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IPFS News Link • Gold and Silver

Louisiana Reaffirms Gold And Silver As Legal Tender

• Money Metals

Senate Bill 232, sponsored by Sen. Mark Abraham, marks the sixth pro-sound money bill passed by a state this year, underscoring a growing national trend.

Louisiana's sound money bill simply affirms that "any gold or silver coin, specie, or bullion" issued by the United States government is considered legal tender whenever voluntarily agreed upon by both parties to a contract. The measure enjoyed popular support, receiving only one "no" vote on the floor throughout the Louisiana House and Senate.

This concept is consistent with the U.S. Constitution. In fact, Article 1 Section 10 reads: "No state shall…coin Money; emit Bills of Credit; [or] make any Thing but gold and silver Coin a Tender in Payment of Debts…"