Georgia lawmakers introduce bill to make gold and silver legal tender
Supporters note that other states have taken similar steps.
SEATTLE (Scrap Monster): A new bill introduced under the Gold Dome could allow Georgians to use gold and silver as official legal tender.
Senate Bill 424, known as the Transactional Gold and Silver Act, would authorize gold and silver bars and coins to be used for payments, including state taxes.
The bill’s sponsor says the proposal would give Georgians an alternative to the U.S. dollar, particularly as inflation remains a concern, and allow residents to benefit from the rising value of gold.
State Sen. Marty Harbin (R–West-Central Georgia), who introduced the bill, says the idea builds on historical precedent but uses modern technology.
“You have to realize that this was what was done in the 1800s. You would put your gold in a bank and you would write a check for gold and your friend would take that check and they would give him gold. Gold was a commodity,” Harbin said.
Under the proposal, the state would establish a state-approved bullion depository and create an electronic payment system, similar to a debit card, to track and process transactions.
Harbin says technology would allow fractional use of gold for everyday purchases.
“With the technology that’s here now, I can fractionally sell it. I have an account now that’s fractional. I can go to Chick-fil-A and I can buy my sandwich, and it registers on my application on my iPhone,” Harbin said. “It gives gold the ability to be a currency, a state currency, if you will.”
The proposal would do the following:
-Allow gold and silver to be used for certain payments, including taxes
-Create a state-regulated bullion depository
-Establish an electronic transaction system
-Eliminate state taxes on gold and silver transactions
Supporters note that other states have taken similar steps. Harbin says Texas established one of the first state bullion depositories, and states like Florida, Louisiana, Arkansas, and Tennessee are considering or implementing similar measures.
“The state would oversee it. That’s where our intent is to do,” Harbin said.
If approved, the gold and silver legal tender system could be fully operational by 2028, allowing certain purchases and payments to be made using precious metals instead of cash.
The bill now heads to committee for further consideration at the Georgia State Capitol.
Courtesy: www.wjbf.com