Utah to legalize Gold and Silver as competing currencies

Posted March 11th, 2011 by bclarke3

A bill authorizing gold and silver as legal tender passed the statehouse and with the governor’s signature will become law. This pushback against the Federal Reserve was truly a bottom-up effort, initiated by a group of activists and two freshman legislators keenly aware that the debt-based dollar is a significant drag on the U.S. economy...In addition to recognizing gold and silver coins as money, the Utah Sound Money Act provides a credit against their capital gains tax liability and instructs a legislative committee to study the establishment of an alternative legal tender system in the state.

This is unconstitutional

phonon 4 years 29 weeks 1 day 23 hours ago

Article I, Section 10 states:

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

So is fiat paper currency

frizbog 4 years 29 weeks 20 hours 43 min ago

Thus, the government has violated its own Constitution, by making something other than "gold and silver Coin a Tender in payment of debts". At least this stuff is backed by something of value, unlike US currency.

Not Unconstitutional

bclarke3 4 years 29 weeks 1 day 21 hours ago

Should I really care about constitutionality since the constitution is NOT a document of liberty (Full disclosure: Im an anarchist)? The bill is a step towards freedom and an interesting story none the less. The bill only allows the use of gold and silver dollars already minted by the Federal Government, but it allows the use of them at market value and not just at face value, so for the record, it is constitutional.

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