Sunday, September 21, 2014

Forbes: Oklahoma Moves Towards the Gold Standard

View original article here

There is strong opposition to any proposal to end the Federal Reserve and move away from its paper dollar. The Fed has many ideological and, of course, crony supporters. So it’s interesting that there was little controversy in Oklahoma around removing one of the obstacles to the use of gold as money. Republican Mary Fallin, the governor of the Sooner State, signed into law legislation that recognizes gold and silver as money. There was bipartisan support, particularly in the state Senate.

Oklahoma doesn’t force anyone to accept gold or silver in payment. It simply exempts them from state sales tax. While sales tax on the metals was probably a minimal source of revenue for the government, it was certainly a major competitive disadvantage to bullion dealers. Price sensitive buyers simply shopped out of state.

Utah has a similar law, which also exempts the monetary metals from capital gains taxes, and Arizona has been trying to pass one. Capital gains tax on the metals is a roadblock preventing their circulation. Although the Oklahoma law is more modest, exempting only sales tax, it’s an important step towards the gold standard.

For a hundred years, nearly every law and decree pertaining to gold was bad. The Federal Reserve was created in 1913. President Roosevelt is infamous for confiscating the gold belonging to the people in 1933. President Nixon is reviled for defaulting on the government’s international gold obligations.

It’s encouraging that Oklahoma is joining the trend to right these wrongs. Their new law is no mere tinkering with the sales tax. It’s about gold and silver as money, and the text of the bill states this clearly. Other states are working on gold bills, including Kansas, Texas, and South Carolina.

The gold standard movement is profoundly important. It’s becoming obvious that the dollar system is unsustainable. Debt is rising out of control, and the benefit of additional borrowing has diminishing returns. For example, companies like Cisco and Autozone are borrowing to buy their own shares, but are not investing in growth. Cisco recently announced another big layoff. Millions of job seekers are left out in the cold, and savers are euthanized.

How are people supposed to feel when they’re marginalized? What are they supposed to think about the endless news stories of our so-called recovery? How should they respond to the rising stock market and booming luxury sales?

They resent it.

We are at a crossroads. The road we’ve been taking for decades seems easier, but it’s paved with debt. This way descends to a bad place of central planning and wealth redistribution. Eating the rich, as Thomas Piketty proposes, helps no one and impoverishes everyone. If there’s any doubt, visit with the latest victims of socialism. Not long ago, the people of Venezuela were middle class. Now they are struggling with desperate shortages of basic consumer goods.

The other path is paved with gold. This way leads to a rediscovery of the founding principle of America. We began with absolute respect for individual rights, including property. The gold standard is just the right of property in the area of money. Everyone has a right to choose what to buy, and what money to use to buy it.

For thousands of years people have chosen gold, when they had that right. People will choose it again if we let them. Oklahoma is leading the charge of this growing American—indeed, worldwide—movement. Their new law is a step in the right direction. Congratulations to my friends in Oklahoma. I hope those who live in other states, and all over the world, will also rejoice in this victory.

Saturday, August 16, 2014

The UPMA has been on the front lines of the battle for sound money in America. Consider joining them:

University of Utah's Officers Club - 150 South Fort Douglas Blvd., Salt Lake City, UT 84113
This year in recognition of the expanding scope of its monetary mission, the UPMA is being reorganized as the "United Precious Metals Association". To commemorate this important milestone, the UPMA will return to the site of the 2011 Utah Monetary Summit for its annual meeting, scheduled for Friday, September 5, 2014 as follows:
  • Noon - Welcome, Call to Order, Director Elections
  • 2pm - Chairman's Report
  • 3pm - Guest Speakers (to be announced)
  • 6pm - Keynote address by Utah Attorney General, Sean Reyes, Esq.
 Refreshments will be served.

Lawrence Hilton, Esq. - UPMA Founder and Chairman
Mr. Hilton conceptualized the Specie Legal Tender Act, which was passed by the Utah Legislature in 2011 with important amendments adopted during the 2012 session. He founded Citizens for Sound Money in 2010, the Utah Monetary Summit in 2011, and the Utah Precious Metals Association in 2012 to promote the commercial framework necessary to implement Utah's new monetary system. Also in 2012, American Principles in Action, a Washington DC based public policy think tank, announced the addition of Mr. Hilton to its Gold is Money advisory board.

He holds both Juris Doctorate and Masters of Business Administration degrees from Brigham Young University. Admitted to both the Utah and California bar associations, he has practiced in the area for insurance coverage and defense for more than 20 years. He currently holds insurance licenses in all 50 states and is a tribunalized cover holder with Lloyd's of London.

Keynote Speaker
Sean Reyes, Esq. - Utah Attorney General
Sean D. Reyes currently serves as Utah's Attorney General. After graduating summa cum laude from Brigham Young University in 1994 and earning a JD from UC Berkeley in 1997, Sean spent over thirteen years at Parsons Behle & Latimer, Utah’s largest law firm, litigating some of the state’s largest and highest profile cases.

Sean was selected as Utah Young Lawyer of the Year and one of the Forty Under Forty most influential in Utah business before being named the Nation’s Most Outstanding Young Lawyer in 2008 by the American Bar Association and one of the country’s top young business leaders by several local and national organizations.

Appointed in 2009 by the United States Congress through Senate Minority Leader Mitch McConnell and President Barak Obama, Sean served as a federal Commissioner for two years.

Sean has served as a county, state and national delegate for the Republican Party. He has also served as a small claims judge for over a decade, an ex-officio member of the Utah State Bar Commission and an appointee to the prestigious Utah Third Judicial Nominating Commission. Sean led a number of organizations such as First Utah Bank’s International Board, Utah Minority Bar Association, Utah Hispanic Chamber of Commerce and the Somos Education Foundation to national acclaim.

Before becoming General Counsel for eTAGZ in 2010, Sean had written briefs or argued before the Utah Supreme Court, 10th Circuit Court of Appeals and the United States Supreme Court. He spends much time serving on community and non-profit boards ranging from Utah Fast Pass (raising money for families of fallen or injured law enforcement officers), to Fight the New Drug (anti-pornography) and Red Cross Heroes (recognizing heroism and bravery in the community). Whether lecturing, teaching or in the courtroom or boardroom, Sean has become one of Utah’s most successful, recognized and admired young professionals.

As a very fiscally conservative candidate and a longtime advocate of sound money policy and practice, Sean is a legal defender of sound money principles here in Utah and throughout the country.

Tuesday, August 12, 2014

Arizona Legal Tender Act Killed by Committee Chair

August 11, 2014 by J Gault

Crossposted from Arizona Legal Tender Act blog

Although previously agreeing to hear the Arizona Legal Tender Act bill last year, Kate Brophy McGee refused this year to place the bill on the calendar. Her refusal was in large part her belief that Arizona did not need the bill, even though it is mandated in U.S. Constitution Article 1 S. 8. It died in her Banking and Finance Committee.

It is not surprising that Kate Brophy McGee is on the blacklist of RINO Republicans who collaborated with Gov. Jan Brewer to join with the Democrat legislators in voting for Medicaid expansion. This was to accommodate the implementation of ‘Obamacare’ instead of enacting a state healthcare exchange, among other unconstitutional actions led by the governor. It was the same Gov. Jan Brewer who vetoed the Arizona Legal Tender Act last year for nebulous reasons her office could not defend.

Unfortunately, the bills sponsor, Senator Chester J. Crandell was suddenly killed in an accident while riding on his ranch.

According to the Arizona Daily Sun, “Crandell was known largely for espousing conservative causes, getting attention for a 2013 measure seeking to declare that privately minted gold and silver coins are legal tender in Arizona. He said it set the stage for a time when people will want to use these coins rather than the paper currency being issued by the Federal Reserve, money that some people believe could become worthless due to hyperinflation.”

Senator Crandell was able to easily recruit 12 sponsors for the bill and the Arizona Legislature passed the bill, in large part because of his dedication and dogged determination to the task, a characteristic of all of his work whether in the legislature or on the ranch.

Continue to follow the progress of this topic in Arizona as other states also make progress on constitutional legal tender.

Every citizen TODAY needs to contact the Leaders of the Arizona Legislature and ask them to support this bill -- CLICK HERE to take action NOW!

Saturday, December 28, 2013

Objection: “This Note Is Legal Tender!”

(Crossposted from the Tenth Amendment Center's Constitutional Tender Blog)

In 2009, when Georgia Rep. Bobby Franklin introduced my first version of the Constitutional Tender Act (HB 430) in the Georgia House, we knew it wasn’t just going to be difficult to get passed into law — it was going to be difficult to get any co-sponsors, it was going to bee ord in the Senate…

In short, it was going to be difficult, all around. Why? Because the bill would actually return the State of Georgia to obedience to the U.S. Constitution… and we knew that almost every single legislator there was clueless about what the Constitution actually required, at least when it came to monetary policy.

So, when the bill (which did get one co-sponsor — Rep. Barry Loudermilk, who later won a seat in the State Senate and is now running for U.S. Congress) was assigned to the Banks and Banking Committee, we were happy. Not only was that the right committee, it was a good committee, for a number of reasons… not the least of which was, because the Chairman was a friend of mine for whom I had campaigned when I lived in his district.

I knew he was a staunch limited-government conservative. I knew he took his oath to the Constitution seriously. And I knew he would be willing to at least listen to why this bill was needed. So when I asked him to actually give the bill a chance, he said he’d “do what he could”. And he did — he assigned it to not one, but two subcommittees, and we set to work with a coalition of grassroots activists across the State to pressure at least one of those Chairmen to hold a hearing.

Honestly, we didn’t hold out much hope for that happening. It was late in the session, which made it more unlikely we’d see any action at all. So, when we suddenly got word that there would be a combined subcommittee hearing for the bill — and soon — we were very happy. We quickly organized our supporters, put together our supporting speakers, and made sure we had a great turnout for the hearing.

For me, one of the most interesting aspects of that first hearing was the questions and comments made by the legislators on the subcommittees (and by the speakers in opposition). That experience helped me to draft an improved version of the bill in the next session (HB 3 — since we didn’t get a vote after the first hearing), to cover areas that obviously needed revision. It also helped me to realize that I had actually underestimated the legislators’ lack of understanding of what the Constitution requires when it comes to “legal tender” in the States.

That point was driven home when another State Representative on the committee — again, someone I had dealt with a number of times in the past, whom I knew to be a pretty strong limited-government conservative who often spoke strongly in favor of strict constitutionalism — took out a dollar bill during the hearing, held it up, and asked me point-blank:

“This Federal Reserve Note printed by the United States of America… it’s stamped on here, it says that ‘This note is legal tender for all debts, public and private’… and it has the force of law, correct?”

First, I made a small correction in his statement — Federal Reserve Notes are only technically printed by the United States government (Bureau of Printing and Engraving); they’re printed for the Federal Reserve, which of course is not an agency of that government. Then I responded that yes, it is U.S. law that FRNs are legal tender for all debts, public and private; but I also reminded him that the U.S. government is under the U.S. Constitution, so any “law” that’s passed only has the force of law if it’s Constitutional. (He asked me if it has been found to be unconstitutional by any court, to which I replied, “Not yet.”)
The point which he was trying to make, in the limited amount of time we had, was that Congress had passed a law declaring Federal Reserve Notes to be “legal tender for all debts, public and private,” and so, he believed, States are required to obey that law and use FRNs for all debts owed by and to the State. Therefore, he claimed, the Constitutional Tender Act — which would force the State to once again not “make any Thing but gold and silver Coin a Tender in Payment of Debts”, as required by Article I, Section 10 — was unnecessary, since Georgia was in compliance with federal law.

But the point which I was trying to make in response, in the limited amount of time we had, was that since that section of the Constitution has never been amended in any way, the State was still required to only use gold and silver for all of its debts, regardless of anything that Congress may tell them to do to the contrary — because Congress cannot force States to disobey the Constitution. As noted in our FAQ,
“Laws passed by Congress, such as legal tender laws, cannot contradict the Constitution. Article I, Section 10 states very clearly: ‘No State shall… make any Thing but gold and silver Coin a Tender in Payment of Debts.’ Therefore, if any State accepts or pays with – in other words, “tenders” – any other ‘Thing’ (such as Federal Reserve Notes) except gold or silver coins, it is in violation of the Constitution. It’s that simple. 
Another thing to consider is that the U.S. Supreme Court itself has stated in Lane County v. Oregon, 74 US 71 (1868), ‘the general words “all debts” were not intended to be taken in a sense absolutely literal… the clause making the United States notes a legal tender for debts has no reference to taxes imposed by state authority, but relates only to debts in the ordinary sense of the word, arising out of simple contracts or contracts by specialty, which include judgments and recognizances.’ It also stated in Hagar v. Reclamation District No. 108, 111 U.S. 701 (1884), ‘The acts of Congress making the notes of the United States a legal tender do not apply to involuntary contributions in the nature of taxes or assessments exacted under state laws, but only to debts in the strict sense of the term; that is, to obligations founded on contracts, express or implied, for the payment of money.’”
Think of it this way: in the same section of the Constitution (Article I, Section 10), it states, “No State shall… coin Money”. Now, imagine that Congress, as a cost-cutting measure (I know, I’m dreaming here), decided to shut down the U.S. Mint, which coins all of our money (under Section 8). They realize that we all still need quarters, dimes, nickels and pennies, so they pass a law requiring every State to coin its own money.

Well, then, that means that every State would have to coin money, right? It’s the law!

Wrong. As I tried to explain to that State Representative, any “law” that’s passed by Congress only has the force of law if it’s Constitutional. Article VI, Paragraph 2 states, “This Constitution, and the Laws of the United States which shall be made in Pursuance thereof… shall be the supreme Law of the Land.” So if a law is passed which is not made in pursuance of the clear words of the Constitution, than that “law” is not a “law” at all — as John Marshall, the first Chief Justice of the U.S. Supreme Court, said in Marbury v. Madison, 5 U.S. 137 (1803), “an act of the legislature, repugnant to the constitution, is void.” Justice Stephen Johnson Field, delivering the opinion of the court in Norton v. Shelby County, 118 U.S. 425 (1886), wrote, “An unconstitutional act is not a law; it confers no rights; it imposes no duties; it affords no protection; it creates no office; it is, in legal contemplation, as inoperative as though it had never been passed.” Alexander Hamilton, the first U.S. Secretary of the Treasury and the man whose face graces the ten-dollar bill, wrote in The Federalist No. 33, “acts of the large society [that is, the federal government -- WG] which are not pursuant to its constitutional powers… will be merely acts of usurpation, and will deserve to be treated as such.” And Thomas Jefferson, the principal author of the Declaration of Independence and the third President of the United States, stated emphatically in the Kentucky Resolutions of 1798, “Whensoever the General Government assumes undelegated powers, its acts are unauthoritative, void, and of no force.”

Therefore, if Congress passed a law requiring every State to coin its own money, that “law” would be in direct contradiction to Article I, Section 10: “No State shall… coin Money”; that “law” would not be made in pursuance of the clear words of the Constitution, which is required by Article VI, Paragraph 2; and so that “law” would be “void,” “unauthoritative,” an act of “usurpation,” “not a law,” and “inoperative as though it had never been passed.” In other words, every State would be Constitutionally required to NOT follow that “law,” and ONLY follow the clear instructions of the Constitution itself.

The same would hold true if Congress passed laws requiring States to enter into a Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; emit Bills of Credit; pass Bills of Attainder, ex post facto Laws, or Laws impairing the Obligation of Contracts; or grant Titles of Nobility — because every one of those things is clearly and expressly prohibited for the States in Article I, Section 10… just like coining money.

So then, what about that law, which says that Federal Reserve Notes are “legal tender for all debts, public and private”? Does it mean, as that Georgia legislator implied, that States are required to obey that law and use FRNs for all debts owed by and to the State? And does it mean, as he further implied, that the Constitutional Tender Act was unnecessary, since Georgia was in compliance with federal law?

Obviously, the answer is an emphatic NO. By following that law, like every other State in America, Georgia has made some other “Thing” a ”tender in payment” (that is, they have made something else an offer as payment); they have by law declared that they will accept, and pay out, Federal Reserve Notes for any debts owed to or by them. Therefore Georgia, like every State, is in violation of Article I, Section 10 of the U.S. Constitution. That is why there is a need for the “Constitutional Tender Act” — a bill template that can be introduced in every State legislature in the nation, returning each of them to adherence to the United States Constitution’s actual “legal tender” provisions.

Hey — why not join us, and take action in your State?

(By the way, “legal tender” laws, along with the Federal Reserve Act itself, very likely are unconstitutional, so States could probably “nullify” those laws as well; but that can be saved for another article.)

Saturday, October 26, 2013

Planning for AFTER the Federal Reserve's Inevitable Demise

There are several ways to "end the Fed", that is, to finally put an end to the fiscally destructive and economically immoral Federal Reserve System. There are top-down efforts, like Rep. Paul Broun's "End the Fed" and Sen. Rand Paul's "Audit the Fed" bills (both originally Rep. Ron Paul's bills); and there are bottom-up efforts, such as the Constitutional Tender Act. There is also the "long run" approach: due to the very nature of the Fed's destructive and immoral policies, it will eventually implode and collapse under the weight of its own inflationary fiat money system (perhaps a corollary to Keynes' reassurances that "in the long run, we're all dead").

Regardless of how it's accomplished, the eventual demise of the Federal Reserve is inevitable. The question for those who recognize that truth, then, must be: with what monetary system will we replace it? As Ron Paul has repeatedly been asked, "If we get rid of the Fed, what do we put in its place?"

While the most obvious short answer (which Rep. Paul often used) is "Nothing!", we really should discuss what ought to arise in place of the worthless Federal Reserve Notes that everyone uses now. In this article from a year ago, Doug Tjaden (Founder & Executive Director of the Christian Liberty Project) discusses the need for States to implement Constitutional tender laws now, in anticipation of the end of the Fed then.

So They Audit The Fed. Then What?
by Doug Tjaden

Let’s say for the moment that the Senate follows the House’s lead and calls for a full audit of the Federal Reserve. Let’s also dream that President Obama signs it. What are the consequences?

Rumors are, for decades the Federal Reserve has been engaged in the highest form of crony capitalism, big bank favoritism, purchase of politicians, nation building, and the bailout of foreign banks, corporations and governments.  If this is found to be true, it will add to the growing awareness of the Federal Reserve’s other nefarious activities. These include the fact the Fed and its debt-based fiat monetary system is confiscating the wealth of this nation and concentrating it in the hands of a few powerful interests. Not to mention the Fed’s money printing which enables the TSA, NSA, EPA, FDA, NEA, and USDA to unconstitutionally regulate our liberties into oblivion. Indeed, an audit could be the tipping point, generating enough public outcry to finally “end the Fed.”

It begs the question, “What’s next?”

The Federal Reserve Note is the officially recognized currency of the land, having long ago usurped the constitutional dollar as our monetary unit. The Federal Reserve system, like it or not, is responsible for insuring the flow of credit and currency around the nation and the world. Should the decision be made to end the Fed, it would take years to unwind its tentacles from the global economy and to replace Federal Reserve Notes with another currency.

As we call to “repeal and replace” the Federal Reserve System, it might be wise to think ahead and begin building that replacement system now. Unlike Obamacare, there isn’t an existing system which we can fall back on. All fifty states could nullify Obamacare tomorrow and there would be little impact on healthcare. End the Fed tomorrow, and like it or not, the global economy grinds to a halt.

The replacement monetary system that will insure the greatest long term protection of individual liberty is one built on limited regulation and sound money. The former must be dealt with at both the state and national level. The latter must be initiated by the states, and the states must maintain control over it. Centralizing monetary policy has been an abject disaster. The power it wields is too great for any one group of individuals or governmental authorities to handle. Without a broad set of checks and balances, it would fall into abusive hands again.

Seamless integration of a decentralized monetary system built on constitutional tender and controlled by the states is possible. It is what our founders intended. The first step is for states to pass sound money legislation, reinstating gold and silver coin as a tender in payment of debts. We had better begin building the replacement system soon. If you realize it or not, the unstoppable process to end the Fed is already underway as world markets prepare to reject the endless piles of debt-money the Fed is creating. And we are far from ready for it.


Saturday, October 12, 2013

Chinese Bank introduces gold and silver coin ATMs

One of the objections we often hear to the Constitutional Tender Act is that it would force the States and their citizens to "buy silver and gold coins" and carry them around in their pockets all of the time. The only way to believe this, is if you believe that you have to "buy Federal Reserve Notes" and carry around hundreds or thousands of dollars in order to buy groceries, pay car payments, pay mortgages, etc.

Of course, you don't. You can use your debit card to pay almost anything nowadays. Bank computer programs automatically compute debits and credits; they can even automatically convert the cost of items from foreign currency to domestic currency, based on whatever the current market exchange rate is.

That's exactly what can be done by the banks under the Constitutional Tender Act's conversion formulas, as this story about getting gold and silver coins from ATMs in China proves. The unfortunate part of this story is that it falls into the modern trap of thinking that exchanging one form of currency -- fiat printed money -- for another form of currency -- gold and silver coins -- is the same as "buying gold or silver coins". If you go into a bank and exchange four $5 Federal Reserve Notes for a $20 Federal Reserve Note, did you just "buy an FRN"?

Of course not. If you exchange $25USD (U.S. Dollar) for $1SAE (Silver American Eagle), you aren't buying a once-ounce silver coin, you're exchanging American legal tender currency. And all you're doing at these Chinese ATMs is exchanging ¥268CNY (Chinese Yuan) for ¥10SP (Chinese Silver Panda) or other denominations -- you're not buying one-ounce silver coins, etc.

Regardless, this story once more shows how the ConTen Act could easily be implemented.

People in Beijing can now buy gold or silver coins at ATMs after the Beijing-based Hua Xia Bank introduced five of the machines earlier this month, according to Hong Kong's We Wei Po.

The bank installed the five machines at its branches across the city in Xidan, Fangzhuang, Zhongguancun, Dongdan and on Qingnian Road.

The ATMs look like ordinary teller machines but have an additional compartment to dispense the gold and silver coins. The machines currently offer panda souvenir gold or silver coins and Year of the Snake silver coin and plate sets.

A single 1-oz panda silver coin priced at 268 yuan (US$40) is the cheapest item available, while the panda gold coin set is the most expensive at 23,800 yuan (US$3,800).

Buyers can purchase the coins using their bank cards. After they place their orders using the machine's touchscreen, their payments are verified through bank card organization China UnionPay and they can pick up their purchased items through the opening on the lower part of the machine.

If they want to purchase more than 20,000 yuan (US$3,200) worth of items, they will first need to place their ID cards on the machine's sensor to verify their identity before the order can be placed, Wen Wei Po said.


Friday, May 3, 2013

Arizona governor vetoes bill making gold, silver legal tender

This is OUTRAGEOUS -- a "Republican" vetoing a bill that (a) would have moved Arizona closer to obeying the U.S Constitution (Article I, Section 10) and (b) would have ended up increasing overall revenue for the State. And why? Because it "would result in lost revenue to the state" and give an "unfair tax advantage" to some businesses that deal in this money.

Gov. Brewer obviously doesn't know anything about (a) the U.S. Constitution or (b) economics.

Oh, and who praised her veto? A leading Democrat, of course.


(Reuters) - Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.

The Republican-controlled state legislature voted through the measure last month in a response to what backers said was a lack of confidence in the international monetary system.

The bill called for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.

"While I believe the concern over a devalued dollar as a result of an unsustainable federal deficit is justified, I am unable to support this legislation," Brewer, a Republican, said in an open letter to state Senate President Andy Biggs.

Brewer noted that the "administrative and fiscal burdens" for taxpayers and the revenue department "remain vague." She also cited uncertainty over whether the legislation would have required the state to exempt transactions involving collectable coins and bills that were authorized by Congress and could be used as legal tender.

"This would result in lost revenue to the state, while giving businesses that buy and sell collectable coins or currency originally authorized by Congress an unfair tax advantage," she said.

The push to establish gold and silver as currency has become increasingly popular in the United States in recent years among some hardline fiscal conservatives, with the backing of groups including the Tea Party movement, American Principles Project and the Gold Standard Institute.

Senator Chester Crandell, a Republican and sponsor of the bill, previously said the ability to use gold and silver in everyday life in the state was still a "work in progress" and that more legislation was needed before it could be viable. He could not immediately be reached for comment.

Democratic state Senator Steve Farley, an opponent of the measure who had warned it could create massive problems for businesses and government officials trying to administer what would in effect be a dual monetary system, welcomed the veto.

"I was very pleased the governor showed the common sense to realize this was a terrible move for Arizona that would have caused incredible negative consequences at a government and business level," Farley told Reuters.

Had Brewer signed the measure, Arizona would have become the second state in the nation to establish the precious metals as legal tender. Utah approved such legislation in 2011.