Alaskans understand the value of something real. We work with our hands, we build from the ground up, and we know that lasting worth does not come from promises; it comes from substance. That is why I introduced House Bill 1 (HB 1), which recognizes gold and silver coins (specie) as legal tender in Alaska and exempts those transactions from local sales and use taxes. This bill is not symbolic. It is about restoring confidence in the money we earn, spend, and save. It is about giving Alaskans a choice, grounded in the same constitutional principles that guided our Founders, and rooted in the values of independence and self-reliance that define our state.

For too long, we have relied on a paper system detached from reality, a fiat currency that can be printed at will and diluted through inflation. We can see this in the current price of gold. Gold is not going up in value; it just takes more dollars to buy an ounce. This should concern everyone as it means the value of the dollar is decreasing.

Every dollar we earn buys a little less each year. That slow erosion of value is not just an economic issue; it is a moral one. It punishes savers, retirees and working families and economically disadvantaged Alaskans while rewarding debt and speculation. The U.S. Constitution, in Article I, Section 10, makes it clear: “No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.” The Founders knew the dangers of paper money because they lived through it; and by their writings, we know they hated it. The collapse of the Continental dollar during the Revolutionary War was a lesson they intended us never to forget.

HB 1 allows Alaskans to use gold and silver, coins or bullion stamped for their metal content, as legal tender. This does not replace the dollar; it gives people a choice. Alaskans could transact, save, or settle debts in something that cannot be printed into oblivion by bureaucrats in Washington, D.C. That is real sovereignty, economic sovereignty, and it begins at the state level.

The benefits of sound money go beyond ideology. Inflation acts as a hidden tax, quietly taking from families what they have worked hard to earn. Since the United States left the gold standard in 1971, the dollar has lost more than 85 percent of its purchasing power. In that same time, gold and silver have maintained or increased in value. An ounce of gold could buy a fine suit in 1920, and it still can today. That is stability you can measure. HB 1 helps remove barriers for Alaskans who want to protect their wealth the same way, by exempting gold and silver transactions from local taxes.

This approach is especially critical in a state like ours, where inflation hits harder and faster. Energy, freight, and food costs all rise more steeply here than in the Lower 48. When the federal government’s national debt soars past $35 trillion, every new dollar printed chips away at the savings of ordinary Americans. Alaskans should not be left at the mercy of federal monetary mismanagement. HB 1 directs our Legislative Budget and Audit Committee to continue studying new forms of legal tender, including electronic or gold-backed electronic options, so we stay ahead of national instability instead of being caught in its wake.

Critics say gold and silver are outdated in an electronic economy, but that argument does not hold water. We must have something to back our spending. Utah and Wyoming have already implemented similar laws, and their citizens are thriving because of it. Gold-backed instruments like Utah’s Goldbacks circulate voluntarily and successfully, proving that sound money and modern systems can work hand in hand. Alaska, with its abundant natural resources, is even better positioned to lead this charge. We mine the gold, we value the resource, and we understand the discipline that comes from real, tangible wealth.

Sound money is not about nostalgia; it is about security. It gives individuals, small businesses, and investors a stable foundation. It promotes savings and rewards production instead of speculation. It sends a message to Washington that Alaska will not quietly watch as inflation eats away at the livelihoods of its citizens.

HB 1 is a small but vital step toward restoring confidence in our economy and reclaiming a fundamental freedom, the right to hold and exchange real money; money with intrinsic value that is not printed out of thin air. It aligns with the Constitution, strengthens our economic independence, and reflects the foresight that has always set Alaskans apart.

I urge my colleagues and citizens to support this measure. It is not just about gold or silver; it is about trust, freedom, and the future we want for our children. Alaska can once again lead by example, showing that when a state respects the value of hard work and honest money, prosperity follows.

Together, we can build a stronger, more secure Alaska, one rooted in the principles of sound money, real value, and enduring freedom.

The views expressed here are those of the author.

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