I was excited to see the following article published in the online edition of The Hutchinson News. It is another indication that some people understand the U.S. Constitution and want to return our money to a Constitutional status.
Gold, silver bullion coins could be legal tender in Kan.
Kansans who want to purchase gold and silver bullion coins, to be prepared in the event inflation eats the paper dollar’s value, could find it easier under pending state legislation.
House Bill No. 2379 states gold and silver bullion coins issued by the federal government would be legal tender in Kansas. Sales of such coins would be exempt from sales tax.
Testifying Tuesday before the House Taxation Committee on behalf of the bill will be representatives of the Washington-based conservative think tank, the American Principles Project.
The American Principles Project “promotes gold-backed monetary reform at the national and state levels,” according to its website.
“This is legislation that we have worked on in other states,” said the American Principles Project’s director of economics, Rich Danker, who will be coming to Topeka.
About half the states don’t have sales tax on gold and silver coins. If classified as money, the coins could not be taxed, he said.
In part, Danker said, it’s a competitive issue.
“It would likely encourage more coin dealers and conventions in the state,” Danker said, if the sales tax was removed.
The American Principles Project, though, is not working on behalf of coin dealers but sees a larger issue at stake.
Silver and gold will give people a way of saving and transacting business that would not lose value the way a paper dollar can, he said.
“We think it’s about sound money,” Danker said.
Sellers would not be required to accept payment in gold or silver coins, just as they can stipulate what types of payment – for example, no personal checks – they accept now.
“We’re really encouraged by the support in the Kansas Legislature so far,” Danker said.
Freshman legislator Rep. Travis Couture-Lovelady, R-Palco, was instrumental in the introduction of the bill.
The American Principles Project’s policy director, Jeffrey Bell, who has worked to elect Republican presidential candidates, will be in Topeka, too, for the hearing.