Speak with a qualified financial advisor if you have questions about investing. See UCA § 59-12-107(3)(h).Note: This is for informational purposes only and should not be considered investment advice. If, therefore, the condition of any State, in the judgment of its legislature, requires the collection of taxes in kind, that is to say, by the delivery to the proper officers of a certain proportion of products, or in gold and silver bullion, or in gold and silver coin, it is not easy to see upon what principle the national legislature can interfere with the exercise, to that end, of this power, original in the States, and never as yet surrendered.Įxercising such authority, Utah passed specific provisions in 2012 regarding the collection of sales tax on transactions consummated in specie legal tender. 71 (1868) that in the performance of its “essential functions” a State possesses broad powers to specify acceptable tender for the payment of taxes: Supreme Court recognized in Lane County v. At present, many other states are contemplating similar enactments. As a testament to the growing interest in restoring sound money, four of these six states, adopted their specie legal tender laws within the last decade or so.

and Wyoming Statutes Annotated § 9-4-1301 et seq. In other words, States have an important role to play in setting monetary policy.Īs of the end of 2022, six states had enacted laws expressly recognizing gold and silver coin as legal tender. These complementary provisions provide an apt example of vertical checks and balances between State and Federal governments. “coin Money” nor “make any Thing but gold and silver Coin a Tender in Payment of Debts ' By contrast, Section 8 of the same Article vests the power to coin money in Congress.

Article I of Section X of the United States Constitution provides that 'No State shall”.

Us gold and silver coins