By Tim Gaynor
PHOENIX (Reuters) - Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.
The Republican-controlled state legislature voted through the measure last month in a response to what backers said was a lack of confidence in the international monetary system.
The bill called for Arizona
to make gold and silver coins and bullion legal tender beginning in
mid-2014, joining existing U.S. currency issued by the federal
government.
"While I believe
the concern over a devalued dollar as a result of an unsustainable
federal deficit is justified, I am unable to support this legislation,"
Brewer, a Republican, said in an open letter to state Senate President Andy Biggs.
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