Thread: Washington State proposed bill to make gold and silver legal tender

For once I am proud of my state lawmakers for proposing a bill to make gold and silver legal tender within the state.

http://thenewamerican.com/usnews/politics/10715-washington-state-considers-gold-and-silver-as-legal-tender

By the way, would legalizing gold and silver increase or decrease their values? I'm a noob when it comes to these kinds of things :S

So basically every day the state would post the value of an ounce of PM based upon markets. So you could pay a bill for $66 with two ounces of silver. This is not money, this is basically forcing the state to accept payment in commodities. Its just like if Iowa passed a law accepting corn for payment of taxes, or Wisconsin accepting cheese for payment.

Originally Posted by medoraman

Its just like if Iowa passed a law accepting corn for payment of taxes, or Wisconsin accepting cheese for payment.

I'll gladly pay in corn or cheese!

Originally Posted by medoraman

So basically every day the state would post the value of an ounce of PM based upon markets. So you could pay a bill for $66 with two ounces of silver. This is not money, this is basically forcing the state to accept payment in commodities. Its just like if Iowa passed a law accepting corn for payment of taxes, or Wisconsin accepting cheese for payment.

No I disagree completely. As the article states, Gold & Silver are Constitutional or rather lawful money. Cheese isn't. The proposal is simply for the state to revert back to accepting lawful money as legal tender as it did a century ago.

Originally Posted by fatima

No I disagree completely. As the article states, Gold & Silver are Constitutional or rather lawful money. Cheese isn't. The proposal is simply for the state to revert back to accepting lawful money as legal tender as it did a century ago.

I knew you would, but how is something that is priced daily based upon commodity markets "lawful money"? Now, if they passed a law accepting ASE for $50 worth of state payments, then THAT would be payment in "lawful money" in my eyes.

Just my opinion.

I think we should go back to using beads like they did for hundreds of years. Silver and gold is not money. How about using platinum or palladium or lead or copper or.....

Originally Posted by medoraman

I knew you would, but how is something that is priced daily based upon commodity markets "lawful money"?.

The dollar itself is priced daily on the commodity markets against other currencies.

It's lawful money because it's specified in the Constitution.

how would this even work? i mean can i just bring in an unmarked lump of gold or silver and demand the kid at the grocery store accept it.

Originally Posted by noob76

how would this even work? i mean can i just bring in an unmarked lump of gold or silver and demand the kid at the grocery store accept it.

I would accept it...

Originally Posted by Cazkaboom

I'll gladly pay in corn or cheese!

ha ill trade you 2 wheels of brie for 50 lbs of grits,,lol..

I rather give them my toilet paper *cough* i mean dollar bills. Silver is so shiney.

Originally Posted by fatima

The dollar itself is priced daily on the commodity markets against other currencies.

It's lawful money because it's specified in the Constitution.

technically its fiat, what would be considered currency is anything backed by or redeemable for gold and silver at trade of in any bank according to the constitution but rules change..

The US Constitution is clear that only gold and silver are money, but they can be commodities too. Everything is priced in something else regardless of labels, but this is not equivalent to buying and selling with any other commodity.

I am stoked about this bill, being that I am a Washingtonian. As soon as the entire nation is on the same page then the good money will drive out the bad, and we can say goodbye to monetary debasement. WIN

im buying some yellow cake.. any one wants to go split with me ??