Will we, our children, and our grandchildren look back on March 25, 2011 as a historic date in this nation’s history? A news item may catch our attention in the moment and quickly be dismissed as simply part of the ebb and flow of normal political events. However, with the passage of time, it is evident that it was a major marker in history.
The assassination of Arch Duke Ferdinand of Austria in 1914 is one such event. Few at the time foresaw that his death would lead to World War I, yet today we see it as a major turning point in the course of world events that led to the first world war.
On March 25, 2011, Utah Governor Gary Herbert signed HB 317, the “Utah Legal Tender Act,” into law. This is the first time in decades that a state has asserted its constitutional rights under Article I Section 10 to make gold and silver coin a tender in payment of debts. The significance of this event should not be overlooked.
Over the past few years, a few state legislators have awoken to the reality of the inherent instability of our monetary system. They have introduced sound/honest money acts in their statehouses, only to see them either die in committee or fail to pass a floor vote. The usual attacks against constitutional money were trotted out to defeat these initiatives – “too extreme,” “too controversial,” “too difficult to implement,” "too archaic,” etc. Yet somehow, in Utah, the bill ran the gauntlet and is now the law of the land.
You don’t hear about what Utah did in the mainstream media. It was reported upon as in a side story and quickly ignored. That is because this bill breaches the dike of the Federal Reserve’s monopoly of money creation and legal tender – and the powers that be do not like it. It will continue to be ignored, or if mentioned at all, ridiculed. That is, until a few more states step up and pass their own laws. South Carolina and Idaho are making headway and several more states are taking up the debate.
As our current dollar continues to sink into the abyss, the courage Utah showed in leading the way will become evident. At some point the number of states involved will reach critical mass. A national debate on honest money – championed for decades by the likes of Rep. Ron Paul, Dr. Edwin Vieira, Dr. Larry Parks, and many others – will be on.
There are many challenges, both political and logistical, associated with a return to honest money. Yet the process has begun, and despite what the pundits would like you to believe, implementing honest money in this nation again is far from impossible. On the contrary. If our nation has any hope of returning to a monetary system that protects future generations from the ravages of paper money, what has begun in Utah must not only succeed, but spread – and quickly.
It may be too early to tell if what happened in Utah on March 25, 2011 was indeed a historic moment in our nation's history. That will be determined by the response of grass roots America. However, honest money proponents are emboldened. There is now hope. Maybe, just maybe, because of Utah’s lead, Americans will decided to become educated on the merits of honest money.
