New American: As of midnight on August 3, a new law went into effect in Arizona that that the state another leap forward toward recognizing gold and silver as money. The new statute does not replace the Federal Reserve notes, but it does put gold and silver on equal footing.
Introduced as House Bill 2013, the measure redefines the terms “legal tender” and “liquid capital” so as to allow trust companies in the Grand Canyon State to use either in calculating liquid capital.
Put simply, for trust companies in Arizona, liquid capital is defined now as “legal tender,” and “legal tender” is defined now as “a medium of exchange, including specie…for the payment of debt, public charges, taxes and dues.” more
A good step in the right direction. I sure do hope this idea spreads to other states and eventually the central govt.
Liquid capital? What, I got to melt that gold first?
Does this mean if I buy or sell I will need to be able to determine purity and weight of payment to determine value received?
It’s for the mining industry. No one’s gonna’ use gold dust to buy smokes.