Kansas Lawmakers Push for Gold and Silver as Legal Tender
In a surprising turn of events, GOP lawmakers in Topeka have introduced bills in both chambers to make gold and silver, in coin or bullion form, legal tender. This may seem like a bizarre proposition at first glance, but it reflects a deeper issue of economic anxiety and distrust in the current financial system.
The idea of using precious metals as money has long been relegated to the fringes of society, championed by anti-government groups, doomsday preppers, and even former Congressman Ron Paul. However, the fact that such bills are now making their way through state legislatures is a troubling sign of the times.
These proposals are not isolated incidents but rather part of a larger trend of regressive economic policies that prioritize wealth over the well-being of the general population. From failed flat tax initiatives to attempts to restrict reproductive rights, the GOP-dominated Legislature in Kansas has been pushing a conservative agenda that does not align with the will of the people.
While there have been no state referendums on key issues like expanding Medicaid or legalizing recreational marijuana, lawmakers are focusing their efforts on reintroducing outdated monetary systems that have long been abandoned. The push for gold and silver as legal tender reflects a growing lack of trust in the Federal Reserve and the overall economic system in the United States.
The history of money is a complex one, with various forms of currency evolving over time. From bartering and trading to the use of gold and silver coins, the concept of money has always been tied to the level of trust and faith in the economic system.
The current bills in Kansas are a stark reminder of past struggles over monetary policy, such as the Free Silver movement championed by William Jennings Bryan in the late 19th century. Bryan’s call for bimetallism as a way to empower working people against the interests of the wealthy elite resonates with the ongoing debate over the role of precious metals in today’s economy.
However, the allure of gold and silver as a stable form of currency is not without its pitfalls. The volatility of the precious metals market can lead to significant fluctuations in value, as seen during the peak prices of gold and silver in the 1980s driven by double-digit inflation.
The history of individuals like William “Coin” Harvey, who believed in the power of silver to bring prosperity to the masses, serves as a cautionary tale against putting too much faith in hard money. Harvey’s failed attempts to change the economic system through silver coinage and his eventual obscurity highlight the risks of relying on precious metals as a panacea for economic woes.
While some states, like Texas, have established bullion depositories to store gold and silver, the practicality and effectiveness of such systems remain questionable. The proposed legislation in Kansas to establish a gold depository and create a digital asset-backed gold currency system is met with skepticism from banking associations and credit unions due to concerns about regulatory conflicts and complexity.
In conclusion, while the idea of using gold and silver as legal tender may have its proponents, the practicality and implications of such a system are far from clear. As Kansas lawmakers debate the merits of reintroducing outdated monetary systems, it is essential to consider the lessons of history and the potential risks of relying on precious metals as a solution to economic challenges.
It appears that Kansas lawmakers are considering bills to make gold and silver legal tender in the state, which could have tax implications for precious metals. This could potentially impact the tax exemption status of precious metals in Kansas if these bills are passed into law.