Mike Shedlock

OpenStates.Org notes Oklahoma SB862 was signed by Governor Mary Fallin yesterday.

SB862 recognizes gold and silver coins as legal tender in the state.

Here is the Text of SB862.

Although the bill recognizes gold and silver as legal tender, it also states "No person may compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract."

Actually, no one should be compelled to take any currency.

Shirley & Banister Public Affairs emailed this statement today:

Oklahoma joins Utah, Texas, and Louisiana, as states that have removed taxes on gold and silver coins, and nearly a dozen other states are currently considering legislation to recognize gold and silver coins as hard money.

The United States Constitution (Article I: Section 10) enables states to declare gold and silver coins as legal tender and gives them the impetus to remove all taxes on gold and silver. APIA is the leading organization promoting sound money and working to uphold this article of the Constitution.

"I commend the people of Oklahoma, particular Senator Clarke Jolley and Governor Mary Fallin, for asserting their state's constitutional right to declare gold and silver legal tender,” said American Principles in Action Chairman Sean Fieler. “With the Federal Reserve actively suppressing interest rates and eroding the purchasing power of the U.S. dollar, it is welcome news to see one more state give its citizens tax free access to money that holds its value over time."

American Principles in Action was the leading group promoting this state legal tender bill in Oklahoma and they continue to work to promote sound money legislation across the U.S.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com


Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
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