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Arizona Lawmakers Say Gold Should Be Legal Tender

Senate Bill 1439 would let people use the precious metals as money as long as businesses agree to take them. If made law, it would take effect in 2014.

Livingston, a financial adviser, predicted businesses embracing gold as legal tender would use it as a sales pitch to beat competitors who don't accept gold.

"My clients have been buying gold and silver like crazy," he said.

Democrats oppose the measure. They say it would be a bureaucratic nightmare because businesses don't have the equipment to determine the value of gold and silver.

"This should be addressed by the Federal Reserve and not by the state," Democratic Rep. Rosanna Gabaldon said during a recent committee meeting on the bill.

Gold-backed money fell out of favor during World War I because the U.S. and many other countries needed to print more cash to pay for the war. President Richard Nixon formally abandoned the gold standard in 1971.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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