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Tennessee Supports Gold Depository, Fearing Monetary Crisis


This article comes from

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.

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Shorty Dawkins



  1. The Tenth Amendment Center had a good thought in their suggestion about nullification. It would be good if more were to read Jefferson’s and Madison’s words on the Kentucky and
    Virginia Resolutions as well as Abel Upshur’s advocacy for nullification. John C. Calhoon makes some good points, but also gave one suggestion that could prove to be a disaster–he advocated a possible Art. V call for a Convention to amend the Constitution. That would be a disaster for us in this day and age. Just read Phillis’ last comment on that from Eagle Forum and get some of the hasards that could occur in that event. Any questions about nullification can be answered by Publius Hulda’s prolific writings on her blog. As a matter of fact Hulda can answer about either subject–nullification and Art V call by the States for a Convention.
    Now, as to the subject of gold and silver being used to replace paper debt instruments: so long as man has been involved in barter and exchange, the metals have been used. It really is dependent upon what we choose to use in exchange. Even today, that 1960’s pair or so of those old silver dimes will still buy (at value) a gallon of gas. A silver quarter will exchange for a loaf of bread. When the paper dollar falls, doesn’t it stand to reason that the limited quantity of precious metals available for circulation will, through relative scarcity, increase in their purchasing power?

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