Gold and Silver coin - South Carolina 4th state in the union, Ag/Au = legal tender - [MONEY]

[Zenaan Harkness]

>From the "getting back to the constitution" and the "about time"
departments (but Texas is not yet one of those 4 states):

  South Carolina Legal Tender Act Would Treat Gold & Silver As Money
  https://www.zerohedge.com/economics/south-carolina-legal-tender-act-would-treat-gold-silver-money
  https://libertarianinstitute.org/articles/south-carolina-legal-tender-act-would-treat-gold-and-silver-as-money/

    A bill prefiled in the South Carolina House would make gold and
    silver coins legal tender in the state. Passage of this bill
    would take a step toward creating currency competition in South
    Carolina and undermine the Federal Reserve’s monopoly on money.

    Rep. Stewart Jones filed House Bill 4678 (H.4678) on Nov. 20.
    Under the proposed law, “gold and silver coins minted foreign or
    domestic shall be legal tender in the State of South Carolina
    under the laws of this State. No person or other entity may
    compel another person or other entity to tender or accept gold or
    silver coin unless agreed upon by the parties.”

    Practically speaking, this would allow South Carolina residents
    to use gold or silver coins to pay taxes and other debts owed to
    the state. In effect, it would put gold and silver on the same
    footing as Federal Reserve notes.

    The phrase, “unless agreed upon by the parties” has important
    legal ramifications. This wording reaffirms the court’s ability,
    and constitutional responsibility according to Article I, Section
    10, to require specific performance when enforcing such
    contracts. If voluntary parties agree to be paid, or to pay, in
    gold and silver coin, South Carolina courts could not substitute
    any other thing, e.g. Federal Reserve Notes, as payment.

    South Carolina could become the fourth state to recognize gold
    and silver as legal tender. Utah led the way, reestablishing
    constitutional money in 2011. Wyoming and Oklahoma have since
    joined.

    The effect has been most dramatic in Utah where United Precious
    Metals Association (UMPA) was established after the passage of
    the Utah Specie Legal Tender Act and the elimination of all taxes
    on gold and silver. UPMA offers accounts denominated in U.S.
    minted gold and silver dollars. The company also recently
    released the “Utah Goldback.” UPMA describes it as “the first
    local, voluntary currency to be made of a spendable, beautiful,
    physical gold.”

    South Carolina has already repealed the sales tax on gold and
    silver. That removed one barrier to using gold and silver in
    everyday transactions. Capital gains taxes are still imposed on
    gold and silver for state income tax purposes. After establishing
    gold and silver as legal tender, South Carolina should repeal the
    capital gains tax to completely open the door to using it as
    money.

    As the Sound Money Defence League explains, “Practically
    speaking, state laws that recognize gold and silver as money
    restore a government view of precious metals as the favored form
    of money – a currency rather than a piece of property or other
    asset. Using this logic, it would be inappropriate for a state to
    levy taxes when the precious metals are used or exchanged.”

    Background
    ...