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NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT

"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Thursday, March 16, 2023

Making Gold and Silver Legal Tender in Kansas


American Gold Buffalo Coin
Contains 1 Troy oz of .9999 pure gold



Kansas could become the fourth state to recognize gold and silver as legal tender.



TOPEKA, Kan. (Tenth Amendment Center) –  A bill filed in the Kansas Senate would make gold and silver legal tender in the state and would effectively repeal the state capital gains tax on gold and silver. Passage into law would eliminate barriers to using gold and silver in everyday transactions, a foundational step for the people to undermine the Federal Reserve’s monopoly on money.

The Senate Federal and State Affairs Committee introduced Senate Bill 303 (SB303) on Feb. 10. It is a companion bill to HB2405 introduced on Feb. 10. Under the proposed law, “specie coins” issued by the U.S. government or any other specie that a court of competent jurisdiction designates would be legal tender in the state of Kansas and recognized as a medium of exchange for the payment of debts and taxes.

“Specie” is defined as a “coin having gold or silver content; or refined gold or silver bullion that is coined, stamped or imprinted with its weight and purity and valued primarily based on its metal content and not its form.

Practically speaking, this would allow Kansans to use gold or silver coins as money rather than just as mere investment vehicles. In effect, it would put gold and silver on the same practical footing as Federal Reserve notes.

By allowing the court to designate additional specie to be used as legal tender, Kansas 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 Kansas 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.

Kansas could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.

The effect has been most dramatic in Utah where United Precious Metals Association (UMPA) was established after the passage of the Utah Specie Legal Tender Act and the elimination of all taxes on gold and silver. UPMA offers accounts denominated in U.S.-minted gold and silver dollars. The company was also instrumental in the development of the “Utah Goldback,” described as “the first local, voluntary currency to be made of a spendable, beautiful, physical gold.”

TenthAmendmentCenter.com


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