Colorado Senate Bill 12-137,“Concerning the payment of debts in precious metal coins,” will go before the full Senate for its second reading today, February 20, 2012. The bill reaffirms that gold and silver coin issued by the United States government or authorized by law is a currency that is legal tender in Colorado. Working on legislation declaring gold and silver as legal currency is something that many other states, such as Missouri and Washington, have been doing recently as well. This is in accordance with what is mandated by the U.S. Constitution.
Article I, Section 10 of the U.S. Constitution:
“No State shall…make anything Thing but gold and silver Coin a Tender in Payment of Debts.”
“(2) The gold and silver coin issued by the government of the United States or authorized by law is a currency that is legal tender for the payment of all debts between the citizens of this state and may be received in payment of all debts due to the citizens of this state and in satisfaction of all taxes levied by the authority of the laws of this state.”
The bill cleared the Senate Committee on Finance on Tuesday, February 14, by a 5-2 vote.
After consideration on the merits, the Committee recommends the following: SB 12-137 be referred to the Committee of the Whole with favorable recommendation.
After SB 12-137 receives its second reading, it will be passed, amended, defeated, laid over until another day, or referred back to committee. If it passes, it will move to a third reading for final passage.
The full bill can be read here.
The full schedule for today can be read here.
The Senate Committee of Reference Report can be viewed here.
The news story can be read here.