Today, the Missouri Senate passed the Constitutional Money Act, a bill that would treat gold and silver as legal tender and eliminate state capital gains tax on the same.
The proposed law would recognize gold and silver as legal tender and make them receivable in payment of all debts contracted for in the state of Missouri. It would also permit any entity doing business in this state to compensate its employees, in full or in part, in the dollar equivalent of specie legal tender.
Sen. Mike Moon successfully had the Constitutional Money Act language amended to House Bill 754 (HB754), which passed the Senate by a 21-10 vote. On May 1, the full bill cleared the Senate by a 20-11 vote. It will now have to go back to the House for concurrence with the amendments.
The state would be required to accept gold and silver in electronic form for the payment of public debts. Private debts could be settled with gold or silver in physical or electronic form at the parties’ discretion.
The Director of the Department of Revenue would be tasked with “promulgating rules on the methods of acceptance of specie legal tender as payment for any debt, tax, fee, or obligation owed.”
The enactment of the measure would make Missouri the eighth state to recognize gold and silver as legal tender, as they always should have been doing. Utah led the way, reestablishing constitutional money in 2011. Wyoming, Oklahoma, Arkansas, Louisiana, Idaho, and Alabama have since joined.
Hellbound and Down 