Gold, Silver Now Legal Tender in Utah
With Gov. Gary Herbert’s signature on March 25, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at their true value, prompting praise from sound-money advocates warning about the future of the Federal Reserve System and its fiat money.
The "Utah Legal Tender Act," as the new law is known, “recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability,” according to the bill. The law does not force anyone to accept or pay in precious metals, but rather provides the option for those who wish to do so voluntarily.
In essence, the bill legalizes currency competition in Utah by removing punitive state taxes on individuals and businesses trading in precious-metal coins. Among the taxes that federally minted gold and silver coins are now exempt from are state sales and capital gains. Federal taxes, however, still apply — despite the U.S. Constitution’s clear language stating that no state shall make anything except gold or silver a tender in payment of debts.
On top of the state-tax exemptions, the law also orders the revenue and taxation committee to study the possibility of adopting another form of legal tender for the state. After the study is completed the committee is instructed to offer recommendations and prepare legislation for the 2012 legislative session.
The state House of Representatives originally approved the bill 47 to 26 on March 4. “This is a step in preparedness; a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink,” the legislation’s chief House sponsor, Republican Rep. Brad Galvez, told the Salt Lake Tribune at the time.
Rep. Ken Ivory, also a sponsor of the legislation, explained to the Tribune that the measure is “a way for us to preserve for the citizens of Utah … the purchasing power of the money they hold.” He cited as evidence the ever-increasing purchasing power of 1960s half-dollar silver coins even as the Federal Reserve’s paper currency continues to lose value.
read more http://www.thenewamerican.com/index.php/economy/markets-mainmenu-45...
The "Utah Legal Tender Act," as the new law is known, “recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability,” according to the bill. The law does not force anyone to accept or pay in precious metals, but rather provides the option for those who wish to do so voluntarily.
In essence, the bill legalizes currency competition in Utah by removing punitive state taxes on individuals and businesses trading in precious-metal coins. Among the taxes that federally minted gold and silver coins are now exempt from are state sales and capital gains. Federal taxes, however, still apply — despite the U.S. Constitution’s clear language stating that no state shall make anything except gold or silver a tender in payment of debts.
On top of the state-tax exemptions, the law also orders the revenue and taxation committee to study the possibility of adopting another form of legal tender for the state. After the study is completed the committee is instructed to offer recommendations and prepare legislation for the 2012 legislative session.
The state House of Representatives originally approved the bill 47 to 26 on March 4. “This is a step in preparedness; a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink,” the legislation’s chief House sponsor, Republican Rep. Brad Galvez, told the Salt Lake Tribune at the time.
Rep. Ken Ivory, also a sponsor of the legislation, explained to the Tribune that the measure is “a way for us to preserve for the citizens of Utah … the purchasing power of the money they hold.” He cited as evidence the ever-increasing purchasing power of 1960s half-dollar silver coins even as the Federal Reserve’s paper currency continues to lose value.
read more http://www.thenewamerican.com/index.php/economy/markets-mainmenu-45...
Comment
-
Comment by Stephen Ritter on March 30, 2011 at 9:14pm
-
as i have stated on here, the Constitution is clear about legal tender. All these states are doing is following the law of the land. Now we as a people have to get all states to follow all the laws of the land accordingly.
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
A teacher exposes the LGBT agenda coming into in elementary schools
At the Teens4Truth Conference at the Southwestern Baptist Theological Seminary, Nov.18, 2017. A teacher warns that parents have no idea how bad it is, and ev...
main-qimg-c0f46f334984bf2d4642651a38db08ca
"This is sick. What about learning something useful like, reading, mathematics, literature, science…"
How much money makes anyone have a god complex?
Trump makes a meme of himself as Jesus Christ. Soros says he fancied himself a sort of god.In 2004,…See More
main-qimg-c0f46f334984bf2d4642651a38db08ca
Hate children< then put them in a classroom where Lebians teach them how to use dildos, where…
"Gordon thanks for your support."
What If origins on Our Planet are Different Than we Think?
For a long time now there has been a theory that would fit into both creationism and the simulated…See More
All Bases Erased, Air Defense Shattered ! Iranian Missiles Massacre U.S. FORCES | Douglas Macgregor
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
Same Package - Different Label
This way or that way, we get to the same place. It's time to take another road.
TRIVIA OF THE DAY Kier means “Penis” in Persian
"Nomen est omen. A political dick destroying his own country."
"Wow! The final progressive steps to the government run matrix. Now just fine tuning it. I…"
"That's a great poem it's a good time for writing being national poetry month in America…"
© 2026 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network