COLUMBIA, South Carolina - May 11, 2011 - South Carolina lawmakers are proposing a bill that would give the state another form of legal tender.

Senator David Thomas, a Republican from Greenville, wants to make gold and silver coins another option in the Palmetto State. Lawmakers are calling it the Sound Money Legislation.

"I'm no financial expert but I am smart enough to know that you can't keep printing money when it has no backing," says Republican Representative Mac Toole.

Thomas also wants a special joint committee to study the need and process for establishing an alternate currency.

“For those of you who think this is a way to re-establish secession, the bill was passed in Utah and it’s currently law there," said Republican Representative Mike Pitts.

A similar bill has been introduced in the House. Both bills have been referred to committee.

“Sound money is fundamental money that has maintained its purchasing power over a very long time. Why does it do that? Because it has intrinsic inherent value. The piece of paper doesn't have intrinsic value,” says Dr. Steve Isom, Chairman of of Sound Money.

The group SoundMoney.com gathered at the State House for a press conference Wednesday morning. Rep. Pitts, one of the House bill sponsors, was on hand along with Dr. Isom.

The sponsors explain how sound money holds its purchasing power over long periods of time. Proponents also say the additional tender would help protect the state's financial situation in a failing economy, which is the reason they want to get back to the Gold Standard and get rid of the Federal Reserve.