Missouri’s Shocking Move: Treating Gold & Silver as Money to Stick to the Fed
On February 9, 2023, the Missouri Senate passed legislation that would put the state several steps closer to treating gold and silver as money as opposed to commodities. Such a move would also allow for individuals to slowly break the Federal Reserve’s chokehold over money supply.
The Tenth Amendment Center noted that State Senator William Eigel filed Senate Bill 100 (SB100) on December 1, 2020. SB 100 would put the state closer to treating gold and silver as money and “encourage its use as such, including making it legal tender, and eliminating the state capital gains tax on gold and silver.” On top of that, the bill prohibits any state agency from requiring payment in the form of any digital currency, which includes a central bank digital currency (CBDC).
This bill also features provisions to mandate the state to invest “not less than 1 percent of the funds held in the Budget Reserve Fund in gold and silver,” and to prohibit any state agency, department, or political subdivision from confiscating gold or silver bullion.
On February 9, the Senate passed SB 100 on a 21-12 vote.
The Tenth Amendment Center highlighted what this bill would do:
Under this law, gold and silver would be accepted as legal tender and would be receivable in payment of all public and private debts contracted for in the state of Missouri. Practically speaking, this would allow Missourians 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 footing as Federal Reserve notes.
Missouri is likely going to be the fourth state to establish gold and silver as legal tender. Utah was the first state to re-establish constitutional money in 2011. Wyoming and Oklahoma subsequently joined in re-establishing sound money.
The federal government is not going to re-establish sound money anytime soon. Like many other hot-button issues, it’s going to take the states to re-assert rational governance and make these policies a reality. That’s how things are breaking down in the increasingly polarized US.