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Posted at 4:42 PM ET, 01/ 5/2011

Delegate proposes Va. mint its own money

By Rosalind S. Helderman
Rosalind S. Helderman

The Commonwealth of Virginia would begin minting its own gold and silver coins as an alternative currency to the U.S. dollar under a bill that Virginia Del. Bob Marshall (R-Prince William) says he will file in coming days.

Marshall will ask the General Assembly to consider the idea when it convenes for its annual legislative session Jan. 12. It is a companion bill to a proposal he has already filed to establish a study committee to examine alternative currencies to that distributed by the Federal Reserve System "in the event of a major breakdown of the Federal Reserve System."

Marshall said his intention is to inject competition into the national economy and force the federal government to change monetary policy he believes is leading to hyperinflation. According to his bill, "many widely recognized experts predict the inevitable destruction of the Federal Reserve System's currency through hyperinflation in the foreseeable future." His critique mirrors that of the Tea Party movement, some of whose members have called for the end of the Federal Reserve system.

"State legislatures have to get a little more creative and savvy to counter the buffoonery that's been plaguing Washington," Marshall said in an interview.

Asked what he might say to people who believe the proposal is, well, a little wacky (after all, the last time Virginia used currency other than the U.S. dollar was during the Civil War), Marshall said he believes the Constitution allows for alternative currencies.

"The only people who would say that are people who don't understand or reject the clear language of the Constitution, of the law and of court decisions," he said. "We want to provide competition and some restraint on the profligates that have been running the Federal Reserve and the people in Congress who don't know the word 'no.' "

Marshall is one of the most conservative and controversial members of the Virginia legislature. He delights in proposing legislation that helps him advance his conservative philosophy and is considering running for the U.S. Senate in 2012.

But Marshall's bills aren't always embraced by the rest of the legislature, even his fellow Republicans. He is also sponsoring legislation this year to bar gays and lesbians from serving in the Virginia National Guard.

By Rosalind S. Helderman  | January 5, 2011; 4:42 PM ET
Categories:  Bob Marshall, Rosalind Helderman  
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Comments

Bob Marshall is off his meds again. Delegate Marshall, may I direct your attention to Section 8, Article I, of the US Constitution. Coining money and regulating the value thereof is an enumerated power of the US Congress.

Posted by: hisroc | January 5, 2011 6:08 PM | Report abuse

Would Marshall create new big government laws forcing Virginia businesses to accept his funny money? Would he raise taxes to pay for its minting? The stupid is so dazzling I can barely see straight.

Posted by: TheGreenMiles | January 5, 2011 6:09 PM | Report abuse

Better than people holding Krugerrands.

Posted by: blasmaic | January 5, 2011 8:40 PM | Report abuse

How does one respond to such lunacy? The guy should probably spend the rest of his life in a mental hospital.

Posted by: jeadpt | January 5, 2011 9:10 PM | Report abuse

How does one respond to such lunacy? The guy should probably spend the rest of his life in a mental hospital.

Posted by: jeadpt | January 5, 2011 9:18 PM | Report abuse

Soon we will have the solid Virginia Dollar, the volatile California Peso, and the worthless Michigan Ruble.

Posted by: reston75 | January 6, 2011 12:44 AM | Report abuse

I think I speak for a lot of Virginia conservatives when I say Marshall's an embarrassment who will be crushed if he runs for Senate.

At least I hope to God that's the case.

Posted by: Simon23p | January 6, 2011 2:00 AM | Report abuse

Nice to see that these "conservatives" believe so strongly in our Constitution...except when they don't.

Do you need any better evidence that these Teabaggers are nothing but spineless lickspittles who have no principles and no vision? No wonder they love SarahP so much. It's like looking into a mirror.

Posted by: Froomkin_fan | January 6, 2011 7:51 AM | Report abuse

How did I know it was Bob Marshall even before I read the article?

Posted by: ksu499 | January 6, 2011 8:24 AM | Report abuse

i wouldn't trust marshall to operate a television remote.

Posted by: MarilynManson | January 6, 2011 8:31 AM | Report abuse

I must agree with Mr. Marshall that there needs to be countering of the buffoonery, but I believe that buffoonery is his own.
Let's hope that the General Assembly gets right to work on countering him.

Posted by: jdVA | January 6, 2011 8:57 AM | Report abuse

What an idiot...

Posted by: temuchin | January 6, 2011 9:20 AM | Report abuse

What's in the water in Prince William county? The residents, as evidenced by their elected officials, appear to have extreme views.

Posted by: deloresclaiborne1 | January 6, 2011 9:35 AM | Report abuse

Marshall's priorities are a bit...unorthodox. Next he'll be calling for secession.

Posted by: fluxgirl | January 6, 2011 10:11 AM | Report abuse

But I'm the bad guy for saying that Republicans are little more then a group of evil hateful anti-Americans?

Republicans are useless - Democrats are gutless. The public is doomed!

Posted by: question-guy | January 6, 2011 10:42 AM | Report abuse

hisroc: "Bob Marshall is off his meds again. Delegate Marshall, may I direct your attention to Section 8, Article I, of the US Constitution. Coining money and regulating the value thereof is an enumerated power of the US Congress."
Jct: Agreed, if the FED isn't providing enough chips to run the game, it is illegal to provide them yourselves and so your only recourse is to sit unemployed and starve. hisroc says so. It's illegal to run your own local currency in order to survive and I'm sure hisroc would prefer death to breaking a bankster-inspired law.

Posted by: KingofthePaupers | January 6, 2011 11:26 AM | Report abuse

hisroc: "Bob Marshall is off his meds again. Delegate Marshall, may I direct your attention to Section 8, Article I, of the US Constitution. Coining money and regulating the value thereof is an enumerated power of the US Congress."
Jct: Agreed, if the FED isn't providing enough chips to run the game, it is illegal to provide them yourselves and so your only recourse is to sit unemployed and starve. hisroc says so. It's illegal to run your own local currency in order to survive and I'm sure hisroc would prefer death to breaking a bankster-inspired law.

Posted by: KingofthePaupers | January 6, 2011 11:27 AM | Report abuse

I only had to read the headline to know/guess that it was Marshall-the-nut at the heart of this.

What a total disgrace he is to have him as an elected official in VA.

I'm sure his fellow nut Coo-coo-nelli will weigh in at just how wonderful an idea this is.

Posted by: kjclark1963 | January 6, 2011 11:36 AM | Report abuse

Buffoonery? Me thinks this coconut may want to look into the mirror and address the buffoonery in the reflection.

Posted by: blackforestcherry | January 6, 2011 12:09 PM | Report abuse

Neat idea, but Art. I, Section 10 specifically prohibits states from "coin[ing] money". However, that same provision also prohibits states from "mak[ing] any Thing but gold and silver Coin a Tender in Payment of Debts". That may suggest that states cannot use greenbacks.

Bottom line, though, is that nothing in the Constitution would prohibit any state from minting gold and silver coins - and selling them for the value of the specie. And of course nothing would prohibit a state from trading pieces of paper that represent a certain set value of specie (like the old silver and gold certificates, before we went to funny money).

Given the runup in gold and silver over the past several years, maybe it would be prudent for the state to purchase precious metals as an investment?

Posted by: VirginiaPerson | January 6, 2011 12:38 PM | Report abuse

I'm curious, who did Marshall beat in the election and what was so bad about that person that Captain Cookoo Bananas was elected instead?

Posted by: LionelMandrake | January 6, 2011 1:20 PM | Report abuse

Posted by: overed | January 6, 2011 2:46 PM | Report abuse

Well, at least Marshall seems to be thinking, even if his thoughts are a bit daft.

But his time doubtless is better spent than that of Prince William County's Board Supervisor Corey Stewart, the higher-office aspirant who's spending all his time and taxpayers' money chasing down illegal immigrants.

Posted by: kinkysr | January 6, 2011 3:34 PM | Report abuse

Prince William County...need I say more?

Posted by: stuckintraffictoo | January 8, 2011 6:38 AM | Report abuse

There have been many state alt currency and silver/gold currency laws offered in the states, I know for a fact they've been voted on in GA and ID. Unfortunately, so far none have past. I applaud ANYONE who investigates currency and offers solutions, unlike the obviously, rhetorically untalented haters here. Most folks, and I'm sure some of you haters fall into this group, are woefully and willfully ignorant about the nature of the stuff we call "money", here the FRN/USD - something near the heart of nearly every decision you'll ever make, do you really know what it is, and how it works? I know, hating is a lot of work so you probably haven't gotten to it but let me assure you, it is worth looking into! Watch: Money as Debt, The Money Masters, The Power of the Purse, The Money Fix, The American Dream. And know, VA already has at least 2 alternative community currencies, and there may be as many as 100 in the US; monetary theory and practice is one of the most important subjects people can become informed about!

Posted by: intuitivelyinspired | January 8, 2011 11:31 PM | Report abuse

Ha! This guy got elected???

I bet he was one of the guys shouting about how everyone else needs to read the Constitution.

Posted by: kuato | January 10, 2011 10:08 AM | Report abuse

I guess he has not read Article 1. Section 10. Paragraph 1 of the US Constitution which clearly states: "No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; COIN MONEY; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;..." Though in his defense the Federal Government already made that last sentence impossible by adopting the fiat currency (and fractional reserve system) we have today. So they technically voided the contract between them and the state.

Posted by: Killedkennyagain | January 10, 2011 10:40 PM | Report abuse

I guess he has not read Article 1. Section 10. Paragraph 1 of the US Constitution which clearly states: "No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; COIN MONEY; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;..." Though in his defense the Federal Government already made that last sentence impossible by adopting the fiat currency (and fractional reserve system) we have today. So they technically voided the contract between them and the state.

Posted by: Killedkennyagain | January 10, 2011 10:41 PM | Report abuse

I'll have to admit that some of comments about the looniness of Delegate Marshall are funny.

But there is a distinct tone in many of the comments to the effect that he is a nut for proposing that VA have a currency backup plan.

You do know why the stock market has risen, and why interest rates have not rocketed since 2008, right? It is because the FED is creating new US Dollars to buy those asset classes.

This game cannot go on forever. The FED will fail, and then how will the economy in any state function? Do we go back to barter? Trading horses for tomatoes?

A properly functioning economy needs a common unit of exchange. It would be great if the USD was also a reliable store of value, but anybody with an internet connection should now know otherwise. Our USD is going down the toilet. Google up a 10 year gold chart.

Deal with it, people. Protect your families.

Stock up. When the dollar finally crashes, the food distribution system will come to a grinding halt. After that, much higher gas prices will guide reconstruction.

Dont blame this guy for suggesting plan B. Blame the bankers.


Posted by: wm1123 | January 11, 2011 6:47 AM | Report abuse

I'll have to admit that some of comments about the looniness of Delegate Marshall are funny.

But there is a distinct tone in many of the comments to the effect that he is a nut for proposing that VA have a currency backup plan.

You do know why the stock market has risen, and why interest rates have not rocketed since 2008, right? It is because the FED is creating new US Dollars to buy those asset classes.

This game cannot go on forever. The FED will fail, and then how will the economy in any state function? Do we go back to barter? Trading horses for tomatoes?

A properly functioning economy needs a common unit of exchange. It would be great if the USD was also a reliable store of value, but anybody with an internet connection should now know otherwise. Our USD is going down the toilet. Google up a 10 year gold chart.

Deal with it, people. Protect your families.

Stock up. When the dollar finally crashes, the food distribution system will come to a grinding halt. After that, much higher gas prices will guide reconstruction.

Dont blame this guy for suggesting plan B. Blame the bankers.


Posted by: wm1123 | January 11, 2011 6:48 AM | Report abuse

Remember, hyperinflation is a local event, it does not affect foreign currencies. Switzerland has been a safe haven from economic and other disasters for hundreds of years. Their economy and banking system has been super stable for centuries.
I am not worried about hyperinflation. I opened an online Swiss brokerage and bank account without leaving home. I can buy foreign bonds, stocks denominated and earning their revenue and paying dividends in a much more stable currency, or just stash cash in a CD in a variety of currencies in super safe Switzerland without leaving home.
See for yourself: www.swisssolution.webs.com

Posted by: kfed | January 11, 2011 11:11 AM | Report abuse

Remember, hyperinflation is a local event, it does not affect foreign currencies. Switzerland has been a safe haven from economic and other disasters for hundreds of years. Their economy and banking system has been super stable for centuries.
I am not worried about hyperinflation. I opened an online Swiss brokerage and bank account without leaving home. I can buy foreign bonds, stocks denominated and earning their revenue and paying dividends in a much more stable currency, or just stash cash in a CD in a variety of currencies in super safe Switzerland without leaving home.
See for yourself: www.swisssolution.webs.com

Posted by: kfed | January 11, 2011 11:11 AM | Report abuse

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