Tennessee Supports Gold Depository, Fearing Monetary Crisis
by Alex Newman
Citing concerns about about a possible economic crisis and a desire for monetary stability, the State of Tennessee is now officially on record supporting the establishment of a depository facility to house gold and other precious metals for Tennesseans. In a remarkable example of bi-partisanship on serious issues, the resolution passed unanimously in both the state House and Senate before being signed by the governor. But more work remains, according to pro-Constitution and sound money activists supporting the efforts.
Analysts and supporters said the measure was an important step on the road to restoring honest money and a stable monetary system based on gold and silver in Tennessee and beyond. As the Federal Reserve banking cartel continues to debase the U.S. dollar and enrich its cronies at the expense of everyday Americans, other states are also exploring and pursuing similar efforts — and in some cases even more ambitious ones, such as a law in Texas establishing a gold-backed bank that lawmakers said would challenge the Federal Reserve’s monopoly on currency.
The measure in Tennessee, House Joint Resolution 516, puts the state on record in official support of “the safekeeping and storage of gold and precious metal bullion and coins in a Tennessee bullion depository or other such similar facility.” The resolution also supports the security that such an institution would provide.
According to the measure, the “unpredictable national economy” has led to efforts to achieve “increased monetary stability and liquidity and greater financial security in the event of a national or international financial crisis.” However, despite successful efforts in other states to expand and facilitate commerce in precious metals, the Tennessee resolution does not specifically call for or facilitate the use of precious metals as currency or legal tender.