SC Proposes Gold & Silver Tender

by
May 12, 2011
by Fraendy Clervaud, Midlandsconnect.com
COLUMBIA (WACH) — South Carolina lawmakers are proposing a bill that would give the state another form of legal tender.

Sen. David Thomas, a Republican from Greenville, wants to make gold and silver coins another option in the Palmetto State.  Lawmakers are calling it the Sound Money Legislation.

“I’m no financial expert but am I smart enough to know that you can’t keep printing money when it has no backing,” says SC Republican Representative Mac Toole.

Thomas also wants a special joint committee to study the need and process for establishing an alternate currency.  Read the entire bill here.

“For those of you who think this is a way to reestablish succession, the bill was passed in Utah and it’s currently law there,” SC Republican Representative Mike Pitts.

A similar bill has been introduced in the House.  Both bills have been referred to committee.

“Sound money is fundamental money that has maintained its purchasing power over a very long time. Why does it do that? Because it has intrinsic inherit value. The piece of paper doesn’t have intrinsic value,” says Dr. Steve Isom, South Carolina Sound Money.

 

The group SoundMoney.com gathered at the State House for a press conference Wednesday morning.  Rep. Michael Pitts, one of the House bill sponsors, was on hand along with Sound Money Chairman Dr. Steve Isom.

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