South Carolina General Assembly considers move away from Federal Reserve Notes

The title is a little misleading. Just posted the headline others would use. (Nicked from What Really Happened.com)
It should read, South Carolina General Assembly is considering :

A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING ARTICLE 18 TO CHAPTER 1, TITLE 1 SO AS TO PROVIDE THAT SILVER AND GOLD COIN SHALL BE LEGAL TENDER IN PAYMENT OF CERTAIN DEBTS.

www.scstatehouse.gov...

Judging by the headline at WRH, it seems people think this is some sort of breath of fresh air, but really, it seems to me to be that South Carolina is trying to give Cash4Gold some competition. Think they think gold will be very valuable soon?

Also, it makes me think they are doing this law so as to have legal cover for taking gold out of people's security deposit boxes to pay for outstanding back taxes, etc. (when the banking holiday hits, maybe?)

Not that I particularly care, since I don't own any gold, just thought it was interesting...

That is fascinating. Quote from your link

The South Carolina General Assembly finds and declares that the State is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve Notes for silver and gold coin as legal tender in this State. The General Assembly also finds and declares that immediate exercise of the power of the State of South Carolina reserved under Article I, Section 10, Paragraph 1 of the United States Constitution and by the Tenth Amendment, is necessary to protect the safety, health and welfare of the people of this State, by guaranteeing to them a constitutional and economically sound monetary system

If this is passed then in effect Federal Reserve note can be rejected as not (in effect) being lagal tender for any transaction. Good for them - I hope it gets passed. S & F for the OP

[edit on 17/2/2010 by PuterMan]