Sound Money Bill Filed In Indiana

Posted 15 Jan 2009

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.