Thursday, May 02, 2013

AP: Arizona returning to gold rush roots with bill making gold legal tender

I have worked as a cashier and have ran into people who preferred crisp, fresh bills. It's easy to just want to tear into them and say it doesn't matter, but often it's better to let it go and move on. One point to make is that well someone out there could say American currency isn't worth the paper it's printed on.

One state at least is attempting to create a currency that is truly worth something. Worth something meaning that legal tender could be precious metals such as gold & silver.
Arizona is returning to its gold rush roots with a bill that would make precious metals legal currency.

The GOP-led Senate gave final approval Tuesday to the bill that could make Arizona the second state in the nation to recognize gold and silver as legal tender. If signed into law by Gov. Jan Brewer, the measure would take effect in 2014.

The state Department of Revenue opposed the measure. It passed in the House only after an amendment was added to exempt the department from having to accept gold or silver as tax payments.

The measure reflects a growing distrust of government-backed money amid the declining value of the dollar, according to proponents. Republican Rep. David Livingston of Peoria, a financial adviser who ushered the legislation through the House, said his clients were eager to tap into their gold and silver reserves.
According to this article Utah was the first to approve such a measure in 2011. I've learned that in theory each state can determine their own legal currency. Probably more accurately each state could have their own central bank. As a matter of fact one state does have their own statewide central bank of sorts, North Dakota.

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