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House backs making gold legal tender in state

House backs making gold legal tender in state

April 19th, 2012 in News

JEFFERSON CITY (AP) - The Missouri House has endorsed legislation that supporters say could make it easier for people to use gold and silver to finance their purchases.

The measure sponsored by Pacific Republican Paul Curtman was approved in a voice vote Wednesday and would make gold and silver legal tender in the state.

The bill wouldn't force merchants to accept gold and silver coins as payment. But it would allow people to store physical gold in depositories, then use checks or debit cards from the depository. The depository would sell off gold shares to pay a merchant.

Curtman says the American dollar is losing value as the federal government's debt increases.

The measure must be approved once more before it goes to the Senate.