Virginia one step closer to establishing its own currency

The Republican-controlled Virginia House of Delegates passed legislation Monday that eventually could allow the state to break ties with the federal monetary system.

The House approved the measure 65-32, advancing the bill for a vote in the Senate. The reality of Virginia’s printing its own cash is unlikely, but Fox News reports that the move is representative of a growing distrust in the country’s central bank.

Delegate Robert G. Marshall, Prince William Republican, told FoxNews.com Tuesday that his bill calls for $20,000 allocated for a study on the “need, means and schedule for establishing a metallic-based monetary unit.”

He said the ultimate goal of the bill is to return the state to the gold standard.

“We’re not going to be printing money with Dave Matthews or Jeff Davis on the front of it,” Mr. Marshall said, referring to two famous Virginians, Fox News reports.

“He’s descending into serious la la land,” House Democratic Caucus Chairman Mark Sickles, who doesn’t think the bill will pass the Senate, told FoxNews.com. He said the state doesn’t need to be shelling out thousands for gold-standard studies when there are more pressing issues, such as unemployment and education.

In 2011, eight states introduced legislation that would bring the gold standard back to their states.

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

Comments
blog comments powered by Disqus
TWT Video Picks