Arizona could soon approve gold, silver as legal tender

[EE_]

After being rejected by three state legislatures this year, a measure to recognize U.S. Government-minted gold and silver coins as legal tender may find a second home in Arizona.
Wednesday , 20 Mar 2013

RENO (MINEWEB) -

Arizona could soon become the second U.S. state to recognize gold and silver as legal tender if the Arizona House approves SB 1439.

The bill has already won the approval of Arizona’s State Senate and the Arizona House Financial Institutions Committee which voted the legislation out of committee on a 4-2 vote Monday. The measure now goes to a vote of the Arizona House.

Thus far, only the State of Utah has officially recognized gold and silver as legal tender, (See: Gold, silver coins now officially legal tender in Utah) although the issue has been under consideration this year in four states including Arizona. The Arizona bill defines legal tender as a mode of paying debts and taxes.

The measure also states that any coin or bullion that has gold or silver content and is issued by the United States Government can be defined as legal tender. However, no one can be compelled to accept coin or bullion containing gold or silver. The measure would also mandate that coin or bullion containing gold or silver issued by the U.S. Government cannot be taxed as property since it is to be considered money.

RELATED: Missouri lawmakers debate U.S. gold, silver coins use as legal tender

If the Arizona Legislature enacts SC 1439 and Republican Gov. Jan Brewer signs the measure into law, gold and silver would go into effect as legal tender in the state in 2014.

However, House Joint Resolution No. 590 --which would have established a joint subcommittee to study whether the Commonwealth of Virginia should adopt a rule recognizing gold or silver billion or gold or silver coin authorized by the U.S. Government as legal currency—died in the Virginia General Assembly’s State Senate last month.

In January the South Dakota Legislature rejected House Bill 1100 which would have made U.S. Government-minted gold and silver coins legal tender that could be used to pay state taxes at their market value.

Meanwhile, Senate Bill 99, Indiana’s version of recognizing U.S.-issued gold and silver coins as legal tender, appears to be buried in the Indiana State Senate Committee on Tax and Fiscal Policy.

SEE ALSO: Sprott on banks, gold and silver – mania, manipulation and meltdown

The organizations, the Gold Standard Institute and American Principles in Action, have both championed state efforts to rule gold and silver legal tender.

http://www.mineweb.com/mineweb/content/en/mineweb-political-economy?oid=182807&sn=Detail

[Cebu_4_2]

Big banksters and the IMF are openly talking about gold backed currency.

Something bad is going on behind the scenes.

[Shami-Amourae]

If there's going to be a Gold standard they want it on their terms to screw over everyone.

[Hatha Sunahara]

Legally, a private individual may accept payment in any form acceptable to him/her. Making something 'legal tender' just means that if you won't accept anything as payment, you have to accept legal tender if it is offered. These laws exist to force people to accept fiat paper money as a settlement in a transaction if it is offered. It also gives whatever has legal tender status a monopoly as money if the government will only accept 'legal tender' as payment for taxes and fees levied by the government.

So, what do the state laws mean? That the states will accept gold and silver as payment for taxes and fees? At what valuation? At 'face value'? So, a one ounce silver coin with a face value of $1 will pay $1 of taxes, even though the market value of the coin is now $30? Or does it mean that there is only one legal form of money in the state--gold and silver, and that they do not have to accept fiat paper dollars as payment for anything? There can only be one form of legal tender. Does it mean that they can choose to accept paper fiat dollars as payment for taxes for the time being, but a day will come when the paper fiat dollar will be worthless, and they will only accept gold and silver?

I'm not going to form an opinion about what this is worth until I understand the motives behind this legislation. I certainly would not support any such legislation until I had a good idea what they expect to achieve with it, and what problems they expect it to deal with. They usually won't tell the general public what their expectations are when passing such laws--mostly because they are designed to favor the elite at the expense of the common man.

Keep in mind that the High Priests at the Temple in Jerusalem would only accept a certain coin as money, and gave the Money Changers a monopoly in the sale of such coins.


Hatha