Virginia advances bill pushing for state to establish its own currency

FoxNews.com ^ | 2/6/2013 | Barnini Chakraborty

[RoosterRedux]

Virginia is one step closer to breaking ties with the country's monetary system.

A proposal to study whether the state should adopt its own currency is gaining traction in the state legislature from a number of lawmakers as well as conservative economists. The state House voted 65-32 earlier this week to approve the measure, and it will now go to the Senate.

While it’s unlikely that Virginia will be printing its own money any time soon, the move sheds light on the growing distrust surrounding the nation’s central bank. Four other states are considering similar proposals. In 2011, Utah passed a law that recognizes gold and silver coins issued by the federal government as tender and requires a study on adopting other forms of legal currency.

Virginia Republican Del. Robert Marshall told FoxNews.com Tuesday that his bill calls for creation of a 10-member commission that would determine the “need, means and schedule for establishing a metallic-based monetary unit.” Essentially, he wants to spend $20,000 on a study that could call for the state to return to a gold standard.

[Tublecane]

I think this may be illegal. Article One of the Constitution says “No State shall...coin Money; emit Bills of credit; make anything but gold or silver Coin a Tender in Payment of Debts.”

[Tublecane]

Wait, I just noticed it talks about coins and a gold standard. That would work. Fact remains that this wouldn’t prevent fed notes from being legal tender, and according to Gresham’s Law bad money drives out good.

[ExTxMarine]

...and according to Gresham’s Law bad money drives out good.

And with this Administration, they would do everything they could to undermine any thing that the states did to try and limit the negative results of the Fed's actions.

I agree with you, because in this case - Obama would try to use Gresham's law to harm the states as much as possible.

[RIghtwardHo]

What is up with the idiot gimmicks of some of these legislatures? This is so easily unconstitutional that a 4 year old could call it so.

There are SO many great Conservative memes to be told, but the movement is being hijacked by morons. Between that and the GOP elite no wonder we are getting slaughtered.

“Stupid” is wearing me out.

[ArrogantBustard]

Hmmm ....

[jmaroneps37]

Republicans will shoot it down.