OT: Virginia Senate to Research Printing Own Money?

Sorry this is off topic, and I can't even say that I read it while OCing, because I am at school.

http://www.foxnews.com/politics/201...o-returning-to-gold-standard/?test=latestnews

Fair Use Quote:

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.

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.

Please Discuss. I would have put this in general discussion, but it is VA specific.

It only makes sense. We already have the equipment!:uhoh:

peter nap said:

It only makes sense. We already have the equipment!:uhoh:

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How would that really work though? I can see going to 7-11 and paying for my gas in VAD, but what about my paycheck, will it come in USD or VAD? Will I lose purchasing power when I have to exchange currency?

I don't have a clue but since it ain't gonna happen unless we tie a can to Obama's tail...which ain't gonna happen, I wouldn't spend too much time thinking about it.:lol:

Esanders2008 said:

How would that really work though? I can see going to 7-11 and paying for my gas in VAD, but what about my paycheck, will it come in USD or VAD? Will I lose purchasing power when I have to exchange currency?

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Ownership of USD represents a continuous and rapid devaluation of purchasing power.

The only way to have purchasing power in USD is to constantly acquire more, and in ever increasing quantities, or to be extremely wealthy.

I don't see how it could get much worse than that.

Esanders2008 said:

....

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 ....

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Del. Marshall has a (political?) debt that can only be paid off with money*.

Del. Marshall gets off (and you know how I mean) on spending tax dollars.

Del. Marshall sees the secessionist movement as being stronger than the rest of the pundits have pegged it.

Del. Marshall has failed to study history and wants to resurrect the reason for a national currency as opposed to a separate currency in each of the 57 States.

Pick any one or more of the above.

ETA: I was OCing while I wrote this.

stay safe.

* $2,000 each for 10 commission members works out to about 6 nights out on the town after meeting at 4 PM to vote on where to go for dinner.

States cannot print their own money, nor can anyone else ... its the law

davidmcbeth said:

States cannot print their own money, nor can anyone else ... its the law

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Well, uh, maybe the Commonwealth can start printing guns.

Whether that would pass as legal (tinder) remains to be seen.

davidmcbeth said:

States cannot print their own money, nor can anyone else ... its the law

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???

If it only amounted to a competing fiat then it would be little else but an opportunity for the state to print/counterfeit their money to pay for debt much like the Federal government does to pay for its own.

If this were not backed by some resource of value then it would amount to little else than a grab of the monopoly money pie by the state.

Esanders2008 said:

--snip--

Please Discuss. I would have put this in general discussion, but it is VA specific.

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The General Discussion sub-forum is for RKBA items that are not OC specific.

Things that are state specific regarding gun laws, elections effecting our rights are among the posts acceptable.

Just because it occurs in Virginia, doesn't make it qualified for inclusion on OCDO.

We do not allow reports of dog shows, canal races, or the printing of money here - sorry, moving this to the Social Lounge.

Yes, I am presently OCing my purdy 1911.

Is their currency going to be backed by gold or coal? I don't think they have sufficient gold deposits. What are residents going to use for money out of state? What will the exchange rate be for U.S. currency? Too many problems.

richarcm said:

???

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Not saying he is wrong. But, as usual, he states what he claims is the law without, as required by the forum rules, citing to authority.


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Article I, Section 8 of the Constitution says that "The Congress shall have Power...To coin Money, regulate the Value thereof, and of foreign Coin," and Section 10 says that "No State shall...coin Money". It is illegal for private citizens to coin money

I guess some folks could claim that since it only mentions coin, that it wouldn't apply to printed money, but that would be a stretch.

beebobby said:

Article I, Section 8 of the Constitution says that "The Congress shall have Power...To coin Money, regulate the Value thereof, and of foreign Coin," and Section 10 says that "No State shall...coin Money". It is illegal for private citizens to coin money

I guess some folks could claim that since it only mentions coin, that it wouldn't apply to printed money, but that would be a stretch.

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I did not see the work print anywhere in there. How do you coin paper anyways?

It is not illegal for citizens to coin a private money. If you're willing to except it then you're willing to except it.

Freedom1Man said:

I did not see the work print anywhere in there. How do you coin paper anyways?

It is not illegal for citizens to coin a private money. If you're willing to except it then you're willing to except it.

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You can create tokens that have a commonly accepted "value" within the marketplace. Many folks across the country tried it and some are still doing it. Works great on a very local basis. Extending the "zone of agreement" across one neighborhood is easy, but across even a small city is very difficult.

But it's not money, because under the current Constitution only the government (in this case the federal government) can tell all the States what to do. The other option being each State "coins" [go look it up - it does not mean just producing metal tokens] its own money and the rates of exchange vary daily (if not more frequently). Seriously, how many "dollars" from California would it take for you to exchange one widget? Would you even accept California "dollars"? Is the discount a Colorado seller gives for Texas "dollars" the same as the discount a Virginia seller gives for Texas "dollars"?

In case anybody was out of class that day, the above paragraph pretty much describes commerce and money under the Articles of Confederation and why those that most disliked the notion of a federal government still saw that as the only viable resolution of the interstate commerce situation. But then, most commerce was being conducted in Spanish silver or French gold as nobody really trusted even the federal dollar.

The more things change, the more they stay the same. Now where have I heard that before?

stay safe.

The federal constitution forbids the states printing money. Article I, Section 10:

No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

A paper currency note is a bill of credit.

However, citizens at one time could coin money. Its not unconstitutional. It may be currently statutorily forbidden--I don't know--but its not unconstitutional.

In the period circa 1830s-1840s, there was a private mint in the Carolinas. It sprang up in response to market need/demand. At that time, gold being mined in the Carolinas had to be shipped to the mint at (West Point? Philadelphia?), which was a pretty long haul for wagons. So, a private citizen set up a mint. He earned an excellent reputation for his coins always being of correct weight and purity. His dies are in two museums on the east coast.

There were similar private mints on the west coast around the time of the gold strike at Sutters Mill. A few of those minters were less than honest about weight and purity.

My source for this historical info is the minority report of the congressional gold commission set up by (Ronald Reagan?). The report is an excellent history of gold and money in this country. Google "minority report gold commission."

Back to the General Assembly. It will be a short research project--I hope. Otherwise, our legislators are going to embarrass themselves. Unless....hmmmm...unless they plan on redefining words, ignore or twist the federal constitution, etc. Hmmm. Maybe they're just planting the seed for such this year.


Just plugging my standing recommendation: There's no point in having guns if you don't know how you're being screwed. Its one thing to know this or that fedgov regulation is unconstitutional. But, money affects every single person in the nation. You, gentle reader, really need to find out how money is created, how it is distributed, how its value is monkeyed with, how its total volume in the system is controlled to our disadvantage. Also, this stuff is directly tied to why the fedgov debt is headed for Jupiter.

eye95 said:

Not saying he is wrong. But, as usual, he states what he claims is the law without, as required by the forum rules, citing to authority.


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I would not think that one needs to quote the constitution ... maybe you should read it ...

Citizen said:

The federal constitution forbids the states printing money. Article I, Section 10:

No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

A paper currency note is a bill of credit.

However, citizens at one time could coin money. Its not unconstitutional. It may be currently statutorily forbidden--I don't know--but its not unconstitutional. SNIP

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The federal constitution does not allow congress to print money either.

The words, "and to print" were struck from the constitution forever barring the use of paper currency (by the government).

davidmcbeth said:

I would not think that one needs to quote the constitution ... maybe you should read it ...

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The forum rule doesn't make an exception for citing the federal constitution.

I've read it. A number of times. And, I often still have to go back and read the relevant section word-for-word to make sure what I post is correct, or to check the other fellas accuracy.