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View Full Version : Utah House passes bill to recognize Gold as legal tender




bmanzzs
03-05-2011, 06:01 AM
http://www.thestatecolumn.com/state_politics/utah/gold-standard-in-utah-house-stamps-gold-silver-as-legal-tender/

"It seems the Utah state House is taking the advice of Texas U.S. Rep. Ron Paul, officially stamping gold and silver as legal tender.

The Utah House on Friday voted 47-26 to pass HB317 by Utah state Rep. Brad Galvez, R-West Haven, and sent it to the Senate. The measure would recognize as legal tender gold and silver coins issued by the federal government."

I think this is absolutely awesome! Hopefully the Sound Currency Act will continue to spread to those other states and more.

Live_Free_Or_Die
03-05-2011, 11:26 AM
Why do the coins need to be issued by club fed who doesn't issue any?

hazek
03-05-2011, 11:49 AM
Why do the coins need to be issued by club fed who doesn't issue any?

They need to be issued by the U.S. mint but don't ask me why. Here's the bill: http://le.utah.gov/~2011/htmdoc/hbillhtm/HB0317S01.htm

FrankRep
03-07-2011, 10:16 AM
http://www.thenewamerican.com/images/stories2011/10aMarch/scoin.001.jpg



The Utah House of Representatives voted on March 4 to make gold and silver coins issued by the federal government into legal tender within state borders as the dollar continues sinking, prompting praise from sound-money advocates across the nation.


Utah House Approves Gold, Silver as Legal Tender (http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/6588-utah-house-approves-gold-silver-as-legal-tender)


Alex Newman | The New American (http://www.thenewamerican.com/)
07 March 2011

specsaregood
03-07-2011, 10:20 AM
Why do the coins need to be issued by club fed who doesn't issue any?

Especially given this historical perspective:


In California, during the 1840s and 1850s, many privately
minted gold coins circulated. The practice was outlawed in 1864,
"but as late as 1914," points out Antony Sutton, "the U.S. Treasury
was still trying to halt circulation of private gold pieces in San
Francisco." Why were such coins still circulating? Because the
private mints maintained higher standards than the government
mint. Often, points out Dr. Sutton, they were one percent heavier
than Federal issues, "to protect the user from metal loss by abrasion
while the coin was in circulation." Private mints held to a
higher standard because they were protected only by their reputation.
They could not force consumers to take sub-standard
money by the force of law, as government can.
From "Gold, Peace, and Prosperity" by Ron Paul.

nobody's_hero
03-07-2011, 10:22 AM
The senate still has to pass it and the governor must sign it before it becomes, law, though, right? This is still closer than we've ever been.

I think if one state manages to pass it, others will follow.

hazek
03-07-2011, 10:32 AM
The senate still has to pass it and the governor must sign it before it becomes, law, though, right? This is still closer than we've ever been.

I think if one state manages to pass it, others will follow.

Too bad the bill has a lot of fail in it.

nobody's_hero
03-07-2011, 11:32 AM
Too bad the bill has a lot of fail in it.

I don't think any state is going to get it right the first time, which is why it is critical that many separate states institute their own versions of sound-money bills until we figure out the best way to do this. We're talking about a transition between gold/silver or paper money, which is no easy task in itself.

I'm curious though, what is it that 'fails' in this bill, and how could we address it?

specsaregood
03-07-2011, 11:34 AM
Too bad the bill has a lot of fail in it.


I'm curious though, what is it that 'fails' in this bill, and how could we address it?

Yes, please do explain Hazek. And do so in this other thread:
http://www.ronpaulforums.com/showthread.php?282628-Let-s-talk-about-a-State-level-sound-money-bill

Where Gunny is asking for input before submitting a similar bill in NC.

hazek
03-07-2011, 12:01 PM
Yes, please do explain Hazek.

The bill limits legal tender to only coins minted by the U.S. Mint (http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=1000) which doesn't want to mint them anymore. So if you have a bullion bar or a bullion coin it's still not legal tender. That's the big problem numero uno. The big problem numero dos is that it's too vague about how the value of the coins is determined whether it's by it's weight or face value.


And do so in this other thread:
http://www.ronpaulforums.com/showthread.php?282628-Let-s-talk-about-a-State-level-sound-money-bill

Where Gunny is asking for input before submitting a similar bill in NC.

Already made my contribution: http://www.ronpaulforums.com/showthread.php?282661-North-Carolina-Bullion-Coin-and-Shot-as-Legal-State-Tender-Act-of-2011&p=3150526#post3150526