Arizona is returning to its gold rush roots with a bill that would make precious metals legal currency.
The GOP-led Senate gave final approval Tuesday to the bill that could make Arizona the second state in the nation to recognize gold and silver as legal tender. If signed into law by Gov. Jan Brewer, the measure would take effect in 2014.
The state Department of Revenue opposed the measure. It passed in the House only after an amendment was added to exempt the department from having to accept gold or silver as tax payments.
The measure reflects a growing distrust of government-backed money amid the declining value of the dollar, according to proponents. Republican Rep. David Livingston of Peoria, a financial adviser who ushered the legislation through the House, said his clients were eager to tap into their gold and silver reserves.
But Democrats, who voted against the measure in the Senate and House, said it sends a false message to constituents that gold and silver are safer than traditional currency.
Government type generally don’t like any kind of legal tender currency they can’t merely print more of as needed.
One thing I love about my native state is the never ending unease so many residents have about all things federal and how they’re more willing to act on that than any other state (yes, even you Texas). From the Equal Rights Amendment (which it killed) to the 55 MPH speed limit (which it killed) to immigration law (which it took into its own hands) and now this, the last continental state to join the union often acts as if it regrets doing so.
And that’s not really a bad thing.