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The E-Sylum: Volume 14, Number 1, January 2, 2011, Article 15

GOLD-BASED PAYMENT SYSTEM PROPOSED IN UTAH

Loren Gatch writes:

If the botched printing of its 100-dollar bills wasn't all that federal government had to contend with, now comes the state of Utah with a plan for its own, gold-backed currency. See the following article from the Salt Lake City Tribune.

Since payment in gold would be optional and not a legal tender, the plan would probably pass constitutional muster. It might also revive the private production of gold coins, which should warm all numismatists' hearts! The plan ties together two Tea Party ideas -- the issue of gold coins with the creation of a state militia, the Utah Defense Force, which would protect the state's stocks of gold bullion.

Below is an excerpt from the article. -Editor

Imagine paying your next parking ticket in gold Krugerrands or renewing your driver license using American Gold Eagles.

A proposal in the Utah Legislature would require the state to allow just that, requiring government agencies to accept gold for transactions, and creating a parallel monetary policy for intrastate commerce tied to the price of gold.

Under the legislation that has been drafted, Utah residents could mint their own gold or silver coins, a storehouse would be created to stockpile the precious metal and the Utah Defense Force, an arcane state militia that may be called and armed by the governor, would be responsible for securing the inventories.

“I think it has merit,” said Rep. John Dougall, R-Highland, who had the proposal brought to him by a constituent and committed to opening a bill file. Another representative will probably end up sponsoring the legislation.

“It’s really about creating an option,” said Larry Hilton, an attorney and insurance salesman who authored the “Utah Sound Money Act” and took it to Dougall. If the dollar falters, he said, it would be beneficial to the state to have an alternative.

“It’s not intended to be compulsory in any way,” Hilton said. “The state is offering to taxpayers, ‘If you want to pay your taxes in gold or silver, we’ll accept them.’ ”

They must have hefty parking fines in Utah if it would take a Krugerrand to pay them! The article didn't discuss coins, but Utah does have a tradition of private gold coinage. -Editor

To read the complete article, see: Legislation proposes Utah adopt a gold-based system (www.sltrib.com/sltrib/home/50949183-76/gold-state-utah-coins.html.csp)

Wayne Homren, Editor

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