The gold standard may be making a comeback in Utah.
Utah House Government Operations Committee advanced a bill (HB317, introduced by Rep. Brad Galvez, R-West Haven) that recognizes U.S. gold and silver coins as legal tender, and exempts their sale from state capital gains tax.
Larry Hilton, a local attorney and supporter of the “sound money movement,” said that “un-backed money” created by the Federal Reserve to stimulate the economy, is “hanging over us like the sword of Damocles waiting to just come down in an avalanche and destroy the value of our currency.”
While the bill says the use of gold and silver coin as currency would be voluntary, it requires the Legislature to study the “possibility of establishing an alternative form of legal tender,” and to come up with further recommendations for the 2012 session.
Twelve other states have offered similar proposals: Georgia, Montana, Missouri, Colorado, Indiana, Iowa, New Hampshire, South Carolina, Tennessee, Washington, Vermont and Oklahoma.
"There's enough uneasiness going on in the economy to trigger people to feel that, hey, having a little Plan B, kind of a backup system, is not a bad idea," - Larry Hilton (Utah Bill Author)
Return to sound money - now that's a terrific idea!
Companion story here