Integrity Legal

Posts Tagged ‘Silver’

4th April 2011

It recently came to this blogger’s attention that the Governor of the State of Utah has signed legislation which would recognize gold and silver as legal tender for intrastate transactions. To quote directly from the Constitutional Tender Blog, but initially found by this blogger on the website DGCMagazine.com:

On Friday, March 25th, Gov. Gary Herbert signed HB 317, the “Utah Legal Tender Act,” into law.

The law recognizes gold and silver coins issued by the federal government as legal currency in the state. The coins do not replace the current paper currency, but may be used and accepted voluntarily as an alternative.

The administration of this blog highly recommends that readers click on the hyperlinks above to read this article in its entirety as it can provide very valuable insight into this evolving issue.

This notion of something akin to an “alternative currency system” has been discussed in the context of State legal tender reform in many American States recently, but there are two notable jurisdictions that have taken proactive steps to enact legislation which would allow usage of gold and silver in an intrastate context. One of these states is Utah while the other is Virginia. It is this blogger’s understanding that as of the time of this writing the State of Virginia has yet to enact similar legislation although it remains to be seen whether such legislation will actually see passage.

One interesting aspect of this issue involves the ramifications for financial institutions in the State of Utah. The aforementioned article went on to point out:

The law exempts the sale of gold and silver coins from the state capital gains tax, since you would simply be exchanging one form of legal tender currency for another. It also calls for a committee to study alternative currencies for the State and a means for Utahans to pay their taxes with gold and silver coins.

Gold and silver coins issued by the federal government are already legal tender, of course, and can be used to purchase items and pay debts owed. However, they could only be used at the face value of the coins — which is ridiculously lower than the value of the precious metal content of the coins. If you were to use them at the actual value of the coins, you would face a capital gains tax on the “profit” you gained over the face value.

Clearly, the provisions of this act could have a significant impact upon the economies of the State of Utah, the United States Federal government, and Greater North America. Bearing this in mind the reader is encouraged to consider the possible reverberations of this legislation in a global context as the promulgation, passage, and enactment of this bill, and possible similar future legislation in other American States; could prove to be tremendous for jurisdictions such as Thailand, China, and the Association of Southeast Asian Nations (ASEAN). The overall long term effect of this legislation remains to be seen, but this is definitely something that could have an impact upon the business environment in the United States and elsewhere.

Those interested in receiving an in-depth legal analysis of the issues associated with legal tender reform in Utah are highly encouraged to contact a licensed attorney in Utah. The administration of this blog reminds readers that it is always prudent to ascertain the credentials of anyone claiming to be a licensed lawyer in any jurisdiction.

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9th March 2011

In turns of events that may have seemed fantastical even 4 years ago, the Anglo-American socio-political, economic, and legal spheres are evolving at a rapid rate with little end in sight. This blogger recently discovered that a group in a county of the United Kingdom has arrested a judge invoking ancient rights granted pursuant to Magna Carta. To quote directly from the WirralGlobe.co.uk:

Protestors have “civilly arrested” a judge at Birkenhead county court…Made up of people from across the UK, the marchers say they are exerting their “ancient right to lawful Rebellion under Magna Carta…”The crowd, although largely peaceful, is chanting “freedom” and “arrest that judge…”

This blogger highly recommends that those so interested click upon the above links to view an in depth report on this interesting state of affairs. This blogger would also suggest clicking on this link to see what appears to be a video documenting these events happening in real time. In any event, the affairs mentioned above are notable in that it is not all the time one sees the British Citizenry engaged in such endeavors. The current propensity toward unconventional tactics and methods in the political and legal spheres is having an impact upon currency in the United States and around the world as the United States, the United Kingdom, China, and the nations comprising the Association of Southeast Asian Nations (ASEAN) are all encountering political pressure resulting from economic forces acting upon these nations. In an effort to gain leverage over an increasingly difficult economic situation the House of Representatives in the sovereign State of Utah has passed legislation which would promote gold and silver as legal tender within the jurisdiction of the State of Utah. To quote directly from the website TalkingPointsMemo.com:

The Utah House of Representatives has approved a bill that allowing gold and silver coins to be used as currency, though unlike similar bills in other states, it doesn’t force anyone to accept gold or silver as legal tender. House Bill 317 was introduced by state Rep. Brad Galvez (R) last week, and passed the House by a vote of 47-26. It will now head to the state Senate for a vote. [sic]

Clearly the political winds of change are blowing across North America, the United Kingdom, and Europe. How events will unfold as the stories above play out are anyone’s guess, but those Americans resident abroad in Asia as well as other expatriates and Citizens of nations such as China, Thailand, Indonesia, India, and the ASEAN member nations are likely watching some of these events unfold with a keen eye as modern history has shown that events occurring in one location can have reverberations of a global magnitude.

For related information please see: Integrity Legal.

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