bed with government, all bets are off. Ultimate power corrupts ultimately, and although I do have funds with Goldmoney, and am a believer in what they are doing, I would have serious doubts if states started signing “goldmoney bills” into law.
Whoever controls the money controls everything. If we get rid of the federal reserve and hand it over to government, Obama will likely create a “Money Czar” and we will have gained nothing. If we get the federal government and federal reserve out of the business of coining money altogether, we will have taken a step in the right direction- but I for one would not want my state government cozying up with businesses to use coercion to enforce certain types of transactions in the marketplace.
I stumbled across your site through random circumstances, but I’m glad I did. While monetary policy may not be the most attractive study subject for most Americans, it is going to be the one thing we will be absolutely sorry we didn’t learn.
Have you read The Fourth Turning by William Strauss? He clearly predicted this collapse and has sound advice for surviving it.
Thank you and keep helping us learn.
The Presidents On Money, Governance and Wealth
Words of Wisdom
In honor of President’s Day here are the words from a few of them on money, governance, and wealth…..
John Adams, letter to Thomas Jefferson:
“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.”
Thomas Jefferson to John Taylor, 1816:
“I sincerely believe … that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.”
George Washington, in letter to J. Bowen, Rhode Island, Jan. 9, 1787 :
“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.”
Andrew Jackson, To a delegation of bankers discussing the Bank Renewal Bill, 1832:
“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”
Andrew Jackson:
“I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.”
James A. Garfield:
“Whoever controls the volume of money in any country is absolute master of all industry and commerce.”
Woodrow Wilson, upon passage of the Federal Reserve Act 1913:
“I am a most unhappy man. I have unwittingly ruined my country.”
Abraham Lincoln:
“The money power preys upon the nation in time of peace and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. I see in the near future a crisis approaching that unnerves me, and causes me to tremble for the safety of our country.
Corporations have been enthroned, an era of corruption will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people, until the wealth is aggregated in a few hands, and the republic is destroyed. ”
James Madison:
“I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on the objects of benevolence, the money of their constituents.”
John Tyler:
“Wealth can only be accumulated by the earnings of industry and the savings of frugality.”
Gerald Ford:
“A government big enough to give you everything you want is a government big enough to take from you everything you have.”
Franklin D. Roosevelt:
“Government run by organized money is the same as government run by the organized mob”
Theodore Roosevelt
“The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.”
Ronald Reagan:
“Government always finds a need for whatever money it gets.”
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Good Luck!!
I hope it works…
May there always be work for your hands to do;
May your purse always hold a coin or two;
May the sun always shine on your windowpane;
May a rainbow be certain to follow each rain;
May the hand of a friend always be near you;
May God fill your heart with gladness to cheer you.
And , Please , “Have a Wonderful Day”