A Step Closer to Sound Money
- The GOP and Dems in Washington are printing trillions in phony Monopoly money to pay for their spending programs.
- But in Tennessee both parties are moving to gold and silver.
(The Amendment Center) - Tennessee Gov. Bill Haslam signed a resolution setting the stage for creation of state bullion depository, an important first step toward establishing gold and silver as money in the state.
Rep. Bud Hulsey (R-Kingsport) introduced House Joint Resolution 516 (HJR516) in January. The resolution declares support for creation of a gold bullion depository in the state.
“The State of Tennessee supports the safekeeping and storage of gold and precious metal bullion and coins in a Tennessee bullion depository or other such similar facility.”
The Senate approved the resolution 27-0. The Tennessee House passed the resolution 95-0. Approval of HJR516 in both the House and the Senate puts every member of the Tennessee legislature on record as supporting a gold bullion depository in Tennessee. Now you can add the governor to the list of supporters as well.
As the next step, a bill to establish a depository should be introduced and passed during the next legislative session. There appears to be no barriers to getting this done. Now it’s up to activists in Tennessee to keep the pressure on and ensure the legislators and governor follow through.
Last year, the Texas Gov. Abbott signed a bill into law to create just such a facility. The new Texas Bullion Depository will also establish a means for Texans to conduct transactions using these metals.
“A depository account holder may transfer any portion of the balance of the holder’s depository account by check, draft, or digital electronic instruction to another depository account holder or to a person who at the time the transfer is initiated is not a depository account holder.”
In a nutshell, through the depository Texans will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Doing so has the potential to open the market to sounds money in day-to-day transactions.
The passage and signing of HJR516 sets the stage to create a similar gold bullion depository in the Volunteer State. While the resolutions does not carry the force of law, and does not guarantee creation of a depository, it makes such a move in the near future much more likely.
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In the olden days you could turn in your paper money and get gold coin in return. Today the Fed keeps the printing presses running 24 hours and day belching out pretend Monopoly money.