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Panel endorses gold, silver commerce

Published February 13, 2012 7:46 pm

Currency • Measures would make metals more functional to use.
This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

A resolution urging the use of gold and silver in commerce won the approval of a House committee Monday, a move the sponsor says would help Utah stave off inflation and weather impending economic crises.

Rep. Brad Galvez, R-West Haven, sponsored legislation last year to recognize gold and silver as legal tender in the state, but doing business with the metals remains impractical.

Galvez's resolution would encouragee the adoption of a legal and commercial system to make gold and silver more functional as currency.

The resolution, which was approved by an 8-3 vote by the House Public Utilities and Technology Committee, is nonbinding.

But Galvez is also sponsoring HB157, aimed at making it easier for Utahns to pay taxes in gold and silver and stating that Utah laws and rules could not create impediments to using gold and silver in private transactions or favor paper dollars over the metals.

Galvez said that, ultimately, individuals are looking at establishing gold and silver banks that would issue debit cards to draw from a customer's gold and silver holdings, making commerce in gold and silver a day-to-day occurrence.