Sen. Thatcher: SB1158- Restoring Sound Money

By State Senator Kim Thatcher
Newsletter Excerpt

Testimony of Senate Bill 1158

Oregonians deserve real financial security, free from the instability of federal monetary policies and inflation. That’s why I introduced Senate Bill 1158, which recognizes gold and silver as legal tender and eliminates unfair taxation on precious metals transactions.

For decades, Americans used silver quarters, dimes, and half dollars as everyday money—until the federal government removed silver from coinage in 1964, replacing it with devalued fiat currency. SB 1158 restores the rightful role of gold and silver as money, ensuring that Oregonians can preserve their hard-earned savings without being penalized by unnecessary taxes on inflationary gains.

Other States Leading the Way

Oregon wouldn’t be the first to act—states such as Florida, Texas, Utah, Missouri, Wyoming, and Tennessee have all passed or proposed similar laws.

• Missouri’s law now allows taxes and debts to be paid in gold and silver, providing residents with more financial freedom.
• Texas created a bullion depository, supporting citizens in using gold and silver for transactions.
• Utah’s legal tender law has helped residents hedge against inflation while making precious metals more widely accepted.

By following their lead, Oregon can position itself as a pioneer in financial sovereignty, reducing dependency on federal monetary policies and strengthening the financial future of its citizens.

Gold and silver are not investments—they are real money, designed to hold value over time. Under current law, Oregonians who sell precious metals may face capital gains taxes on inflation-driven price increases, even though these “gains” are simply a reflection of the declining value of the dollar. SB 1158 corrects this injustice, ensuring that Oregonians are not taxed for simply trying to protect their purchasing power.

This bill is about economic fairness—protecting working-class families, seniors, and savers from the hidden tax of inflation. Oregon has the opportunity to lead the nation in sound money policy, ensuring our residents are no longer trapped by reckless federal monetary expansion.