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

Views: 50


You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

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"

Latest Activity

Chris of the family Masters posted photos
17 minutes ago
Chris of the family Masters commented on James T. Kirk's video

Facebook's Hate Agents

"I don't hate in general but I make exception- I hate leftist agenda with passion. I guess this…"
1 hour ago
Chris of the family Masters favorited James T. Kirk's video
1 hour ago
Chris of the family Masters posted a discussion
1 hour ago
Sweettina2 posted videos
2 hours ago
James T. Kirk posted videos
3 hours ago
Chris of the family Masters commented on Diana's video

My Teacher Kicked Me Out of Class for Saying There are Two Genders

"You can't make me participate in this insanity, sir."
5 hours ago
Chris of the family Masters favorited Diana's video
5 hours ago
James T. Kirk posted a blog post

The Ultimate Wild Game Meat Processing Charts for Preppers

The Ultimate Wild Game Meat Processing Charts for PreppersBy Sarah RodriguezJune 17, 2019 14:06As…See More
5 hours ago
Chris of the family Masters favorited Diana's photo
5 hours ago
Less Prone favorited Diana's photo
7 hours ago
Doc Vega commented on Diana's photo
8 hours ago
Doc Vega commented on J. Patriot's video

The Truth about Syria's Golan Heights and #GenieEnergy

"Burbia, you are part of the fake propaganda infiltration into this site I have previously revealed.…"
8 hours ago
Sweettina2 posted a blog post
10 hours ago
Central Scrutinizer favorited Diana's photo
10 hours ago
Diana posted photos
10 hours ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 2007-2019 - all rights reserved. unless otherwise noted