States planning alternatives to Federal ‘greenback’

In an article by Bill Sizemore published in The Virginian-Pilot on January 15th, we are told that Del. Bob Marshall has succeeded, on his third try, to get a subcommittee of the Virginia House Rules Committee to approve his bill and send it on to the full committee for further study.

A number of states have expressed interest in having their own back-up currency in case the federal monetary system implodes, and we can expect to see more of this type of initiative as the American economy declines.

According to another article, in CNN’s ‘Money’ section in February of last year, “the Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make gold and silver coin a tender in payment of debts.”

And to American states worried about the future of the greenback, that means that making their own gold and silver ‘financial instruments’ with which to carry on commerce is both a viable option and a prudent necessity.

In March of 2010, Utah passed a law which allows U.S. gold and silver coins to be exchanged at their market value, based on weight and fineness.

Jeff Goodall.

See the Virginian-Pilot article here.

See the CNN ‘Money’ article here.