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Utah Approves Gold! (as legal tender)
Libertarian Republicsn ^ | April 6, 2011 | Eric Dondero

Posted on 04/06/2011 1:28:26 PM PDT by FreeKeys

Wednesday, April 6, 2011

Utah Approves Gold!

“The gold standard would keep you from printing money and destroying the middle class,” said Republican Congressman Ron Paul

From Eric Dondero:

Utah Governor Gary Herbert has just officially signed a Bill to completely legalize gold and silver as legal tender in the State. The Bill was originally proposed by libertarian Republican state legislator Rep. Brad Galvez.

From FutureofCapitalism blog:
Utah has become the first state to pass a law exempting gold and silver coins from the state's capital gains tax and requiring the state to recognize gold and silver coins as legal tender, the Deseret News reports. The governor signed the bill into law on March 25. The text of the bill is here. It also orders a study of "the possibility of establishing an alternative form of legal tender for the payment of debts, public charges, taxes, and dues within the state."
Further, American Principles Project reports that similar bills are currently pending in other states:
"Utah is the first state to move toward recognizing gold and silver as money. Ten other states have proposed similar bills, but none have been voted out of committee."
Photo h/t usagold.com


TOPICS: Business/Economy; News/Current Events; Philosophy
KEYWORDS: currency; gold; goldlegaltender; inflation; legaltender
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I hope they can make depository receipts to be legal currency.
1 posted on 04/06/2011 1:28:33 PM PDT by FreeKeys
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To: FreeKeys

From a practical standpoint, how will this work?


2 posted on 04/06/2011 1:34:57 PM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: FreeKeys

That’s 1.


3 posted on 04/06/2011 1:35:40 PM PDT by savedbygrace (But God.)
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To: COBOL2Java

I’d imagine it’ll be like the “money” we already use...except you’ll be able to get a lot more with less of it since it actually has value.


4 posted on 04/06/2011 1:38:16 PM PDT by RWB Patriot ("My ability is a value that must be purchased and I don't recognize anyone's need as a claim on me.")
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To: 4Liberty; econjack; businessprofessor; EternalVigilance; John Locke; PGalt; socialismisinsidious; ..

any thoughts?


5 posted on 04/06/2011 1:39:00 PM PDT by FreeKeys ("Countries that bankrupt themselves aren't around very long, & we're getting close." -Tom McClintock)
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To: FreeKeys

Sweeeeet


6 posted on 04/06/2011 1:42:30 PM PDT by therightliveswithus
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To: FreeKeys

Is that legal?


7 posted on 04/06/2011 1:43:03 PM PDT by sickoflibs ("It's not the taxes, the redistribution is the federal spending=tax delayed")
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To: FreeKeys

It’s a start!


8 posted on 04/06/2011 1:43:03 PM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: FreeKeys

I forget which liberal ‘rat said it recently, but they REALLY hate the idea of “backed” currency, because it takes away a lot of their power to inflate the currency to care for the poor.


9 posted on 04/06/2011 1:44:03 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: sickoflibs

Actually, that was my belief a while back, as well, that states could not coin money.

The actual prohibition, however, is only on fiat currency like the fedgov issues. PM coins are allowed, constitutionally.


10 posted on 04/06/2011 1:45:37 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: sickoflibs
Is that legal?

Yeah, but more than that. It's moral too.

11 posted on 04/06/2011 1:46:44 PM PDT by FreeKeys ("Countries that bankrupt themselves aren't around very long, & we're getting close." -Tom McClintock)
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To: FreeKeys

Capitalism works..............


12 posted on 04/06/2011 1:47:24 PM PDT by Red Badger (I've posted a total of 1,714 threads and 64,019 replies as of 04-04-2011)
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To: FreeKeys
Article I, Section 10, US Constitution: No State shall... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts...

IOW, they may neither coin money, nor print certificates backed by gold and silver coin.

13 posted on 04/06/2011 1:47:30 PM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: FreeKeys
By using the term "legal tender", they are declaring that the value of a Gold Eagle is $50, its face value if it is used as money. Likewise, a Silver Eagle's face value is $1.

This is unfortunate. For this reason, no one with a brain will use gold and silver bullion coins as legal tender in Utah. This provision of the law was ill-advised and needs to be rewritten.

14 posted on 04/06/2011 1:47:51 PM PDT by Publius
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To: COBOL2Java

From a practical standpoint, how will this work?
+++++++++++++++++++++++++++++++++
While I’m glad to see this development on general principles I cannot answer your question. I’m hoping someone else can.


15 posted on 04/06/2011 1:49:33 PM PDT by InterceptPoint
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To: Carry_Okie

They can only use genuine US Minted gold and silver currency. Regardless of face value, the goods and services a gold $50 piece will buy will equal the value of the ounce of gold.


16 posted on 04/06/2011 1:54:31 PM PDT by martian622 (The Revolution is being televised.)
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To: COBOL2Java

What this means in a practical sense is that in Utah you can exchange paper dollars for precious metals without paying a state income tax.

I don’t know if Utah has a sales tax on precious metals or not.

It will be more like Washington state has been for decades, where there is no state income tax and precious metals are sales tax exempt.


17 posted on 04/06/2011 1:55:52 PM PDT by seowulf ("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
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To: FreeKeys

If you can’t afford gold, buy silver.


18 posted on 04/06/2011 1:56:08 PM PDT by StarfireIV ((Atlas Punted))
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To: FreeKeys

Wonder if when you go to buy an item, the realtor only gives you 3/4 the value of the gold.

(which is what gold buyers do)


19 posted on 04/06/2011 1:56:12 PM PDT by wolfcreek (http://www.youtube.com/watch?v=Lsd7DGqVSIc)
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To: FreeKeys
Wonder if when you go to buy an item, the Realtors only gives you 3/4 the value of the gold.

(which is what gold buyers do)

20 posted on 04/06/2011 1:56:39 PM PDT by wolfcreek (http://www.youtube.com/watch?v=Lsd7DGqVSIc)
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