Friday, May 4, 2012

South Carolina Considering Gold and Silver Currency Bill

The state legislature of South Carolina is currently considering a measure (H 4128) that if enacted would make gold and silver legal tender in the Palmetto State. Last week, the bill sponsored by State Representative Rick Quinn (R-Lexington) is similar to an earlier bill offered by State Representative Mike Pitts (R-Laurens). Quinn’s bill passed a House committee and is scheduled for debate by the full body of the House this week.

Although the current iteration of the bill is less robust than the previous version authored by Pitts, if passed South Carolina would become the second state after Utah to enact such legislation.

The bill on the calendar in Columbia is sponsored by Representative Rick Quinn and would allow gold and silver to be used as long as businesses agree to accept them in payment.

In an interview with a South Carolina news source, Pitts summarized the purposes of the proposal recently passed out of committee:

“One is a purchase of gold or silver coins would not carry sales tax, and there would be a joint study committee to look at several avenues of gold currency, investment in gold and the state’s development of that,” he said. Read More