A bill “legalizing the constitution” by authorizing the use of gold and silver as legal tender was given final approval by the state Senate in Arizona today. It now moves to the Governor’s desk for a signature
Introduced by Rep. Mark Finchem and six cosponsors, House Bill 2173 (HB2173) re-affirms gold and silver as legal tender in the state of Arizona on a voluntary basis. It reads, in part: “Legal tender is money and is not subject to taxation or regulation as property other than money.”
HB2173 previously passed the state House by an overwhelming 34-23 margin. Today, the Senate concurred with a 17-12 vote.
This bill would mark the first step toward currency competition. If sound money is given a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency. The freedom of choice expanded by HB2173 can allow Arizona residents to secure the purchasing power of their money.
FK – This is the kind of stuff that starts wars. It’ll be interesting to see how it plays out. I’m betting the governor gets cold feed and vetoes it…