cross-posted from the Tennessee Tenth Amendment Center
Sen. Bill Ketron has introduced a resolution in the Tennessee General Assembly that will create a committee to study creating an alternative currency for Tennessee in the even of a collapse of the Federal Reserve. SJR0098 is an important step towards bringing constitutional tender to Tennessee.
When our Founders wrote the Constitution, in Article I, Section 10 they wrote “No State shall … make any Thing but gold and silver Coin a Tender in Payment of Debts.” The reason for this is that historically fiat currencies, that is currrencies not made of or backed by gold and silver, always collapse. The United States currently uses fiat currency in the form of Federal Reserve Notes that are not backed by gold or silver.
SJR0098 pending before the Tennessee General Assembly recognizes this and seeks to ensure the economic viability of the state in the event of a collapse of the Federal Reserve. The resolution states:Details