American Principles Project - Utah Leading the Way toward the Gold Standard

 
American Principles Project

Below is a Human Events article released this past week by American Principles Project Advisor Jeffrey Bell. Utah's Legal Tender Act of 2011, recognizing gold and silver coins as state currency, was signed into law on June 2 by Governor Gary Herbert. Utah is leading the way in this grassroots effort towards fiscal and monetary reform.  Since Utah's passage of the Sound Money Act, at least a dozen other states have introduced similar legislation - including South Carolina and Iowa. This effort is a reminder that change often comes from small beginnings - and will make Congress's silence on monetary policy even more disconcerting.

We hope you find this material of interest,

Sincerely,

Andy Blom
Executive Director, American Principles Project



Utah Leading the Way toward the Gold Standard

By Jeffrey Bell

On June 2, hours after he presided over a ceremonial signing of Utah's Legal Tender Act of 2011, Gov. Gary Herbert was called by an out-of-state newsman for his comments on the day’s events. Herbert sent word to the reporter that he is proud that Utah has emerged as “a leader in sound money policy.”

This was an understatement. Ever since the Utah House passed the bill 47-26 following a half-hour debate on March 4—and well before the Legal Tender Act became law on May 10—Utah’s drive to define U. S.-minted gold and silver coins as official in-state currency has attracted attention in the national and international media—including respectful front-page coverage in the New York Times on Memorial Day, three days before Gov. Herbert’s ceremonial signing.

More important, at least a dozen other states have seen the introduction of similar legislation. South Carolina’s legal tender bill has ten sponsors in the State House, including the Republican majority leader, Kenny Bingham. Its lead sponsor in the State Senate is David Thomas, chairman of the banking and insurance committee. At its annual convention in mid-May, the South Carolina Republican Party passed a resolution endorsing the bill.

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