A bill to introduce the use of gold and silver as money in Utah has continued to make progress in the state legislature, with the House of Representatives set to vote on The Sound Money Act.
The bill “would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative,” according to a report by FOX News.
In addition, “the legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.”
“The bill cleared a state legislative committee on Wednesday, the first of 11 similar bills in statehouses across the country to do so. If the bill clears the House, it would have to pass the Senate before the governor could sign it into law.”
Larry Hilton, author of the original bill and an attorney and Tea Party activist, stated that he does not see “any roadblocks” that would prevent the state of Utah from passing it.
The Sound Money Act notes that since the Federal Reserve was established in 1913, the U.S. dollar has lost over 90% of its purchasing power. Moreover, since then and “as well as throughout the entire course of recorded human history, gold and silver coin have reliably retained their purchasing power.”
In January of this year, Congressman Ron Paul commented that Utah’s Sound Money Act “highlights the importance of returning to sound money. Even if such efforts fail to achieve legislative success on their first try, their importance lies in bringing to the public’s attention the problem of the ever-weakening dollar and the necessity of returning to a sound monetary system.”