Disturbingly, more of my political philosophies probably derive from Frank Herbert’s Dune series than the classes I took earning a degree in political science. One line I remember from the Dune was “Control the coinage and the courts, let the rabble have the rest.” It seems that Sen. Banks’ SB 99 might be straying from that aphorism.
Specifies that gold and silver coins issued by the United States government are legal tender in Indiana. Provides that a person may not compel another person to tender or accept gold or silver coins that are issued by the United States government, except as agreed upon by contract. Provides that the sale or other exchange of gold or silver coins issued by the United States government is exempt from state gross retail tax and use tax. Specifies that capital gains incurred on a sale or exchange of gold or silver coins issued by the United States government are not included in adjusted gross income for purposes of the state adjusted gross income tax.
But, I’m not sure if it does stray because I’m not sure what it’s actually intended to accomplish. It’s apparently a tea party initiative (see also) – and, my guess, it has something to do with Ron Paul’s distrust of the federal reserve system. I’m guessing the people who advertise silver and gold on AM radio stations also support such initiatives.