Members of the Michigan Legislature are seeking to enact legislation helping restore sound money and enforce the U.S. Constitution’s monetary provisions.
House Bill No. 5577 (HB 5577) is sponsored by Representative Josh Schriver (R-Oxford). If enacted, it would abolish capital-gains taxes on gold and silver, an important step toward treating gold and silver as money — as the U.S. Constitution requires.
HB 5577 is a good first step toward enforcing the Constitution’s monetary provisions. 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.
Additionally, this bill is an important step toward nullifying the unconstitutional Federal Reserve, which has a monopoly on money, and also reducing Michigan’s financial dependence on the federal government. It will also help Michigan avoid the federal government’s planned “Central Bank Digital Currencies,” which severely threaten privacy and individual freedom.
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 5577 is a good model for other states to follow.
Urge your state representative and senator to support HB 5577 and to fully restore sound money in Michigan.
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