Montana Lawmaker Requests Payment in Gold

Jerry O’Neil, a state congressional representative in Montana, says he now understands the damage being wrought by the Federal Reserve’s monetary policy and the U.S. national debt now in excess of $16 trillion, a matter he says was once trivial to him.

O’Neil penned a letter to Montana’s Legislative Services, noting that the U.S. Constitution prohibits the payments of debts other than in gold and silver, acknowledging that his oath to the Constitution and the people he represents can only be honored with the payment of his legislative salary in gold and silver coins that will still have value when the U.S. dollar is reduced to junk status, in his words.

The page-long letter notes a look at the U.S. national debt, calling it a warning sign, and says that a country that lives beyond its means faces dire consequences. The state congressman calls it an invitation for national suicide.

He also says it is very likely the bottom will fall out from under the U.S. dollar, reasoning only so many dollars can be printed before they have no value. The Keynesian era of financing government with debt, O’Neil says, appears to be close to its demise. He asks how congressman in the Montana Legislature can protect their constituents in that scenario.

The answer O’Neil comes up with is a request that the debt of the Legislature to him be paid in gold and silver coins unadulterated with base metals. He specifically requests Gold and Silver American Eagles at their current market prices today of $1,801.00 and $35.28 respectively.

The congressman concludes his letter with the statement of a hope that the citizens of Montana will also store some of their own wealth in money that has an intrinsic value.

State Representative Jerry O’Neil once supported U.S. Representative Ron Paul of Texas for president. Paul is noted as an advocate for a sound monetary policy and is a consistent voice of opposition to the policies of Ben Bernanke, Chairman of the Federal Reserve. Paul, during his presidential campaign, also advocated a return to the gold standard.

O’Neil is entering his sixth term as a State Representative and writes that the concern of his constituents about the national debt is the primary reason he has made the request for payment in gold and silver.

Montana legislators are paid $10.33 per hour, and O’Neil said his monthly salary is $1,800, roughly the value of one gold coin at market prices today.

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