What do you think about gold and silver coins being proposed as SC tender?
Wed, 11 May 2011 14:23:35 GMT —
COLUMBIA (WACH) -- South Carolina lawmakers are proposing a bill that would give the state another form of legal tender.
Sen. David Thomas, a Republican from Greenville, wants to make gold and silver coins another option in the Palmetto State. Lawmakers are calling it the Sound Money Legislation .
"I'm no financial expert but am I smart enough to know that you can't keep printing money when it has no backing," says SC Republican Representative Mac Toole.
Thomas also wants a special joint committee to study the need and process for establishing an alternate currency. Read the entire bill here.
For those of you who think this is a way to re-establish secession, the bill was passed in Utah and it TMs currently law there," SC Republican Representative Mike Pitts.
A similar bill has been introduced in the House. Both bills have been referred to committee.Related Stories... Senator checking out South Carolina currency Lawmaker wants to ban currency
Sound money is fundamental money that has maintained its purchasing power over a very long time. Why does it do that? Because it has intrinsic inherent value. The piece of paper doesn't have intrinsic value, says Dr. Steve Isom, South Carolina Sound Money.
The group SoundMoney.com gathered at the State House for a press conference Wednesday morning. Rep. Michael Pitts, one of the House bill sponsors, was on hand along with Sound Money Chairman Dr. Steve Isom.
The sponsors explain sound money holds its purchasing power over long periods of time. Proponents also say the additional tender would help protect the state's financial situation in a failing economy, which is the reason they want to get back to the Gold Standard and get rid of the Federal Reserve.
But some disagree with this legislation.
Two local jewelers tell WACH Fox they TMre not sure how possible this alternative currency would be because they say the price of gold and silver fluctuates and that the commodity market is too volatile.
What do you think about the idea of another form of legal tender? Vote in our poll and leave a comment below to weigh in with your thoughts.