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Title: 13 States Now Considering Gold and Silver as Money
Source: [None]
URL Source: http://fromthetrenchesworldreport.c ... old-and-silver-as-money/22392/
Published: Oct 2, 2012
Author: FromTheTrenchesWorldReport
Post Date: 2012-10-02 10:41:08 by christine
Keywords: None
Views: 187
Comments: 10

13 States Now Considering Gold and Silver as Money:When the governor of Utah signed a bill that made gold bullion and silver bullion legal tender in the state last March, he had no idea of the groundswell he was going to start.

The Utah Sound Money Act outright flies in the face of the fiat money system, which is the printed money used today; backed by nothing but the promises of politicians…

… It is not practical for people to carry around heavy gold bullion or silver bullion coins, so the Utah Gold & Silver Depository was created. People can deposit their gold bullion and silver bullion coins there and receive a debit card to make transactions with—just like depositing money at a bank. The prices of gold bullion and silver bullion are based on the closing prices of both precious metals in U.S. dollars in London on each business day, creating the exchange rate used on the debit card.

Missouri and South Carolina in 2012 are the closest to enacting very similar legislation and creating a gold bullion and silver bullion depository, just like Utah. (Source: CNN Money, February 3, 2012.)…

… Other states considering legislation to make gold bullion and silver bullion legal tender are Montana, Colorado, Idaho, Indiana, New Hampshire, Georgia, Washington, Minnesota, Tennessee, and Virginia…

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Begin Trace Mode for Comment # 5.

#1. To: christine (#0) (Edited)

Checking the Utah proposal, it was very cautious; bullion would be accepted as money WHEN/IF federal authority made it acceptable.

As a matter of fact, the Constitution speaks to this and says that bullion is not usable as legal tender. Under the US Constitution, Art. I, sec. 8, clause 5, only the federal govt can "coin money, regulate the value thereofm and of foreign coin"; states, under Art. I, sec. 10, clause 1, are forbidden to coin money or make anything but "gold and silver coin" a tender of payment (meaning, in addition to whatever currency the federal govt issues). States are limited to using coins but cannot make coins themselves, therefore the only coins they can use, to supplement the federally issued currency, are foreign coins - whose value is set by the Congress. This eliminates bullion as a legal tender.

It is very unlikely that the US will ever return to using gold/silver coins, simply because the Constitution says that Congress set the value of US currency, and specie coins (=precious metal coins) would necessarily be valued according to the market price of the metal rather than the Congressional designation.

Shoonra  posted on  2012-10-02   13:12:25 ET  Reply   Untrace   Trace   Private Reply  

states, under Art. I, sec. 10, clause 1, are forbidden to coin money or make anything but "gold and silver coin" a tender of payment (meaning, in addition to whatever currency the federal govt issues).

I don't recall anywhere in the Constitution the Fed gov being granted authority to issue any money it wishes.

States are limited to using coins but cannot make coins themselves, therefore the only coins they can use, to supplement the federally issued currency, are foreign coins - whose value is set by the Congress. This eliminates bullion as a legal tender.

The Fed gov DOES issue legal tender gold bullion coins. They are called Eagles. Gold eagles have a face value of $50, platinum coins have $100 face value. Silvers, $1. That the content of these coins exceeds face value is of no legal significance, and the contents of pennies and nickels, at last check, also exceeded their face value.

It is very unlikely that the US will ever return to using gold/silver coins, simply because the Constitution says that Congress set the value of US currency, and specie coins (=precious metal coins) would necessarily be valued according to the market price of the metal rather than the Congressional designation.

Not true. If Congress declared 1 gram of gold to be $1000, that would *BE* the market price. The market would no longer control the "price" of gold. The market would instead control how much gold everything else is worth.

But that's all academic, as congress will never willingly return to a standard that would instantly crimp it's ability to spend willy-nilly. It's far preferable for the fiat currency in use to hyperinflate into oblivion as is the usual end for all fiat currencies. Furthermore, since these days the US Constitution is worth little more than it's weight in used toilet paper, discussion of Constitutional limits is a waste of time.

Ergo, as a matter of practicality, Utah is pretty much free to do anything it wants.

Pinguinite  posted on  2012-10-02   19:03:37 ET  Reply   Untrace   Trace   Private Reply  

Article I, section 8, clause 5, gives Congress the authority to "coin money and regulate the value thereof". This suggests not only the use of precious metals but the use of less valuable material, such as paper or copper, because of Congress's ability to regulate a value for it. Your suggestion that Congress could set the value of gold at higher (much higher) than current market price would work - and would be ruinous - but it wouldn't work if Congress tried to set a value at below the market price of the metallic ingredient.

Shoonra  posted on  2012-10-02   19:17:27 ET  Reply   Untrace   Trace   Private Reply  

This suggests not only the use of precious metals but the use of less valuable material, such as paper or copper, because of Congress's ability to regulate a value for it.

Paper coins? Do tell...

echo5sierra  posted on  2012-10-02   20:59:55 ET  Reply   Untrace   Trace   Private Reply  

Paper coins? Do tell...

What effect would paper coins have on interstate commerce?

What would Geddy Lee do?

Dakmar  posted on  2012-10-02   21:08:45 ET  Reply   Untrace   Trace   Private Reply  

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