TexasGranny Posted February 9, 2017 Report Share Posted February 9, 2017 Utah Bill Would Set Stage For State Gold and Silver Depository, Further Encourage Use of Metals as Money You are here: Home Issues Federal Review SALT LAKE CITY, Utah (Feb. 1, 2017) – A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money. Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 (HB224) on Jan. 27. The legislation would add several provisions to state law designed to encourage the use of gold and silver as legal tender. Passage would set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies. Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Under existing code, “specie legal tender” means gold or silver coin and bullion. “Commercial specie repository” means an institution that holds or receives deposits of specie legal tender that is located within the state. Practically speaking, passage would give the state the option to hold funds in gold and silver instead of Federal Reserve notes. The legislation would also direct the State Money Management Council to make rules governing quality criteria for a commercial specie repository, in consultation with the state auditor. A “GOLD BANK” FOR UTAH Gov. Greg Abbot signed legislation creating a Texas gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to to store gold and other precious metals, the Texas law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Ivory said “secure public transaction is the ultimate goal” in Utah as well. In fact, the United Precious Metals Association (UPMA) already offers publicly available accounts denominated in gold and silver dollars in Utah. According to the UPMA, in the past year it has grown 700 percent in assets under management and made up 2 percent of the market for U.S gold and silver coins. “Despite a couple of zerohedge articles, most people remain unaware of Utah’s gold bank,” UPMA head of sales and marketing Jeremy Cordon said. “We are a few years ahead of Texas.” According to Cordon, passage of HB224 would give UPMA and similar repositories a special recognition by the state, and that would likely expand the market for their services. The state of Utah will also be able to hold legal tender gold and silver in such repositories under the proposed law. HB224 would also authorize Federal Fund Commission “to study and assess the taxpayer reporting requirements for specie legal tender income and the remittance of taxes on specie legal tender income; the collection of severance taxes in specie legal tender for taxes assessed under Section 59-5-202 on gold and silver production; and (viii) the issuance of bonds denominated and payable in specie legal tender for the purpose of retiring existing government debt.” LEGAL TENDER In 2011, Utah became the first state in over 80 years to pass a law making gold and silver coin legal tender. The following year, the legislature followed up, approving a bill clarifing several tax measures and more importantly, expanding the definition of specie to include gold and silver coin approved by the state. Passage of HB224 would take the next step forward and further open the door for the use of gold and silver in everyday transactions in the state. In a speech to the UPMA announcing the legislation, Ivory emphasized the connection between sound money and liberty. He told the story of a woman who tried to pay her bill at Walmart with gold coins. The cashier told her she needed “real money.” When the lady went to the bank, the teller gave her face value for the 14 Double Eagle coins – $280. The value of the gold itself was over $20,000. “Think about where we are when we don’t understand the value. The nature of our property, the nature of our liberty embodied and represented in money that has a fixed standard.” IMPACT ON FEDERAL RESERVE The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” States have simply ignored this constitutional provision for years. It’s impossible for states to return to a constitutional sound money system when it taxes gold and silver as a commodity. State actions like Utah’s Constitutional Tender Act, and the creation of a bullion depository in Texas take steps toward that constitutional requirement, ignored for decades in every state and sets the stage to undermine the monopoly of the Federal Reserve by introducing competition into the monetary system. By making gold and silver available for regular, daily transactions by the general public, the state depositories create the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money. “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). “As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.” Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there. NEXT HB224 was referred to the House Rules Committee, where it must pass by a majority vote before being referred to a standing committee for further consideration. Watch Rep. Ivory’s Speech Thought this was interesting since Texas did about the same thing in 2015. 3 Quote Link to comment Share on other sites More sharing options...
SALT LAKE CITY, Utah (Feb. 1, 2017) – A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money. Rep. Ken Ivory (R-West Jordan) introduced House Bill 224 (HB224) on Jan. 27. The legislation would add several provisions to state law designed to encourage the use of gold and silver as legal tender. Passage would set the stage for expansion of gold repositories in the state and authorize further study on several sound money policies. Specifically, HB224 would authorize the investment of public funds in specie legal tender held in a commercial specie repository. Under existing code, “specie legal tender” means gold or silver coin and bullion. “Commercial specie repository” means an institution that holds or receives deposits of specie legal tender that is located within the state. Practically speaking, passage would give the state the option to hold funds in gold and silver instead of Federal Reserve notes. The legislation would also direct the State Money Management Council to make rules governing quality criteria for a commercial specie repository, in consultation with the state auditor. A “GOLD BANK” FOR UTAH Gov. Greg Abbot signed legislation creating a Texas gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to to store gold and other precious metals, the Texas law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Ivory said “secure public transaction is the ultimate goal” in Utah as well. In fact, the United Precious Metals Association (UPMA) already offers publicly available accounts denominated in gold and silver dollars in Utah. According to the UPMA, in the past year it has grown 700 percent in assets under management and made up 2 percent of the market for U.S gold and silver coins. “Despite a couple of zerohedge articles, most people remain unaware of Utah’s gold bank,” UPMA head of sales and marketing Jeremy Cordon said. “We are a few years ahead of Texas.” According to Cordon, passage of HB224 would give UPMA and similar repositories a special recognition by the state, and that would likely expand the market for their services. The state of Utah will also be able to hold legal tender gold and silver in such repositories under the proposed law. HB224 would also authorize Federal Fund Commission “to study and assess the taxpayer reporting requirements for specie legal tender income and the remittance of taxes on specie legal tender income; the collection of severance taxes in specie legal tender for taxes assessed under Section 59-5-202 on gold and silver production; and (viii) the issuance of bonds denominated and payable in specie legal tender for the purpose of retiring existing government debt.” LEGAL TENDER In 2011, Utah became the first state in over 80 years to pass a law making gold and silver coin legal tender. The following year, the legislature followed up, approving a bill clarifing several tax measures and more importantly, expanding the definition of specie to include gold and silver coin approved by the state. Passage of HB224 would take the next step forward and further open the door for the use of gold and silver in everyday transactions in the state. In a speech to the UPMA announcing the legislation, Ivory emphasized the connection between sound money and liberty. He told the story of a woman who tried to pay her bill at Walmart with gold coins. The cashier told her she needed “real money.” When the lady went to the bank, the teller gave her face value for the 14 Double Eagle coins – $280. The value of the gold itself was over $20,000. “Think about where we are when we don’t understand the value. The nature of our property, the nature of our liberty embodied and represented in money that has a fixed standard.” IMPACT ON FEDERAL RESERVE The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” States have simply ignored this constitutional provision for years. It’s impossible for states to return to a constitutional sound money system when it taxes gold and silver as a commodity. State actions like Utah’s Constitutional Tender Act, and the creation of a bullion depository in Texas take steps toward that constitutional requirement, ignored for decades in every state and sets the stage to undermine the monopoly of the Federal Reserve by introducing competition into the monetary system. By making gold and silver available for regular, daily transactions by the general public, the state depositories create the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money. “Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a ‘reverse Gresham’s Law’ effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). “As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.” Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there. NEXT HB224 was referred to the House Rules Committee, where it must pass by a majority vote before being referred to a standing committee for further consideration. Watch Rep. Ivory’s Speech Thought this was interesting since Texas did about the same thing in 2015.
Stubby 1 Posted February 9, 2017 Report Share Posted February 9, 2017 Thanks Texas Granny. Quote Link to comment Share on other sites More sharing options...
Muleslayer Posted February 9, 2017 Report Share Posted February 9, 2017 Works for me. thank you! Quote Link to comment Share on other sites More sharing options...
yota691 Posted February 9, 2017 Report Share Posted February 9, 2017 2 Quote Link to comment Share on other sites More sharing options...
TexasGranny Posted February 9, 2017 Author Report Share Posted February 9, 2017 I just merged my topic and yota's since they were about the same subject. Maybe more states will take this action in the future. 1 Quote Link to comment Share on other sites More sharing options...
bostonangler Posted February 9, 2017 Report Share Posted February 9, 2017 10 hours ago, TexasGranny said: Gov. Greg Abbot signed legislation creating a Texas gold bullion and precious metal depository in June of 2015. The facility will not only provide a secure place for individuals, business, cities, counties, government agencies and even other countries to to store gold and other precious metals, the Texas law also creates a mechanism to facilitate the everyday use of gold and silver in business transactions. This would be great, but I'm not sure I trust the government to hold my precious metals.... Any type of crisis could mean they confiscate it for the greater good... I'm not saying that would be the case only a possibility. I just don't trust any of these people. JMHO B/A 1 Quote Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted February 9, 2017 Report Share Posted February 9, 2017 (edited) Believe it or not - we agree with TheANGLER. Who stopped the creatures from Jekyll Island when they came calling...? Our own Reps in D.C. who are voted in and paid to watch out for our best interests...? NO. They handed US over lock, stock & barrel to the illuminati globalist cabal of evil. That SATANIC CULT known as The Fed. Made instant SLAVES out of every one of US. Then they came for our gold and silver.... and handed US paper with nothing behind it as they spirited away our metals to their catacombs all for themselves. SO once again, the globalist cabal - who is now afraid they're losing ground - wants US to trust them again. NOT A CHANCE IN HELL. Whose to say that hammer can't come down on US again.... And this 'repository' will be one of their FIRST targets. Believe it. And whose going to stop them -- some well-intentioned guys who DO follow The Rule of Law and told US they would keep our metals safe for US...? They don't stand a chance against the kind of cabal evil who does as they please and have never been stopped by anyone. DO YOU REALLY THINK THAT'LL STOP THE DEMON FED or their comrades, REALLY...? NOPE. Just remember how they emptied out Fort Knox, the stealthy bastards. And the evil cabal is FREAKING OUT right now especially because The Reps on The Hill are trying to order them to (FINALLY) be AUDITED ! And boy are they kickin' about it...! Do ya'll have any idea what that means...? That they're going to be exposed all over the place - finally ! So one last gold grab before they're outed...? PERHAPS. But it ain't gonna be ours. . Edited February 9, 2017 by SgtFuryUSCZ 1 Quote Link to comment Share on other sites More sharing options...
bostonangler Posted February 9, 2017 Report Share Posted February 9, 2017 1 hour ago, SgtFuryUSCZ said: Believe it or not - we agree with TheANGLER. Who stopped the creatures from Jekyll Island when they came calling...? Our own Reps in D.C. who are voted in and paid to watch out for our best interests...? NO. They handed US over lock, stock & barrel to the illuminati globalist cabal of evil. That SATANIC CULT known as The Fed. Made instant SLAVES out of every one of US. Then they came for our gold and silver.... and handed US paper with nothing behind it as they spirited away our metals to their catacombs all for themselves. SO once again, the globalist cabal - who is now afraid they're losing ground - wants US to trust them again. NOT A CHANCE IN HELL. Whose to say that hammer can't come down on US again.... And this 'repository' will be one of their FIRST targets. Believe it. And whose going to stop them -- some well-intentioned guys who DO follow The Rule of Law and told US they would keep our metals safe for US...? They don't stand a chance against the kind of cabal evil who does as they please and have never been stopped by anyone. DO YOU REALLY THINK THAT'LL STOP THE DEMON FED or their comrades, REALLY...? NOPE. Just remember how they emptied out Fort Knox, the stealthy bastards. And the evil cabal is FREAKING OUT right now especially because The Reps on The Hill are trying to order them to (FINALLY) be AUDITED ! And boy are they kickin' about it...! Do ya'll have any idea what that means...? That they're going to be exposed all over the place - finally ! So one last gold grab before they're outed...? PERHAPS. But it ain't gonna be ours. . Thanks.. Like you I can't believe anyone would give their gold or silver to any government agency to hold... When martial law hits they will regret it. JMHO B/A 1 Quote Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted February 9, 2017 Report Share Posted February 9, 2017 (edited) 13 minutes ago, bostonangler said: Thanks.. Like you I can't believe anyone would give their gold or silver to any government agency to hold... When martial law hits they will regret it. JMHO Exactly. If we have so much gold and silver that it won't fit in some Chock-Full-O'Nuts coffee cans under the old oak tree in the yard, and we need to haul it in a truck to someone else's warehouse to hoard it, then we have too much and haven't been tithing, donating or spending it honorably enough to deserve it ! And we can't tell you how great it feels to spend it now doing good things with it... pure joy! Worked hard for it and it gives us back SO much when we do wise things like that with it. Sign us Two, Payin' it Forward 'Cause We Can't Take It with Us. Edited February 9, 2017 by SgtFuryUSCZ 1 Quote Link to comment Share on other sites More sharing options...
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