Thursday, May 26, 2011

South Carolina mulls minting gold and silver coins

By Scott |Martin,

Tenth Amendment Center

The South Carolina Legislature, with S.862, and H.4128, may turn back the clock on central government economic power. The bills’ stated goal:

To amend the code of laws of South Carolina, 1976, by adding article 18 to chapter 1, title 1 so as to provide that gold or silver coin, or both, shall be legal tender in this state for payment of certain debts; and by adding article 26 to chapter 1, title 1 so as to establish a join committee for the adoption of a alternate form of currency.Link

Reintroducing gold and silver as money can kill the engine of central government growth.

Once upon a time, the dollar was simply defined as 1/20-ounce of gold. “Dollar” was simply a familiar name for a convenient quantity of a universally valued commodity.

Likewise, the British Pound was 1/4-ounce of gold, as well as a pound of silver. The different names were nationalistic, patriotic, or just cultural names for a given amount of gold. Gold and silver are hard (read honest, unmanipulable) money...

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