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Arizona passes law making gold and silver legal tender

by Daily Mail  |  published on April 13, 2013

States are now rushing to push bills through allowing for gold and silver to be recognized as legal tender as politicians fear that the U.S. economy is going to collapse.

The push from states like Arizona, which passed through their House of Representatives on Monday allowing gold and silver to be considered legal tender, comes as conservatives fear that the Federal Reserve is running the country’s economy into a deep hole.

Lawmakers say the global economy is on the precipice of financial ruin and the U.S. dollar could soon be worth less than the paper used to make it.

These doomsayers are pushing forward legislation that would declare privately minted gold and silver coins legal tender, no different under state law than the U.S. dollar printed by the federal Department of Treasury.

Arizona is one of more than a dozen states to incorporate similar laws into their roster, as many conservatives are harboring a growing distrust in government-backed money.

‘This is the type of currency we have had over the history of mankind,’ Republican state Representative Steve Smith said of the Arizona law.

In 2011, Utah became the first state in the country to legalize gold and silver coins as currency.

Lawmakers in Minnesota, North Carolina, Idaho, South Carolina, Colorado and other states have debated similar laws in recent years.

Many investors have invested their money in precious metals in recent years as a hedge against the declining value of the dollar.

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