U.S. Rep. Ron Paul | silver |
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The Bubble
28 April 1998 1998 Ron Paul 39:44
Instead of making sure that policy is correct, central bankers are much more interested in seeing that the gold-price message reflects confidence in the paper money. Thus gold has remained in the doldrums despite significant rising prices for silver, platinum, and palladium. However, be assured that even central banks cannot “fix” the price of gold forever. They tried this in the 1960’s with the dumping of hundreds of millions of ounces of American gold in order to artificially prop up the dollar by keeping the gold price at $35/oz., but in August 1971 this effort was abandoned.
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POW/MIA Recognition Week In Matagorda County, Texas
10 September 1998 1998 Ron Paul 98:2
This event will be sponsored by Matagorda County Veterans Services as a part of POW/ MIA Recognition Week. Mr. Speaker, as a United States Air Force veteran I am well aware of the sacrifices which brave young men are required to make during times of war. Perhaps no better example of these sacrifices can be found than those endured by Prisoners of War and those Missing In Action. From “Hanoi Hilton” to “Saving Private Ryan” we have seen the dramatic horrors that war brings, but behind the stories, beyond the silver screen, there are real Private Ryan’s who never do make it home. And there are families broken, lives affected and communities touched, by the real sacrifices of the real heroes who fight America’s wars.
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Recognizing The Award Winners Of The Fayette County 4-H
7 October 1998 1998 Ron Paul 114:3
Receiving the Silver Star, Bradley Klesel and Billie Jo Murphy.
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Congratulating Fayette County 4-H Award Recipients
9 October 1998 1998 Ron Paul 116:4
Receiving the Silver Star award are Bradley Klesel and Billie Jo Murphy.
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Monetary Policy
16 October 1998 1998 Ron Paul 120:15
Second, Congress should legalize the Constitutional principle that gold and silver be legal tender by prohibiting sales and capital gains taxes from being placed on all American legal tender coins.
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A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:89
The U.S. monetary system. The U.S. monetary system during the 20th Century has dramatically changed from the one authorized by the Constitution. Only silver and gold were to be used in payment of debt, and no paper money was to be issued. In one of the few restrictions on the states, the Constitution prohibited them from issuing their own money, and they were to use only gold and silver in payment of debt. No Central Bank was authorized.
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A Republic, If You Can Keep It
31 January 2000 2000 Ron Paul 2:92
No longer is there silver or gold available to protect the value of a steadily depreciating currency. This is a fraud of the worst kind and the type of a crime that would put a private citizen behind bars. But there have been too many special interests benefitting by our fiat currency, too much ignorance and too much apathy regarding the nature of money.
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Statement on the Congressional Education Plan
May 22, 2001 2001 Ron Paul 38:1
Mr. PAUL. Mr. Chairman, thirty-six years ago Congress blatantly disregarded all constitutional limitations on its power over K-12 education by passing the Elementary and Secondary Education Act (ESEA). This act of massive federal involvement in education was sold to the American people with promises that federal bureaucrats had it within their power to usher in a golden age of education. Yet, instead of the promised nirvana, federal control over education contributed to a decline in education quality. Congress has periodically responded to the American people’s concerns over education by embracing education “reforms,” which it promises are the silver bullet to fixing American schools. “Trust us,” proponents of new federal edcation programs say, we have learned from the mistakes of the past and all we need are a few billion more dollars and some new federal programs and we will produce the educational utopia in which “all children are above average.” Of course, those reforms only result in increasing the education bureaucracy, reducing parental control, increasing federal expenditures, continuing decline in education and an inevitable round of new “reforms.”
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A NEWSPAPER ARTICLE ON THE LIFE OF FREDERIC BASTIAT -- HON. RON PAUL
July 26, 2001 2001 Ron Paul 67:17
Then there’s Bastiat’s broken-window fallacy. It seems someone broke a window. It’s unfortunate, but there’s a silver lining. Money spent to repair the window will being new business to the repairman. He, in turn, will spend his higher income and generate more business for others. The broken window could ultimately create a boom.
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The US Dollar and the World Economy
September 6, 2001 2001 Ron Paul 75:1
Congress has a constitutional responsibility to maintain the value of the dollar by making only gold and silver legal tender and not to “emit bills of credit.”
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Beware Dollar Weakness
June 5, 2002 2002 Ron Paul 52:1
Mr. Speaker, I have for several years come to the House floor to express my concern for the value of the dollar. It has been, and is, my concern that we in the Congress have not met our responsibility in this regard. The constitutional mandate for Congress should only permit silver and gold to be used as legal tender and has been ignored for decades and has caused much economic pain for many innocent Americans. Instead of maintaining a sound dollar, Congress has by both default and deliberate action promoted a policy that systematically depreciates the dollar. The financial markets are keenly aware of the minute-by-minute fluctuations of all the fiat currencies and look to these swings in value for an investment advantage. This type of anticipation and speculation does not exist in a sound monetary system.
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Abolishing The Federal Reserve
10 September 2002 2002 Ron Paul 86:7
In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our Nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
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Bring Back Honest Money
17 July 2003 2003 Ron Paul 82:2
Absent legal tender laws, individuals acting through the markets, rather than government dictates, determine what is to be used as money. Historically, the free-market choice for money has been some combination of gold and silver, whenever they were available. As Dr. Edwin Vieira, the nation’s top expert on constitutional money, states: “A free market functions most efficiently and most fairly when the market determines the quality and the quantity of money that’s being used.”
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Bring Back Honest Money
17 July 2003 2003 Ron Paul 82:8
The drafters of the Constitution were well aware of how a government armed with legal tender powers could ravage the people’s liberty and prosperity. That is why the Constitution does not grant legal tender power to the federal government, and the states are empowered to make legal tender only out of gold and silver (see Article 1, Section 10). Instead, Congress was given the power to regulate money against a standard, i.e., the dollar. When Alexander Hamilton wrote the Coinage Act of 1792, he simply made into law the market-definition of a dollar as equaling the silver content of the Spanish milled dollar (371.25 grains of silver), which is the dollar referred to in the Constitution. This historical definition of the dollar has never been changed, and cannot be changed any more than the term “inch,” as a measure of length, can be changed. It is a gross misrepresentation to equate our irredeemable paper-ticket or electronic money to “dollars.”
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Bring Back Honest Money
17 July 2003 2003 Ron Paul 82:9
However, during the 20 th century, the legal tender power enabled politicians to fool the public into believing the dollar no longer meant a weight of gold or silver. Instead, the government told the people that the dollar now meant a piece of government-issued paper backed up by nothing except the promises of the government to maintain a stable value of currency. Of course, history shows that the word of the government (to protect the value of the dollar) is literally not worth the paper it is printed on.
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Abolishing The Federal Reserve
17 July 2003 2003 Ron Paul 83:8
In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
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Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:6
Our Founders thoroughly understood this issue, and warned us against the temptation to seek wealth and fortune without the work and savings that real prosperity requires. James Madison warned of “The pestilent effects of paper money,” as the Founders had vivid memories of the destructiveness of the Continental dollar. George Mason of Virginia said that he had a “Mortal hatred to paper money.” Constitutional Convention delegate Oliver Ellsworth from Connecticut thought the convention “A favorable moment to shut and bar the door against paper money.” This view of the evils of paper money was shared by almost all the delegates to the convention, and was the reason the Constitution limited congressional authority to deal with the issue and mandated that only gold and silver could be legal tender. Paper money was prohibited and no central bank was authorized. Over and above the economic reasons for honest money, however, Madison argued the moral case for such. Paper money, he explained, destroyed “The necessary confidence between man and man, on necessary confidence in public councils, on the industry and morals of people and on the character of republican government.”
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Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:7
The Founders were well aware of the biblical admonitions against dishonest weights and measures, debased silver, and watered-down wine. The issue of sound money throughout history has been as much a moral issue as an economic or political issue.
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Paper Money and Tyranny
September 5, 2003 2003 Ron Paul 93:22
The monetary issue, along with the desire to have free trade among the states, prompted those at the Constitutional Convention to seek solutions to problems that plagued the post-revolutionary war economy. This post-war recession was greatly aggravated by the collapse of the unsound fiat Continental dollar. The people, through their representatives, spoke loudly and clearly for gold and silver over paper.
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Tribute To Larry Reed
25 september 2003 2003 Ron Paul 102:3
In addition to running Mackinac, Larry is a prolific author. He has written over 800 newspaper columns and articles, 200 radio commentaries, dozens of articles in magazines and journals in the United States and abroad. Larry is also the author of five books including Lessons From the Past: The Silver Panic of 1893 and Private Cures for Public Ills: The Promise of Privatization. All of Larry’s writings reflect his unswerving commitment to limited government and the free market as the best way to promote human happiness.
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Veterans Recognized By The Silver Rose
16 October 2003 2003 Ron Paul 109:1
Mr. PAUL. Mr. Speaker, I rise to thank Gary Chenett, and Robert Baker. These two gentlemen are responsible for awarding The Silver Rose to our military veterans in Texas and across the Nation.
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Veterans Recognized By The Silver Rose
16 October 2003 2003 Ron Paul 109:2
Established in 1997 by Mary Elizabeth Marchand, The Order of The Silver Rose gives many veterans the satisfaction of being recognized for making the ultimate sacrifice for our nation. Mrs. Marchand’s father, Chief Hospital Corpsman Frank Davis, died from illnesses resulting from the use of Agent Orange in the Vietnam War. A combat veteran, Chief Davis was not wounded in combat but exposed to a dangerous substance while fighting for his country. Exposure to Agent Orange resulted in Davis losing his life some years later. Subsequently, determination was made by the Department of Defense that Chief Davis and many like him do not qualify for The Purple Heart.
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Veterans Recognized By The Silver Rose
16 October 2003 2003 Ron Paul 109:3
The Order of The Silver Rose recognizes the courage, heroism, and contributions of American service personnel who were exposed to Agent Orange in a combat zone. There are thousands of veterans who served this country faithfully who are now suffering illnesses, some fatal, directly due to being exposed to harmful substances during the war.
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Veterans Recognized By The Silver Rose
16 October 2003 2003 Ron Paul 109:4
Gary Chenett and Robert Baker award veterans with The Silver Rose. To date over one thousand veterans have received this award. Sadly, many of these awards have been made posthumously. October is now recognized as Agent Orange month in Texas and many other states. On behalf of Texas, I thank our brave patriots for their sacrifices.
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The End Of Dollar Hegemony
15 February 2006 2006 Ron Paul 3:109
The question is, what will it take to bring about the changes in policy needed to reverse this dangerous trend? The answer is, quite a lot; and, unfortunately, it is not on the horizon. It probably will not come until there is a rejection of the dollar as the safest and strongest world currency and a return to commodity money like gold and silver to return confidence.
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Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:5
It is more accurate to say that one might invest in a gold or silver mining company, where management, labor costs, and the nature of new discoveries all play a vital role in determining the quality of the investment and the profits made.
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Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:8
One of the characteristics of commodity money, one that originated naturally in the marketplace, is that it must serve as a store of value. Gold and silver meet the test; paper does not. Because of this profound difference, the incentive and wisdom of holding emergency funds in the form of gold becomes attractive when the official currency is being devalued. It is more attractive than trying to save wealth in the form of a fiat currency, even when earning some nominal interest.
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Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:30
Already we see this trend developing, which surely will accelerate in the not- too-distant future. Part of this reaction will be from those who seek a haven to protect their wealth, not invest, by treating gold and silver as universal and historic money. This means holding fewer dollars that are decreasing in value while holding gold as it increases in value.
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Gold And The U.S. Dollar
25 April 2006 2006 Ron Paul 23:47
The Founders were especially adamant about avoiding the chaos, inflation and destruction associated with the continental dollar. That is why the Constitution is clear that only gold and silver should be legal tender in the United States. In 1792, the Coinage Act also authorized the death penalty for any private citizen who counterfeited the currency. Too bad they weren’t explicit that counterfeiting by government officials is just as detrimental to the economy and the value of the dollar.
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Tribute To Edward Behne
19 September 2006 2006 Ron Paul 80:1
Mr. PAUL. Mr. Speaker, I wish to take this opportunity to pay tribute to Major Edward Lee Behne, a decorated military veteran, entrepreneur, husband, and father who passed away on September 8. Major Behne served his country by flying UH–1 Hueys in Vietnam from 1967 to 1970. Major Behne is the Vietnam War’s second-most decorated army pilot, having received two Distinguished Flying Crosses, a Legion of Merit, a VN Cross of Gallantry with Silver Star and Palm, two Silver Stars, six Bronze Stars, VN Service Medal (9 campaigns), two Meritorious Unit Citations, and 80 Air Medals.
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In The Name Of Patriotism (Who Are The Patriots?)
22 May 2007 2007 Ron Paul 55:21
Protesters against this unconstitutional system of paper money are considered unpatriotic criminals and at times are imprisoned for their beliefs. The fact that, according to the Constitution, only gold and silver are legal tender and paper money outlawed matters little. The principle of patriotism is turned on its head. Whether it’s with regard to the defense of welfare spending at home, confiscatory income tax, or an immoral monetary system or support for a war fought under false pretense without a legal declaration, the defenders of liberty and the Constitution are portrayed as unpatriotic, while those who support these programs are seen as the patriots.
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Introduction Of The Honest Money Act
15 June 2007 2007 Ron Paul 64:7
The drafters of the Constitution were well aware of how a government armed with legal tender powers could ravage the people’s liberty and prosperity. This is why the Constitution does not grant legal tender powers to the federal government. Instead, Congress was given powers to establish standards regarding the value of money. In other words, in monetary matters the Congress was to follow the lead of the market. When Alexander Hamilton wrote the coinage act of 1792, he simply adopted the market-definition of a dollar as equaling the value of the Spanish milled silver coin.
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Introduction Of The Honest Money Act
15 June 2007 2007 Ron Paul 64:8
Legal tender laws have reversed that order to where the market follows the lead of Congress. Beginning in the 19th century, Federal politicians sought to enhance their power and enrich their cronies, by using legal tender powers to change the definition of a dollar from a silver-or-gold-backed unit whose value is determined by the market, to a piece of paper produced by the State. The “value” of this paper may be normally backed in part by gold or silver, but its ultimate backing is the power of the State, and its value is determined by the political needs of the State and the powerful special interests who influence monetary policy.
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Introduction Of The Federal reserve Board Abolition Act
15 June 2007 2007 Ron Paul 65:6
In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our Nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:4
Over millennia of human history, gold and silver have been the two metals that have most often satisfied these conditions, survived the market process, and gained the trust of billions of people. Gold and silver are difficult to counterfeit, a property which ensures they will always be accepted in commerce. It is precisely for this reason that gold and silver are anathema to governments. A supply of gold and silver that is limited in supply by nature cannot be inflated, and thus serves as a check on the growth of government. Without the ability to inflate the currency, governments find themselves constrained in their actions, unable to carry on wars of aggression or to appease their overtaxed citizens with bread and circuses.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:5
At this country’s founding, there was no government controlled national currency. While the Constitution established the Congressional power of minting coins, it was not until 1792 that the US Mint was formally established. In the meantime, Americans made do with foreign silver and gold coins. Even after the Mint’s operations got underway, foreign coins continued to circulate within the United States, and did so for several decades.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:7
The first step consists of eliminating legal tender laws. Article I Section 10 of the Constitution forbids the States from making anything but gold and silver a legal tender in payment of debts. States are not required to enact legal tender laws, but should they choose to, the only acceptable legal tender is gold and silver, the two precious metals that individuals throughout history and across cultures have used as currency. However, there is nothing in the Constitution that grants the Congress the power to enact legal tender laws. We, the Congress, have the power to coin money, regulate the value thereof, and of foreign coin, but not to declare a legal tender. Yet, there is a section of US Code, 31 USC 5103, that purports to establish US coins and currency, including Federal Reserve notes, as legal tender.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:8
Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency. Gresham’s Law describes this phenomenon, which can be summed up in one phrase: bad money drives out good money. An emperor, a king, or a dictator might mint coins with half an ounce of gold and force merchants, under pain of death, to accept them as though they contained one ounce of gold. Each ounce of the king’s gold could now be minted into two coins instead of one, so the king now had twice as much “money” to spend on building castles and raising armies. As these legally overvalued coins circulated, the coins containing the full ounce of gold would be pulled out of circulation and hoarded. We saw this same phenomenon happen in the mid-1960s when the US government began to mint subsidiary coinage out of copper and nickel rather than silver. The copper and nickel coins were legally overvalued, the silver coins undervalued in relation, and silver coins vanished from circulation.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:11
The second step to reestablishing competing currencies is to eliminate laws that prohibit the operation of private mints. One private enterprise which attempted to popularize the use of precious metal coins was Liberty Services, the creators of the Liberty Dollar. Evidently the government felt threatened, as Liberty Dollars had all their precious metal coins seized by the FBI and Secret Service this past November. Of course, not all of these coins were owned by Liberty Services, as many were held in trust as backing for silver and gold certificates which Liberty Services issued. None of this matters, of course, to the government, who hates to see any competition.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:13
The final step to ensuring competing currencies is to eliminate capital gains and sales taxes on gold and silver coins. Under current federal law, coins are considered collectibles, and are liable for capital gains taxes. Short-term capital gains rates are at income tax levels, up to 35 percent, while long-term capital gains taxes are assessed at the collectibles rate of 28 percent. Furthermore, these taxes actually tax monetary debasement. As the dollar weakens, the nominal dollar value of gold increases. The purchasing power of gold may remain relatively constant, but as the nominal dollar value increases, the federal government considers this an increase in wealth, and taxes accordingly. Thus, the more the dollar is debased, the more capital gains taxes must be paid on holdings of gold and other precious metals.
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Statement on Competing Currencies
February 13, 2008 2008 Ron Paul 4:14
Just as pernicious are the sales and use taxes which are assessed on gold and silver at the state level in many states. Imagine having to pay sales tax at the bank every time you change a $10 bill for a roll of quarters to do laundry. Inflation is a pernicious tax on the value of money, but even the official numbers, which are massaged downwards, are only on the order of 4% per year. Sales taxes in many states can take away 8% or more on every single transaction in which consumers wish to convert their Federal Reserve Notes into gold or silver.
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Statement on Coinage
March 11, 2008 2008 Ron Paul 12:5
HR 5512 is a sad commentary on how far we have fallen, not just since the days of the Founders, but only in the last 75 to 100 years. We could not maintain the gold standard nor the silver standard. We could not maintain the copper standard, and now we cannot even maintain the zinc standard. Paper money inevitably breeds inflation and destroys the value of the currency. That is the reason that this proposal is before us today.
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TRIBUTE TO MONICA BROWN
12 June 2008 2008 Ron Paul 34:2
Specialist Brown was recently awarded the Silver Star, the nation’s third highest medal of valor, because of her heroic actions in Afghanistan. Specialist Brown is only the second woman to receive the Silver Star since World War II.
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CONGRATULATIONS TO THE ALVIN LADY JACKETS
19 June 2008 2008 Ron Paul 37:2
One factor behind the Lady Jackets success was head coach Carla Newsom’s determination to make sure her team found the silver lining in every seemingly dark cloud. For example, when the Lady Jackets lost the first game of a best of three series in the regional semi-final, Coach Newsom told the team to be thankful for the loss for two reasons. First, they could now wear their “dress white” uniforms in the next games: and second, and most importantly, they no longer had to eat spaghetti with meatballs for their pre-game meal.
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FEDERAL RESERVE BOARD ABOLITION ACT
February 3, 2009 2009 Ron Paul 14:6
In fact, Congress’ constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation’s founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy.
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TRIBUTE TO BURT BLUMERT
April 2, 2009 2009 Ron Paul 49:2
As the founder and manager of Camino Coins in Burlingame, CA, Burt was one of the nation’s leading dealers in gold and silver coins. A student of Ludwig von Mises and the Austrian school of economics, Burt understood the important role precious metals played in protecting ordinary citizens from the damage wrought by fiat money and inflation. Thus, he regarded his work as a coin dealer not just as a business, but as an opportunity to help people by providing with some protection from the Federal Reserve’s inflation tax.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:3
Over millennia of human history, gold and silver have been the two metals that have most often satisfied these conditions, survived the market process, and gained the trust of billions of people. Gold and silver are difficult to counterfeit, a property which ensures they will always be accepted in commerce. It is precisely for this reason that gold and silver are anathema to governments. A supply of gold and silver that is limited in supply by nature cannot be inflated, and thus serves as a check on the growth of government. Without the ability to inflate the currency, governments find themselves constrained in their actions, unable to carry on wars of aggression or to appease their overtaxed citizens with bread and circuses.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:4
At this country’s founding, there was no government controlled national currency. While the Constitution established the congressional power of minting coins, it was not until 1792 that the U.S. Mint was formally established. In the meantime, Americans made do with foreign silver and gold coins. Even after the Mint’s operations got underway, foreign coins continued to circulate within the United States, and did so for several decades.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:6
The first step consists of eliminating legal tender laws. Article I Section 10 of the Constitution forbids the States from making anything but gold and silver a legal tender in payment of debts. States are not required to enact legal tender laws, but should they choose to, the only acceptable legal tender is gold and silver, the two precious metals that individuals throughout history and across cultures have used as currency. However, there is nothing in the Constitution that grants the Congress the power to enact legal tender laws. We, the Congress, have the power to coin money, regulate the value thereof, and of foreign coin, but not to declare a legal tender. Yet, there is a section of U.S. Code, 31 U.S.C. 5103, that purports to establish U.S. coins and currency, including Federal Reserve notes, as legal tender.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:7
Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency. Gresham’s Law describes this phenomenon, which can be summed up in one phrase: bad money drives out good money. An emperor, a king, or a dictator might mint coins with half an ounce of gold and force merchants, under pain of death, to accept them as though they contained one ounce of gold. Each ounce of the king’s gold could now be minted into two coins instead of one, so the king now had twice as much “money” to spend on building castles and raising armies. As these legally overvalued coins circulated, the coins containing the full ounce of gold would be pulled out of circulation and hoarded. We saw this same phenomenon happen in the mid-1960s when the U.S. government began to mint subsidiary coinage out of copper and nickel rather than silver. The copper and nickel coins were legally overvalued, the silver coins undervalued in relation, and silver coins vanished from circulation.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:10
The second step to reestablishing competing currencies is to eliminate laws that prohibit the operation of private mints. One private enterprise which attempted to popularize the use of precious metal coins was Liberty Services, the creators of the Liberty Dollar. Evidently the government felt threatened, as Liberty Dollars had all their precious metal coins seized by the FBI and Secret Service in November of 2007. Of course, not all of these coins were owned by Liberty Services, as many were held in trust as backing for silver and gold certificates which Liberty Services issued. None of this matters, of course, to the government, which hates competition. The responsibility to protect contracts is of no interest to the government.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:12
The final step to ensuring competing currencies is to eliminate capital gains and sales taxes on gold and silver coins. Under current federal law, coins are considered collectibles, and are liable for capital gains taxes. Short- term capital gains rates are at income tax levels, up to 35 percent, while long-term capital gains taxes are assessed at the collectibles rate of 28 percent. Furthermore, these taxes actually tax monetary debasement. As the dollar weakens, the nominal dollar value of gold increases. The purchasing power of gold may remain relatively constant, but as the nominal dollar value increases, the Federal Government considers this an increase in wealth, and taxes accordingly. Thus, the more the dollar is debased, the more capital gains taxes must be paid on holdings of gold and other metals.
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INTRODUCING THE FREE COMPETITION IN CURRENCY ACT
December 9, 2009 2009 Ron Paul 102:13
Just as pernicious are the sales and use taxes which are assessed on gold and silver at the state level in many States. Imagine having to pay sales tax at the bank every time you change a $10 bill for a roll of quarters to do laundry. Inflation is a pernicious tax on the value of money, but even the official numbers, which are massaged downwards, are only on the order of 4 percent per year. Sales taxes in many states can take away 8 percent or more on every single transaction in which consumers wish to convert their Federal Reserve Notes into gold or silver.
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The problem is the currency
21 September 1998 Texas Straight Talk 21 September 1998 verse 15 ... Cached
A limited government designed to protect liberty and provide a national offense is one that could easily be managed with minimal taxes, but it would also require that we follow the advise of the Founders who explicitly admonished us not "to emit bills of credit" that is, paper money and use only silver and gold as legal tender. We need to lay plans for our future because we are rapidly approaching a time of crisis and chaos.
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Economic crisis looms
19 October 1998 Texas Straight Talk 19 October 1998 verse 15 ... Cached
Second, Congress should legalize the Constitutional principle that gold and silver be legal tender by prohibiting sales and capital gains taxes from being placed on all American legal tender coins.
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Lessons from the Kelo Decision
04 July 2005 Texas Straight Talk 04 July 2005 verse 4 ... Cached
The City of New London, Connecticut essentially acted as a strongman by seizing private property from one group of people for the benefit of a more powerful private interest. For its services, the city will be paid a tribute in the form of greater taxes from the new development. In any other context, what’s happening in Connecticut properly would be described as criminal. However, the individuals losing their homes understand that stealing is stealing, even if the people responsible are government officials. The silver lining in the Kelo case may be that the veneer of government benevolence is being challenged.
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Elected Officials Threaten Property Rights
04 September 2006 Texas Straight Talk 04 September 2006 verse 5 ... Cached
Now one year removed from the notorious Kelo decision by the Supreme Court, Americans are still reeling from the shock of having our nation's highest tribunal endorse using government power to condemn private homes to benefit a property developer. The silver lining, however, is that many Americans have been stirred to action and are demanding new state laws to prohibit the Kelo scenario from repeating itself in their cities.
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Taxing Ourselves to Death
14 October 2007 Texas Straight Talk 14 October 2007 verse 2 ... Cached
This past week, Congress had an opportunity to permanently repeal the death tax by amending the Tax Collection Responsibility Act of 2007 to include language that ends the estate tax forever. This would have been a good provision in an overall bad bill. 212 Democrats were enough to keep this spectre looming on the horizon if the Bush tax cuts are not renewed in 2011. The bill passed without this silver lining and now we face big in increases taxes and penalties in the next five years.
Texas Straight Talk from 20 December 1996 to 23 June 2008 (573 editions) are included in this Concordance. Texas Straight Talk after 23 June 2008 is in blog form on Rep. Paul’s Congressional website and is not included in this Concordance.
Remember, not everything in the concordance is Ron Paul’s words. Some things he quoted, and he added some newspaper and magazine articles to the Congressional Record. Check the original speech to see.