June 12, 2014 Print

Last week, Oklahoma Gov. Mary Fallin signed Senate Bill 862 into law, affirming that gold and silver coins are to be treated as legal tender in the state of Oklahoma. While this treatment of gold and silver would seem self-evident, noting Article I, Section 10 of the U.S. Constitution, precious metals in Oklahoma were previously treated as assets and thus subject to capital gains and sales taxation, dis-incentivizing individuals from taking advantage of precious metals as a means of long term savings and as an alternative to the fiat dollar. As Sean Fieler, Chairman of American Principles in Action (API), notes, “With the Federal Reserve actively suppressing interest rates and eroding the purchasing power of the U.S. dollar, it is welcome news to see one more state give its citizens free access to money that holds its value over time.” While proponents of sound money can celebrate the passing of the new law, the strong leadership in the Oklahoma legislature and the tireless efforts of American Principles Project and American Principles in Action should not go unnoticed. This past April, just days before the Oklahoma Legal Tender Act was to go before the State House for a vote, the American Principles Project, in collaboration with the Atlas Network’s Sound Money Project, held a high-level event with 21 legislators in attendance to promote the sound money initiative. According to Terry Schilling, Executive Director of API, the event “helped garner much needed support in the statehouse” and convinced legislators in favor of the bill. This was proven by the bill’s passing just days later. The success in Oklahoma should be viewed as a victory for all of those who cherish free enterprise and a healthy, free society. While there is still much work to be done, positive outcomes such as the passing of SB 862 should offer hope to champions of sound money and motivation to keep on fighting.