(CBS News) DENVER - Colorado State Senators will consider a bill that would allow people to use gold and silver as currency.
A similar measure is already in place in Utah and is being considered in 12 other states, reports CBS Station KCNC.
Supporters are concerned about the strength of the U.S. dollar.
The sponsors of the bill say they are concerned about the strength of the U.S. dollar, public debt, and currency devaluation.
"Over history just about every country in the world that has had a serious debt crisis has intentionally inflated their currency," Sen. Kent Lambert, R, told KCNC's Michelle Griego.
Lambert said that can easily happen in this country, so he's sponsoring a bill that would allow people to use gold and silver coins like cash.
"Coins that are minted by the U.S. government should be something that we can use in trade," he said.
After World War gold and silver coins were banned as currency in the U.S. To use gold and silver coins today they have to be converted to paper dollars. So a $20 gold coin in the 1800s is still legally worth $20, even though its real value may be a lot more.
On Friday gold was trading at more than $1,700 an ounce.
Lambert says if the bill passes people will not be walking around with bags of gold coins, but it's an alternative for them to feel more secure with their money.
More: http://www.nysun.com/editorials/virginia-in-the-vanguard/88184/It’s starting to look like Virginia could yet emerge in a leading role among the states in respect of monetary reform. The lower chamber of its general assembly has passed a bill to underwrite a study of the feasibility of a monetary unit based on a metallic standard. It is one of a number of states that are reaching deep into the Constitution of the United States to protect themselves in an era when the value of the dollars issued by the federal government is collapsing.
More: http://blog.tenthamendmentcenter.co...r-approved-as-legal-tender-by-arizona-senate/Arizona may become the second state, after Utah, to recognize gold and silver as legal tender authorized for payments of debts and taxes.
The Arizona Senate voted Thursday to approve SB 1439, the Constitutional Tender Act, which allows businesses and the state government to accept payments in gold or silver. ...
http://www.bloomberg.com/news/2013-...as-u-s-states-promote-bullion.html?cmpid=yhooDistrust of the Federal Reserve and concern that U.S. dollars may become worthless are fueling a push in more than a dozen states to recognize gold and silver coins as legal tender.
Lawmakers in Arizona are poised to follow Utah, which authorized bullion for currency in 2011. Similar bills are advancing in Kansas, South Carolina and other states.
The Arizona measure, sponsored by Republicans, won preliminary approval in the House of Representatives April 4 after passing the Senate on a party line vote Feb. 28. Gold is mined in both Arizona and Utah, while Nevada is the largest U.S. producer, according to National Mining Association figures.
Somebody tried paying his employees at face value, I probably don't need to tell you that the IRS prevailed in court:They would probably be glad to let us use AGE's and ASE's at face value...whoop de do.
Last Monday Arizona lawmakers passed a bill that makes precious metals legal tender. Arizona is the second state after Utah to allow gold coins created by the Fed and private mints to be used as currency.
Video interview on Daily Ticker...Senator Crandell... A return to the gold standard, he believes, will relieve volatility in the gold market.
The bill will also eliminate a capital gains tax liability associated with an increase in the value of gold. Making gold a legal tender eliminates the commodities tax at a state level.
In an interview with the Arizona Daily Star, Crandell expressed his distrust in the U.S. Dollar, stating that as the Fed continues to print money hyperinflation becomes more likely. This bill will prove to be a safe haven for the state of Arizona when hyperinflation sets in, he says.
http://news.yahoo.com/arizona-lawmakers-pass-bill-making-silver-gold-legal-011925729.htmlThe Arizona Senate on Tuesday approved a measure to make gold and silver legal currency in the state, in a response to what backers said was a lack of confidence in the international monetary system.
The legislation cleared the Republican-controlled Senate by an 18-10 vote after being approved by the state House earlier this month. It now goes to Republican Governor Jan Brewer, who has not indicated if she will sign it into law or veto it.