Idaho Republican Platform, Article 1, Section 4:
“We recognize the failure of the Federal Reserve System to maintain a sound US dollar and the danger of mercantile banks controlling the issuance of our currency. We believe the Federal Reserve Bank should be abolished and the issuing power restored to the people with the stipulation that the US dollar be backed by gold and silver. We believe Idahoans need to protect their savings from the ravages of inflation, which is hidden taxation, and encourage citizens to participate in a systematic acquisition of precious metals which represent real value as opposed to paper currencies.”
When I was 12 years old my grandmother died and I inherited a small amount of money. My father purchased several gold coins for me, at a cost of about $150.00 per coin. The coins have remained sealed in plastic for the last 50 years, and have never been touched or circulated. Each coin is now valued at approximately $1, 750.00. The coin itself has not changed, but now 1750 one dollar bills are needed to buy what once cost only 150 dollar bills. It is the dollar bills which have changed, not the coin. The dollars from 1966 are now worth only 8 cents.To me the coin has not changed at all, but if I were to sell the coin, the same government which has devalued its dollars, would claim I have made a “profit” of $1600 and they would want about $400 of my “profit” for taxes.
The hard earned savings of Idahoans is being stolen year by year as our paper currency decreases in value as a result of the Federal Reserve’s policy of “quantitative easing”, meaning increasing the number of dollars in circulation. While many Progressives will rightly claim that a return to the gold standard is not politically acceptable, is not economically possible in our complex international economy, and that the Federal Reserve is legal and cannot be abolished, the fact that it is legal will never make it right. If the Idaho Republican Party cannot change the Federal Reserve System, we should at least encourage our constituents to protect a portion of their savings by acquiring some precious metals. I am certainly grateful that my very conservative father understood years ago what the government was doing and protected my inheritance. We owe it to our children, our grandchildren and ourselves to do likewise.
Mark Fuller, Fourth Vice Chairman.
May 5, 2016