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Arizona House backs gold, silver as currency

PHOENIX — The Arizona House has given initial approval to legislation that
would make privately minted gold and silver coins legal tender, no different
under state law than the U.S. dollar printed by the federal Department of
Treasury.

The vote Thursday advancing the legislation marks Arizona’s latest jab at the
federal government. It also reflects a growing distrust of government-backed
money.

The bill states that gold and silver should be legal currency not subject to
tax or regulation as property. The Republican-led Senate gave an earlier version
of the bill its blessing in February in a 17-11 partisan vote.

The bill would let people use precious metals as money if businesses agree. If
made law, it would take effect in 2014.

Democrats call the measure a bureaucratic nightmare.

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