The well-known folk singer Burl Ives made silver and gold a household name when he sang “Silver and Gold” in 1964, as part of the television show “Rudolph the Red-Nosed Reindeer.” State Sen. Bill Eigel (R-Weldon Spring), who’s seeking Missouri’s GOP gubernatorial nomination, has talked about silver and gold for several years. He’ll present his silver and gold legislation to a House committee today in Jefferson City.
The House Emerging Issues Committee will hold a 2 o’clock public hearing on Senate Bill 735, which is sponsored by Senator Eigel. The Missouri Senate has already approved the bill.
Senator Eigel’s bill would create the Constitutional Money Act and declares that specie legal tender and electronic currency may be received as payment for all private debts contracted for in the state of Missouri. Senator Eigel’s bill would also prohibit Missouri from restricting the ability of banks and financial institutions to acquire specie legal tender like silver and gold.
Senate Bill 735 also addresses taxes on the sale or exchange of gold and silver in Missouri. Current state law exempts all purchases of bullion and investment coins from all state and local sales taxes. Senator Eigel’s bill would exempt from state income tax the portion of capital gain on the sale or exchange of gold and silver specie that are otherwise included in the taxpayer’s federal adjusted gross income.