Members of the Ohio General Assembly are seeking to enact legislation helping restore sound money and enforce the U.S. Constitution’s monetary provisions.
House Bill No. 481 (HB 481) is sponsored by Representatives Riordan McClain (R-Upper Sandusky) and Bill Seitz (R-Green Township). If enacted, it would take the following actions:
- Require the state to accept payments in gold and silver;
- End capital-gains taxes on gold and silver; and
- Require the state treasurer to hold a limited amount of bullion reserves.
These actions would be important steps toward treating gold and silver as money — as the U.S. Constitution requires.
HB 481 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 Ohio’s financial dependence on the federal government. It will also help Ohio 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 481 is a good model for other states to follow.
Urge your state representative and senator to support HB 481 and to fully restore sound money in Ohio.
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