Members of the Kentucky General Assembly are seeking to enact legislation helping to restore sound money.
House Bill 101 (HB 101) is sponsored by Representative Steven Doan (R-Erlanger) and six other representatives, while Senate Bill 105 (SB 105) is sponsored by Senator John Schickel (R-Union) and three other senators.
If enacted, HB 101 and SB 105 would create a sales-tax exemption for gold, silver, and other precious metals. This is an important step toward treating gold and silver as money — as the U.S. Constitution requires.
Article I, Section 10, of the U.S. Constitution plainly states that “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” It’s long overdue that states begin to enforce this provision once again. According to the Sound Money Index, Kentucky has one of the least constitutionally compliant monetary policies. Enacting HB 101 would be a good first step toward adhering to the U.S. Constitution.
Additionally, HB 101 and SB 105 are a good step toward nullifying the unconstitutional Federal Reserve, which has a monopoly on money.
Article VI of the U.S. Constitution obligates state officials to uphold the Constitution and nullify all laws not “made in Pursuance” of it. Officials at all levels of government must push back against the federal government’s many unconstitutional laws and agencies, and robustly enforce the Constitution and only those laws “made in Pursuance thereof.” HB 101 and SB 105 are a good step toward doing this on the topic of monetary policy.
Urge your state representative and senator to support HB 101 and SB 105, and to fully restore sound money in Kentucky.
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