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COLUMBIA, S.C. (WACH, AP) -- A Senate committee has whittled down a bill enabling residents to use gold and silver coins as currency.

The measure approved Tuesday by the Senate Finance Committee would study the matter. The bill as passed by the House would let people use the precious metals as money as long as businesses agree to take them.

Advocates say the metal coins are more stable than the dollar. Sen. David Thomas says voters want an option in the case of dramatic inflationary pressures. Others say it's an unreasonable fear. Rep. Greg Delley has said if the dollar collapses, people will be in trouble no matter what the coins are worth.

In 2010 REp Mike Pitts introduced similar legislation The Commerce Clause of the US Constitution gives Congress the authority to regulate currency. 

The Laurens Republican said at the time he acknowledges the bill "puts the state in conflict with the federal government."  Pitts says he proposed the bill to "spur debate."

"If our government continues to print paper money at the rate its doing now and continues to increase spending and increase the deficit at the rate they are, were going to reach a point of economic collapse."

The group Sound Money supports the idea.

“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,” said Dr. Steve Isom, South Carolina Sound Money at a press conference at the State House in 2011.

But some disagree with this legislation.

Two local jewelers tell WACH Fox they’re not sure how possible this alternative currency would be because they say the price of gold and silver fluctuates and that the commodity market is too volatile.

What do you think about the idea of another form of legal tender?  Vote in our poll and leave a comment below to weigh in with your thoughts.

Last year, Utah became the first state in the country to legalize gold and silver coins as currency.

(The Associated Press contributed to this report.)