South Carolina Approves Gold and Silver as Money

Posted by - Wednesday, April 4th, 2012

Back in February, CNN reported on the growing allure of the “shiny new currencies made of silver and gold" as over a dozen states across the nation contemplated an alternative currency.

Fast forward two months into present day and the South Carolina House has given the go ahead to use gold and silver as real money.

As local and state economies attempt to ward off devastating fiscal disasters amidst the plummeting value of the dollar, lawmakers in states all over the country are considering passing laws that would make gold and silver legal forms of currency.

Last year, Utah led this movement by becoming the very first state in the United States of America to officially legalize silver and gold coins as legal tender.

Around that same time last year, North Carolina Republican Representative Glen Bradley addressed the issue in a currency bill demanding protection from hyperinflation, depression and other financial blunders brought on by the “breakdown of the Federal Reserve” in lieu of the Constitution banning states from printing their own paper money and/or issuing their own currency.

Now, a similar bill has been approved by The House Judiciary Committee in South Carolina. Although gold and silver could be used as legal tender, area businesses do have the power to decline either type of coin as a form of payment if they so choose.

As South Carolina moves forward in the same process, 12 other states are pursuing the same goal. Tennessee, Iowa, Georgia, Colorado and Minnesota are amongst the states exploring the new currency as an option.

Colorado announced in late Febr[u]ary that state senators will be considering similar legislation. Besides South Carolina, Utah and Colorado, 10 other states are looking at the same issue. As the North Carolina bill termed it: "an alternative in the case of a catastrophic failure of the Federal Reserve System."

The most recent government to allow silver and gold as a competing money by removing taxes was Singapore, cementing their position as the financial capital of the world. New York and London are legacy centers as they built unsustainable debts upon soft ground. In the 19th century London and the Pound were dominant, in the 20th century New York and the Federal Reserve banknote climbed to notoriety, and in the 21st century Asia will benefit as the region with the capital, the creditor nations, and savings.

It sounds like supporters of these types of currency bills believe that gold and silver currencies provide the only clear-answers when it comes to how states can stabilize their volatile economies.

This would allow people to feel more sense of control when it comes to their money since they would be able to use gold and silver as opposed to dollar bills. Therefore, they wouldn't be subjected to the sharp dollar devaluations amidst economic calamities and over-printing.

That's especially good news for middle-aged Americans whom want to protect the value of their hard-earned savings they've accumulated over the years despite the troublesome economic downtown we've been experiencing these past few years.

For bill supporters in South Carolina the alternative currency would be the “anchor of stability” fo their state and that very concept brings national attention back to the notion that the U.S. could potentially return to a gold standard...

However, there are a few legal dilemmas holding South Carolina (and other interested states) from setting this goal in motion. Because businesses have the right to deny gold and/or silver as legal tender, there is some discrepancy over how the logistics and legality would work out.

But lawmakers are making great progress in the movement, suggesting that the U.S. is one-step closer to adopting an alternative currency on a (potentially) national level.

For more insight regarding this alternative currency take a look at this informative video below:

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