For generations, the use of precious metals as money was a given. Gold and silver coins were the coin of the realm for thousands of years, and if Arizona lawmakers have their way, the use of gold and silver may return to prominence as the cash money of choice for big spenders throughout the desert southwest. Arizona has passed a law making gold and silver legal tender, putting it alongside paper money as proper currency. The bill passed the State Senate by a vote of 18-10; it was previously passed by the House of Representatives. The bill moves on to the office of Republican Governor Jan Brewer.
“This is the first step in getting it into the statute so we can build on it,” said Republican State Senator Chester Crandell, one of the bill’s sponsors, who called it a “work in progress”.
Gold as currency, a longtime favorite position of groups like the Tea Party, American Principles Project, the Gold Standard Institute, and other fiscally conservative institutions. Only one state currently allows businesses to accept gold and silver as legal tender. Utah passed similar legislation in 2011. Here’s hoping that the increasing move towards gold and silver will mean the spread of cash-for-gold machines.
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