Arizona, Wyoming, Texas, Kansas, Louisiana, Indiana, Tennessee, West Virginia, and South Carolina all now accept gold and silver as cash, their representatives and residents recognizing that Federal Reserve Notes and other fiat currencies will eventually hyperinflate and collapse.
Many states are getting a head start by easing back into gold and silver, which used to back American treasury currency before the Federal Reserve came into existence. The trend would suggest that many more, if not all, states will soon jump aboard as well.
In Lane County v. Oregon, the United States Supreme Court recognized that in the performance of its “essential functions,” a state possesses broad power to specify various forms of legal tender for the payment of taxes.
“If, therefore, the condition of any State, in the judgment of its legislature, requires the collection of taxes in kind, that is to say, by the delivery to the proper officers of a certain proportion of products, or in gold and silver bullion, or in gold and silver coin, it is not easy to see upon what principle the national legislature can interfere with the exercise, to that end, of this power, original in the States, and never as yet surrendered,” the ruling states.
In other words, states can rightfully provision that transaction occur using gold and silver as legal tender as opposed to something else. In the current paradigm, this means gold- and silver-backed coins or notes as opposed to paper fiat Federal Reserve Notes.
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Author: Ethan Huff