Arizona could soon approve gold, silver as legal tender

Author: Dorothy Kosich
Posted: 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.

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.

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

Related Posts

Arizona Governor Signs Bill Authorizing Border Fen... Foxnews 4.29.2011 PHOENIX -- Arizona Gov. Jan Brewer has signed a bill into law that authorizes the construction of a fence along the state's port...
Gun Sales Spike In Arizona Arizona Daily Star Wednesday, March 28, 2012 Gun and ammunition sales in Arizona are surging as several factors, including the upcoming presid...
Sheriff Joe to Obama: Deploy U.S. military to Mexi... WND June 30, 2014 President Obama should deploy the U.S. military across the Mexican border to work bilaterally to curb illegal immigration, dec...
‘Arizona Style’ Immigration Law Proposed in Texas... Jim Forsyth 1200 WOAI Monday, November 8, 2010 Less than an hour after the period began for filing bills for consideration in the 2011 Legisl...
Brewer Condems UN Involvement In Arizona Immigrati... Arizona Republic Monday, August 30, 2010 Gov. Jan Brewer’s office is “condemning” a U.S. State Department report to the U.N. Human Rights Coun...

Comments are closed.