Described by Citizens for Sound Money (@4SoundMoney on X) as "the most comprehensive sound money bill in the country," SB 735 lays new groundwork for the use of gold and silver as legal tender in the United States.
The bill's summary states that its purpose is to modify and create new provisions relating to the sole purpose of regulating the use of gold and silver. Specifically, SB 735 exempts all bullion and investment coin purchases from income taxation.
"SB 735 additionally exempts from state income tax the portion of capital gain on the sale or exchange of gold and silver specie that are otherwise included in the taxpayer's federal adjusted gross income," explains Act for Missouri.
(Related: In case you missed it, the Health Ranger recently conducted experiments on Goldbacks, another form of sound money, determining that they all contain at least the amount of embedded gold as claimed.)
Every state needs sound money
The Constitutional Money Act is hardly perfect, nor is it complete in terms of establishing a much-needed sound money alternative to Federal Reserve Notes (FRN), which are lent by the private Federal Reserve banking cartel to the United States Treasury with interest.
The national debt is as high as it is, and now rising exponentially, precisely because the current fiat "money" system is the opposite of sound. It is a racket that enriches a select few at the top of the pyramid, all at the expense of everyone at the bottom of the pyramid.
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"SB 735 creates the 'Constitutional Money Act' and declares that specie legal tender and electronic currency, as those terms are defined in the act, shall be accepted as payment for all public debts and may be received as payment for all private debts contracted for in the state of Missouri, in the discretion of the receiving entity," reads Section 408.010 of the bill.
"The Director of the Department of Revenue is required to promulgate rules on the methods of acceptance of specie legal tender as payment for any debt, tax, fee, or obligation owed. Costs incurred in the course of verification of the weight and purity of any specie during any such transaction shall be borne by the receiving entity."
Where the Constitutional Money Act is lacking is in its handling of FRNs, which are not explicitly prohibited for use as legal tender. Had the legislation prohibited the use of FRNs, Missouri would be well on its way to freeing itself entirely from the shackles of the private Federal Reserve.
"The bill still allows payment in Federal Reserve Notes which is illegal per Article 1 Section 10," tweeted "mike x" (@ratsmachine) on X. "The state must move to end the illegal occupation by the Federal Reserve Bank."
Citizens for Sound Money responded to this by stating that no individual state can ban federal legal tender, which at the current time is FRNs.
"The states however can execute their constitutional right to make gold and silver legal tender per Article I Section X Clause I of the Constitution."
Banks in Missouri are unaffected by the bill's passage, unless they choose to start accepting gold and silver in addition to FRNs.
"This is way more comprehensive than the Texas bill," Citizens for Sound Money further noted about Missouri's sound money legislation. "Texas only has a state depository; they don't have anything else, unfortunately. But we are working with our partners at @economicwarroom (Economic War Room) to get it done in Texas."
More related news can be found at DollarDemise.com.
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