The South Carolina House of Representatives recently passed H. 4128, legislation that would let citizens use gold and silver coins as legal tender. The bill, introduced by Rep. Mike Pitts (R-Laurens) and run by Rep. Greg Delleney (R-Chester), is similar to a law adopted by Utah in 2011 and designates the coins as legal tender, eliminates state taxes on their exchange, and sets up a committee to study further monetary reforms.
American Principles in Action (APIA) has supported H. 4128 and similar bills in other states to allow for an inflation-proof alternative to the U.S. dollar.
“I commend the House for passing this important sound money legislation,” APIA South Carolina director Joe Mack said. “Giving South Carolinians the option to transact in money that does not lose its value will improve financial soundness and thrift in our state. Now it is up to the Senate to act on this measure.”
APIA Economics Director Rich Danker said, “South Carolina is on the forefront of a growing state-based movement toward hard money that will enable a legitimate choice in currency. Americans are tired of the continuous loss of purchasing power in the dollar.”
A similar bill passed the Missouri House of Representatives April 19.