SRH: Just as Luke 12:49 & Revelation Tells Us, There Will Be Great Division – Brother Against Brother, Mother Against Daughter, Son Against Dad, These Corrupt Politicians Will Literally Tear Each Other Apart…It’s Going to Get Interesting, It’s Going to Get Messy, and We Will See Mayhem Around the Globe.

HNewsWire: By establishing gold and silver as legal tender, rather than commodities, a plan proposed in the Missouri Senate for the 2023 parliamentary session would pave the way for a currency war in the Show-Me State.

Republican Sen. William Eigel introduced SB100 last month. Make gold and silver legal currency, do away with the state capital gains tax on gold and silver, and create a state bullion depository are just a few of the ways this bill would promote their usage as money in Missouri.

Changes to the Law and Taxation
All governmental and private obligations incurred in Missouri would be recoverable in gold and silver under the terms of the proposed legislation. This would enable people in Missouri to really utilize gold and silver coins as currency, rather than only as an investment. This would effectively equalize the value of gold and silver to that of U.S. currency issued by the Federal Reserve.

A possible fourth state, Missouri is considering making gold and silver coins legal money. When it comes to restoring constitutional money, Utah was first in 2011. In time, we added Wyoming and Oklahoma.

The impact has been most noticeable in Utah, where the enactment of the Utah Specie Legal Tender Act and the complete abolition of taxes on gold and silver led to the creation of the United Precious Metals Association (UMPA). Gold and silver dollars issued in the United States are accepted in UPMA accounts. Utah Goldbacks, “the first local, voluntary money made of a spendable, beautiful, tangible gold,” were also created with the help of this firm.

Silver and gold bullion sales would not be subject to the state’s capital gains tax under SB100. There is now no sales tax on gold and silver bullion in Missouri, joining the other 41 states that do not have such a policy. The elimination of capital gains taxes on the selling of bullion is a further indication of the government’s intent to recognize gold and silver as money rather than commodities. Taxes on precious metal bullion reduce its purchasing power and create obstacles to their use as money.

Think about if you asked the cashier at the grocery store to make change for a $5 payment and he added a 35-cent tax. Irrational, huh? Because, after all, all you did was switch one type of currency for another. Of course, that’s basically what a sales tax on bullion metals like gold and silver accomplish. By doing away with this tax, Virginia is showing that it recognizes gold and silver as money rather than a commodity. This is a baby step toward ending the Fed’s monetary monopoly and returning gold and silver to their rightful place as legal cash.

Money shouldn’t be taxed, and that’s a fantastic notion. Ex-US Rep. Ron Paul spoke in favor of a plan in Arizona to eliminate capital gains taxes on gold and silver, saying, “It makes no sense to tax money.” He said, “Paper is not money, it’s fraud.”

The proposed legislation contains a clause that would prevent the seizure of gold or silver bullion by any state agency, department, or political subdivision.

State Bullion Repository Senate Bill 100 would also create a bullion depository for the state. As an added bonus, this might make it easier for people in Missouri to conduct ordinary financial transactions using gold and silver.

The State Treasurer’s Office would be the location for the vault. Essentially, the depository would be “the custodian, protector, and administrator of gold, silver, and other precious metals transferred or acquired by the state, or an agency, political subdivision, or other instrumentality of the state.” Individuals might also store their gold and silver in the depository.

Importantly, SB100 would create a system through which people may exchange gold and silver for goods and services.

The Act establishes a framework for regulating the depository and the transactions it facilitates. Moreover, it specifies requirements for depository agents.

The legislation is modeled after a similar measure proposed and signed into law by Texas Governor Greg Abbott in 2015. In the summer of 2018, the first deposits were made to the Texas depository. The next year, these vaults became tax-free havens for precious metals held by the state.

For the most part, Missourians could use the depository to store physical gold and silver and make payments to others through technological methods or paper checks. A person or organization may utilize vaulted assets in the same manner they would use cash to buy products and services.

This might pave the way for the widespread use of fiscally stable currencies in everyday exchanges. Eventually, depositors may be able to utilize a debit card backed by bullion that automatically transforms gold and silver into fiat cash. They’ll be able to make fast purchases wherever that accepts credit and debit cards.

All of SB100’s provisions would make it possible for individuals to start utilizing physical currency in everyday transactions. An essential baby step toward currency parity has been taken.

BACKGROUND
U.S. Constitution Article I, Section 10 reads, “No State shall…make any Thing than gold and silver Coin a Tender in Payment of Debts.” Federal Reserve Notes (dollars), approved as legal money by Congress, or coins produced by the US Treasury, very few of which contain gold or silver, are used to settle all obligations and taxes in the United States at present.

The Federal Reserve’s creation of a monopoly on the basis of its fiat currency undermines the constitutionality of our current monetary system. To make up for its lack of gold and silver reserves, the central bank may simply print new currency.

Your buying power will erode over time, and the federal government will be able to borrow and spend considerably more than they could under a more stable monetary system. The United States government’s ability to fund its many extralegal conflicts and social welfare programs would collapse without the Federal Reserve. The Federal Reserve is the driving force behind the world’s most powerful government.

Repealing the sales tax removes one of the tax obstacles to using gold and silver as money, and it could also be the first step in a bottom-up strategy to abolish the Federal Reserve’s fiat money system by making the Fed irrelevant at the state and local levels.

Constitutional tender expert Professor William Greene argued in a paper presented at the Mises Institute that the Federal Reserve would be effectively nullified and the federal government’s monopoly on money would come to an end if people in multiple states began using gold and silver instead of Federal Reserve Notes.

Over time, when inhabitants of the state employ both Federal Reserve notes and silver and gold coins, the “reverse Gresham’s Law” effect will occur, with good money (silver and gold coins) driving out bad money (Federal Reserve notes) (Federal Reserve notes).

When this occurs, a domino effect can set in motion, with real wealth flowing toward the state treasury, banking business pouring in from outside the state (as people from other states follow through on their desire to bank with sound money), and eventually, an outcry against the use of Federal Reserve notes for any transactions.

If things reach to that point, people will no longer have any need for Federal Reserve notes.

There is a wider movement in favor of monetary stability at the state level, of which this law is a part.