South Carolina bill would institute gold and silver coins as currency
Many investors set out to buy gold coins with an eye on riding out any potential economic instability that could be on the horizon. However, a South Carolina state lawmaker is putting a whole new angle on this perspective.
A plan by Mike Pitts, a Republican, would require gold and silver coins to replace federal dollars as the main legal tender in the state.
In the text of his legislation, Pitts says that “the state is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve notes for silver and gold coins as legal tender in this state.”
Pitts goes on to cite the 10th Amendment of the Constitution as providing the state the authority to guarantee its people “a constitutional and economically sound monetary system.”
Elsewhere, a report by CBS News quoted Pitts as saying that “our economic system is going to collapse” if the government continues to spend money at its current rate. He was also quoted as pointing out that in past decades, some other countries have experienced an economic collapse.
With national debt levels rising, gold coin investments may be one option to safeguard against any future economic problems.
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March 22nd, 2010 at 4:14 am
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March 22nd, 2010 at 4:16 am
[...] the threat is substantial in the longer term and could be one reason for investors to talk to some silver and gold dealers about what their options may [...]