Sound Money Takes Hold in Utah, Missouri and South Carolina
The movement to make gold and silver 'legal tender' is gaining some serious ground across the country.
The bill, HB 157 will allow for gold and silver bullion to be used for transactions based on the weight of the amount of metal presented. That is a key distinction because it expands out the use of gold and silver beyond face value on limited runs of precious metal coins offered through the US Treasury.
In practice, in Utah, individuals will be able to use gold and silver bullion in the same way as they would cash for transactions but also for currency exchanges. Individuals with the metal will be able to get fair market value in a trade for cash, or may start depositing or paying with it. The state will also be offering a one-time tax credit to offset any capital gains taxes accrued for individuals who choose to trade metal for paper.
You can watch customers actually using gold and silver for purchases in the video below, as the Governor helps debut the bill:
South Carolina's House Judiciary Committee just approved a similar bill, though businesses do have the option of declining payments in precious metals.
This also comes on the heels of the Missouri Sound Money Act, which has just passed the House.
“The Missouri Sound Money Act of 2012 is established which changes the laws regarding legal tender as follows: (1) Specifies that gold and silver issued by the federal government is legal tender in Missouri;”
But the bill wasn't passed without controversy, as one member had to be physically restrained during the vote.
“It was a strange day on the floor. In the end though, nobody had a viable argument as to why it should be defeated.”
A strange day indeed. After the bill’s passage, a Democratic Representative who strongly opposed the motion to reconsider had to be physically removed from the House chamber as he confronted a fellow Democrat who aided in allowing the bill a second vote.
It was a bitter pill for the opposition to swallow. Jackson County Democratic Representative Mike Talboy showed how badly misunderstood the sound money legislation is, lamenting, “It’s embarrassing…. that we were actually having the debate over putting us back on the gold standard.”
Now Missouri's bill will head to the Senate Ways and Means committee.
All and all, it's been a hell of a month for sound money advocates.+39
Add a Comment (Pro Members Only)
More like this...South Carolina Approves Gold and Silver as Money
South Carolina follows Utah's lead and allows gold & silver as currency in an attempt to "anchor" the debased dollar...
Gold, Silver Legalized as Currency in Utah
Utah has become the first state to legalize the use of gold and silver as currency. A new law has also exempted the precious metals from capital gains tax.
The Return of Gold as Currency
Financial institutions are once again accepting gold as collateral for their clients. Gold, or fiat paper? Which would you prefer?