Virginia Joins The List Of States Considering Minting Their Own Currency
Virginia is considering minting its own currency. The measure has been tossed about for several years. The Virginia House of Delegates agreed earlier this week to devise a panel to study minting an alternative to the US dollar.
Although no state can legally mint its own money, gold and silver are fair game. The Constitution forbids individual states from minting money. But, the Founding Fathers saw fit to allow states to make “gold and silver coin a tender” in payments of debts, Newser notes. Individual communities are reportedly allowed to create their own “paper money” as long as it can be easily distinguished from the US dollar.
The decision by Virginia lawmakers to spend $17,000 for the currency study is premised on a concern that the dollar could collapse, USA Today reports. Republican House of Delegates member Bob Marshall reportedly feels that the text about gold and silver coins in the Constitution along with some US Supreme Court decision pave the way for the Virginia currency minting plan.
Virginia is not the only state losing faith in the US dollar. Lawmakers from 13 states are exploring the idea of creating an alternate form of currency, CNN notes. The movement to design a backup plan in case the dollar fails began roughly three years ago with proposals by three states.
North Carolina Republican Representative Glen Bradley had this to say about the need to create an alternative to the dollar in his state:
“In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System. The State’s governmental finances and private economy will be thrown into chaos.”
Do you think it would be wise for states to mint their own currency in case the US dollar fails?
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