BOISE, Idaho - September 28, 2010 - Idaho State Representative Phil Hart authored the Idaho State Silver Gem Act earlier this year, which allows for the Idaho State Treasurer to issue silver medallions and make them available to the public; people may use them for any purpose they want and will have the option of paying their State taxes with the silver. The benefits of the Silver Gem Act are:
Silver can be used as an alternative currency, outside of the banking system
Jobs will be created in the metal refining industry in Idaho
Silver and gold are a protection against inflation for both the public and Idaho state.
The Idaho Silver Gem Act serves as a model that other states and local governments can use. If the bill passes, people can use silver with confidence because the government of Idaho will accept it, too. The Idaho Silver Gem Act will also help to prevent possible federal precious metal confiscation.
Representative Hart’s Idaho Silver Gem Act is a first small step toward a competing currency. Instead of creating sweeping banking reforms Hart’s legislation is practical, incremental and it can be put into place immediately.
For example, Georgia had a bill that would have made it mandatory for silver and gold to be used in all State business. Georgia’s bill failed because the implementation of the bill would have been monumental - imagine the difficulty of all businesses and entities trading with Georgia’s government having to convert all payments into precious metals.
Representative Phil Hart’s Silver Gem Act passed the Idaho House vote (51 to 14) but it died in a Senate committee earlier this year. Two of the senators who were outspoken critics of the legislation were defeated in the 2010 primary election, improving the bill’s chances for next year. The Silver Gem Act is the only competing currency bill to get this far and Phil Hart will re-introduce it again next year if he is re-elected.
