Missouri Considers Precious Metal Possible Tender
GoldMoney News Desk | Apr 30, 2012 12:19PM ET
Missouri is the latest U.S. state looking to follow Utah's example by allowing physical gold and silver to be used as legal tender. According to the American Constitution, gold and silver coins -- such as the American Gold and Silver Eagle -- may be accepted as legal tender throughout the entire U.S., which of course has long since fallen out of practice.
But now, some members of the Missouri House of Representatives are working to reinsert precious metals back into the payment process with the introduction of special gold and silver accounts for all monetary transactions done in the state.
Utah Does it
The plan is similar to a law passed in Utah, which allows citizens to use a bank card “backed” by physical gold or silver. Such a move could give way to similar legislation in other states, given growing opposition to the Federal Reserve’s easy-money policies.
In contrast to Missouri Republicans -- most of whom support such a move -- Democrats in the state remain opposed to the idea of inserting the use of precious metal back in to the physical payment process. According to recent comments by state Democrats, the legislature currently has more important issues to deal with.
These are small moves at the moment, which are happening in state legislatures, not Federal legislation out of Washington. Nevertheless, such a groundswell could be a harbinger of something bigger on America's monetary-policy landscape.
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