According to a recent report by Jason Hamlin, the state of Virginia is considering adopting silver and gold as their alternative currency to the dollar. Amidst rumors and predictions of a collapse of the Federal Reserve System, a joint subcommittee may be established to determine if Virginia should proceed.

The FED does not back the US dollar with gold or silver. Inflation of the dollar is growing as the FED simply prints more and more bills. Many experts believe that the collapse of the dollar in the near future is unavoidable.

The state of Virginia believes it is their Constitutional right to consider pursuing
an alternative for their state currency and have introduced the House Joint
Resolution No. 557.

Other states that have introduced or are in the process of introducing bills similar
to that of Virginia to protect the wealth of their state and the citizens therein are
Georgia, Indiana, Montana, New Hampshire, and South Carolina.

So, do you still believe that the FED can bail the US out, even when the dollar is not
backed by gold and silver?

Have you taken steps to protect your monetary assets like the state of Virginia by
purchasing your precious metals?

We are in a serious economic calamity and precious metals are the only thing
that will hold its value. If you haven’t purchased your metals yet, contact us at
Southlake Gold and Silver. As the worth of paper money slides, the value and
strength of precious metals continues to climb.

With the price of gold skyrocketing we are recommending silver investments at
this time for those who can’t afford to invest in gold. Silver is affordable for most
at this current time, but we don’t know how long that will remain the case.

At Southlake Gold and Silver, we are passionate about helping people preserve the wealth they have created through their own efforts and wise investment choices. While our professional monetary consultants—or traders as they are called in the industry—are trained in the business of precious metals, they offer our clients much more than just trading their orders. Each team member is a trustworthy expert in the business of metals and is keenly aware of the current
world economic conditions addressed within this website. Client education is a vital component of our consulting services regarding portfolio diversification using precious metals and precious metals retirement accounts.

A summary of the highlights from the content of House Joint Resolution No. 557 are listed below:

WHEREAS, the present monetary and banking systems of the United States, centered around the Federal Reserve System, have come under ever-increasing strain during the last several years, and will be exposed to ever-increasing and predictably debilitating strain in the years to come.

WHEREAS, in the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System, for which the Commonwealth is not prepared, the Commonwealth’s governmental finances and Virginia’s private economy will be thrown into chaos, with gravely detrimental effects upon the lives, health, and property of Virginia’s citizens, and with consequences fatal to the preservation of good order throughout the
Commonwealth.

WHEREAS, Virginia can avoid or at least mitigate many of the economic, social, and political shocks to be expected to arise from hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System only through the timely adoption of an alternative sound currency that the Commonwealth’s government and citizens may employ without delay in the event of the destruction of the Federal Reserve System’s currency.

WHEREAS, that the Federal Reserve System’s currency is not redeemable in gold or silver coin or the equivalent in bullion is being identified by more and more experts as a, if not the, major reason for the ever-increasing instability of the Federal Reserve System

WHEREAS, all gold and silver coins of the United States are designated “legal tender” under the aegis of Title 31, United States Code, §§5103 and 5112(h), and must be so designated perforce of Article I, Section 8,Clause 5 and Article I, Section 10, Clause 1 of the Constitution of the United States.

WHEREAS, pursuant to Article I, Section 10, Clause 1 of and the Tenth Amendment to the Constitution of the United States, each State must make gold and silver coin a Tender in Payment of Debts.

WHEREAS, the Supreme Court of the United States in Lane County v. Oregon, 74 U.S. (7 Wallace) 71, 76-78 (1869), and Hagar v. Reclamation District No. 108, 111 U.S. 701, 706 (1884), has ruled that the States may adopt whatever currency they desire for the purposes of performing their sovereign governmental
functions, even to the extent of adopting gold and silver coin for those purposes while refusing to employ a currency not redeemable in gold or silver coin that Congress has designated “legal tender”

WHEREAS, “the police power” being the primary sovereign governmental function of every State, under Lane County and Hagar every State may adopt  its own currency, consisting of gold or silver, or both, whenever necessary and proper to facilitate exercises of that power in aid of the general welfare of the State and its citizens.

WHEREAS, in light of the possible instability of the Federal Reserve System, proposals for states and their citizens to adopt an alternative currency consisting of gold or silver, or both, are receiving increasing attention throughout the United States, as evidenced by bills that have been or are being introduced in the legislatures of the States of Georgia, Indiana, Montana, New Hampshire, and
South Carolina.

WHEREAS, various systems of alternative currency employing gold or silver, or both, in the form of coin or its equivalent in bullion have already proved themselves in the free market, and could either be employed by the Commonwealth directly or be used as models for a new system created by the Commonwealth to meet Virginia’s unique needs.