Utah Sound Money Bill Rocks World

I TOLD GEORGIA LEGISLATORS THAT THIS WOULD HAPPEN IF THEY DIDN'T PASS OUR BILL FIRST! "Issac Jacobson, a fund manager, says that based on conversations he has had with other fund managers, he expects billions of dollars to come into Utah to take advantage of the new law. He explains that funds will store their assets in Utah and believes that over time, the average Utahan will see a financial benefit from these billions of dollars being located and managed within the state."

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Utah Sound Money Bill Rocks World
By: Carlton Bowen
Featured Liberty News Radio Columnist
Salt Lake City, Utah. June 2, 2011


Today Utah Governor Gary Herbert signed the Utah Legal Tender Act of 2011 (HB 317) in the Gold Room of the Utah State Capitol in a formal signing ceremony. In a room full of cameras, reporters, fund managers, businessmen, and prominent legislators, HB317 sponsor Brad Galvez, a Utah House Freshman, took to the podium and explained the effect of the bill. Representative Galvez recalled that when the bill was first passed in March, the local media took very little notice. There were a few stories he says, and that was about it. But the rest of the world took note. Galvez mentioned being contacted by reporters from around the world and listed media coverage in New York, London, Germany, other parts of Europe, Asia, Australia, and other parts of the world. Galvez says the legislation is historic...

The formal signing ceremony demonstrated commitment from Utah's highest levels of government to the bill. Utah Governor Gary Herbert said he and the legislature sometimes disagree, but that this was an issue they both agreed was important for Utahans. Before signing the bill, the Governor noted that Utah had been recognized as one of the best managed states, the most financially sound state, and one of the best states to live in. He said that was because of the fiscally conservative principles he and the legislature shared and because of the culture of the people of Utah. Governor Herbert then proceeded with the formal signing of the bill, reviewing publicly what the bill did, saying that it recognized Gold and Silver coins issued by the U.S. government as legal tender in the State of Utah, and removed taxes, including capital gains, sales and income taxes, on the coins. He then signed the bill. Even though the bill was previously signed by the governor and went into effect on May 10th, 2011, the formal signing ceremony today highlighted the importance of the bill and the State's commitment to its continued implementation...
READ THE FULL ARTICLE HERE...

UTAH GOVERNOR SIGNS GOLD & SILVER LEGAL TENDER BILL!

Utah has now become the first State on our list to actually enact a sound money bill into law.

On Friday, March 25th, Gov. Gary Herbert signed HB 317, the "Utah Legal Tender Act," into law.

The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.

The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.

Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins -- which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the "profit" you gained over the face value.

If nothing else, this law recognizes the inanity of imposing a tax on exchanging one form of legal tender currency for another. By removing that tax and officially recognizing the legal tender status of the gold and silver coins within the State of Utah, the way is now open for good and services to be priced in both Federal Reserve Notes denominations and Gold & Silver Coins denominations; likewise, banks should now be free to offer their customers accounts denominated in legal tender gold & silver coins, so that consumers will be able to make purchases based on those accounts, using their debit cards, checks, ATM cards, etc. Banks should also easily convert FRNs to Gold & Silver Coins and vice-versa, since they will now be treated as simple currency exchanges.

So... what bank will be the first to jump on board here? Because once that happens, the floodgates will open, and billions of dollars in new banking accounts will pour into Utah banks, from people who want to use sound money that keeps its value, rather than nearly-worthless pieces of paper whose purchasing power continues to plummet.

And you know who'll be one of the first in line!

"Utah Legislature backs gold and silver as legal tender"

And so it begins... who's next?

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The Senate gave final approval Thursday to a bill taking the first step to recognize gold and silver as legal tender in the state.

It voted 16-7 to pass HB317, and sent it to Gov. Gary Herbert for his signature.

The measure would recognize as legal tender gold and silver coins issued by the federal government — not just their face value, but also their value in gold and silver or to a collector...

“It will put some pressure on the federal government. That’s the goal here because right now we have a dollar that’s just running away with inflation and our hope is that this is a little bit of a shock that’ll say we want to deal with inflation,” Senate Majority Leader Scott Jenkins, R-Plain City, Senate sponsor of the bill, said in earlier debate. He gave senators gold chocolate coins on Thursday before debate...

Rep. Brad Galvez, R-West Haven, sponsor of the bill, earlier told the House, “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”



READ THE FULL ARTICLE HERE...

View the bill here.
Contact the Governor here.

"Utah House Passes Bill Recognizing Gold, Silver as Legal Tender"

Utah is the 14th State to introduce sound money legislation like the Constitutional Tender Act this year. Next week, Idaho is set to become the 15th. "First they ignore you, then they laugh at you, then they attack you, then you win."

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Utah took its first step Friday toward bringing back the gold standard when the state House passed a bill that would recognize gold and silver coins issued by the federal government as legal currency.

The House voted 47-26 in favor of the legislation that would also exempt the sale of gold from the state capital gains tax and calls for a committee to study alternative currencies for the state.

The legislation now heads to the state Senate, where a vote is expected next week.

Under the bill, the coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

If the bill passes, Utah would become the first of 13 states that have proposed similar measures. The others states are Colorado, Georgia, Montana, Missouri, Indiana, Iowa, New Hampshire, Oklahoma, South Carolina, Tennessee, Vermont and Washington.

READ THE REST OF THE ARTICLE HERE...

View the bill here.
Citizens of Utah: Contact your State Senator here.

Utah Considers Return to Gold, Silver Coins

Utah is the 14th State to introduce sound money legislation like the Constitutional Tender Act this year. Next week, Idaho is set to become the 15th. "First they ignore you, then they laugh at you, then they attack you, then you win."

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It's been nearly 80 years since the U.S. stopped using gold coins as legal currency, and nearly 40 since the world abandoned the gold standard, but the precious metal could be making a comeback in the United States -- beginning in Utah.

The Utah House was to vote as early as Thursday on legislation that would recognize gold and silver coins issued by the federal government as legal currency in the state. The coins would not replace the current paper currency but would be used and accepted voluntarily as an alternative.

The legislation, which has 12 co-sponsors, would let Utahans pay their taxes with gold and also calls for a committee to study alternative currencies for the state. It would also exempt the sale of gold from the state capital gains tax.

The bill cleared a state legislative committee on Wednesday, the first of 11 similar bills in statehouses across the country to do so. If the bill clears the House, it would have to pass the Senate before the governor could sign it into law.

READ THE REST OF THE ARTICLE HERE...

View the bill here.
Citizens of Utah: Contact your State Representative here.

Every American citizen TODAY needs to contact the Leaders of the Utah House of Representatives and ask them to support this bill -- CLICK HERE to take action NOW!