Take seven minutes and listen to an excerpt from the debate on the sound money bill in Missouri. Rep. Paul Curtman explains the issue patiently to a fellow Representative who has a great deal to learn about economics and monetary policy.
On Thursday, HB1637, the Missouri Sound Money Act passed the House, making Missouri one of two states with a sound money still alive in 2012. South Carolina is the other, and is scheduled to vote on their bill next week. The bill simply adds gold and silver as legal tender alongside Federal Reserve notes, giving the citizens of Missouri a choice in currency:
“The Missouri Sound Money Act of 2012 is established which changes the laws regarding legal tender as follows: (1) Specifies that gold and silver issued by the federal government is legal tender in Missouri;”
It was not smooth sailing in the Show Me State. A significant number of representatives attended a press conference at the Governor’s mansion when the morning vote was held. Thus, the opposition erupted in celebration when they unexpectedly defeated the bill by a single vote, after which the morning session was immediately adjourned.
All was not lost. Representative Paul Curtman, the bill’s sponsor, worked a strategy to have the bill reconsidered in the afternoon session. While highly unusual, House Majority Leader Tim Jones asked Democratic Imperial Representative Tim Meadows to reconsider the bill in the afternoon session in light of the fact many members who were absent in the morning would likely return. Meadows agreed, and in the afternoon session the bill passed 95-37.
“Credibility is everything and when it comes down to it, my credibility is on the line here this day” Meadows said.
Representative Curtman had the understatement of the day stating, “It was a strange day on the floor. In the end though, nobody had a viable argument as to why it should be defeated.” A strange day indeed. After the bill’s passage, a Democratic Representative who strongly opposed the motion to reconsider had to be physically removed from the House chamber as he confronted a fellow Democrat who aided in allowing the bill a second vote.Details
Action Alert for Constitutional Tender!
Missouri House Bill 1637 (HB1637), the Missouri Sound Money Act, has been released from the Rules Committee and is scheduled for debate on the House floor this week. The bill states, in part:
Gold and silver issued by the federal government is legal tender in this state. A person shall not compel any other person to tender or accept gold and silver coins that are issued by the federal government, except for contractual obligations.
For those residing in Missouri, please send emails thanking the rules chair, John Deihl, and the floor leader, Tim Jones for putting it on the calendar. Then, contact your representative and ask them to support the bill with a “yes” vote.Details
On February 29th, Federal Reserve Chairman Ben Bernanke sat in front of his longtime nemesis, Rep. Ron Paul and testified on behalf of the Federal Reserve, attempting to justify the Fed’s monetary policy. During the testimony, congressman Paul did something unusual. He reached into his pocket and pulled out a United States minted silver eagle. He then informed Mr. Bernanke that when he took over as Chairman of the Federal Reserve in 2006 that silver “dollar” would buy 4 gallons of gasoline, while today it would buy 11 gallons. “That’s preservation of value” he informed the Chairman. He’s right, and this exchange underscores two reasons why it is critical for states to restore use of constitutional tender (gold and silver specie.)
First of all, to “preserve the value” of each citizen’s money. Mainstream media stories abound today predicting that gasoline will reach $6 per gallon this year. Combine that with an expectation that one ounce of silver is expected to rise to$50 per ounce during that same time period and you can see a trend developing – continued devaluation of the dollar, and continued preservation of purchasing power by sound money.
The second reason states need to restore constitutional tender is Dr. Paul’s warning that “the Fed is going to self destruct” when its policies lead to the eventual loss of control over the national currency – Federal Reserve Notes. When that happens, states that have not enacted sound money legislation will have no choice but to be subject to whatever the global banking establishment (IMF, BIS) decides the replacement will be. And if recent history is to be heeded (Greece anyone?), that means the loss of national sovereignty for any nation placed within its jurisdiction.Details
The list of states introducing sound money legislation continues to grow. The Missouri Sound Money Act of 2012 was introduced by Representative Paul Curtman as HB1637 and has been assigned to the House Ways and Means Committee. The bill seeks to make law, among other things, the following: “Gold and silver issued by the federal…Details
Idaho has become the third state to introduce sound money legislation in the last 12 months. Idaho HB430 was recently introduced by Rep. Phil Hart which declares: “”Gold and silver coin” means all such “gold and silver Coin” as are allowable for a state (a) to “make …a Tender in Payment of Debts” under the…Details
Introduced by Rep. Lenore Barrett in the Idaho State House yesterday is House Bill 622 (H0622), the Constitutional Tender Act. If passed, the act would make law that: the state shall neither compel nor require any person to recognize, receive, pay out, deliver, promise to pay or otherwise use or employ any thing but gold…Details
Imagine my shock upon opening the Drudge Report this morning and seeing this article from CBSNews.com: South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state. In an interview, Pitts told Hotsheet that he believes that “if the federal government…Details