Members of the Maine Legislature are seeking to enact legislation helping to restore sound money.
Senate Paper 420 (SP 420), Senate Paper 507 (SP 507), and Senate Paper 292 (SP 292) are sponsored by Senator Eric Brakey (R-Auburn). SP 507 is cosponsored by three other senators and six representatives, while SP 292 is cosponsored by two other senators and seven representatives. SP 507 was passed out of committee, and SP 420 passed the Senate, while a hearing was held for SP 292. Unfortunately, all three bills later died.
If enacted, SP 420 would exempt gold and silver coins and bullion from the state sales and use tax. This is an important step toward treating gold and silver as money — as the U.S. Constitution requires.
Meanwhile, SP 507 would recognize gold and silver as legal tender while also exempting it from the state sales and use tax.
SP 292 would allow Maine’s Treasurer of State to invest funds in gold, silver, and other precious metals.
In addition to these bills, Senate Paper 652 (SP 652) has been introduced. It would create a state bank issuing a gold-backed currency.
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, Maine is the third-least constitutionally compliant state on monetary policy. Enacting SP 420, SP 507, and SP 292 would be good first steps toward adhering to the U.S. Constitution.
Additionally, SP 420, SP 507, and SP 292 are good steps 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.” SP 420, SP 507, and SP 292 are good steps toward doing this on the topic of monetary policy.
Urge your state representative and senator to support SP 420, SP 507, and SP 292, and to fully restore sound money in Maine.
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