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Do You Think States Should Be Allowed to Mint Their Own Currency?

ABC News U.S. 2013/02/07 21:00:00
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Will Virginia start minting its own currency? It’s an idea worth considering, according to the state’s House of Delegates.

The lower chamber passed a bill Monday to study the possibility. The legislation, proposed by Manassas Republican Del. Robert Marshall, would create a new joint subcommittee made up of lawmakers, plus two outside experts, to “study the feasibility of a metallic-based monetary unit.”

The committee could spend up to $17,440 and would present its recommendations before the legislative session starts in 2014. Translation: Ten people would advise Virginia on whether to start making its own currency on a gold or silver standard.

minting currency

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  • Transquesta 2013/02/07 21:30:32
    No
    Transquesta
    +36
    Article 1, Section 10, The U.S. Constitution:

    "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."

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  • ddd disclaimer 2013/02/17 22:43:47
    ddd
    My apologies for answering a question you raised.
  • disclaimer ddd 2013/02/17 22:55:35
    disclaimer
    It was rhetorical. I know damn well minting your own currency is illegal.
  • ddd disclaimer 2013/02/17 22:56:42 (edited)
    ddd
    Its actually not, you should read up on the liberty dollar. They convicted him because they claim his currency mimicked U.S. dollars, they did not convict him because he minted his own currency.
  • disclaimer ddd 2013/02/17 22:59:16
    disclaimer
    Also because it was a denomination higher than five cents.
  • ddd disclaimer 2013/02/18 03:06:52
    ddd
    I believe you misread your source, could you please link it? He started subdividing his currency at five cents, which is where you may have gotten that number, and misread it. It would be very strange for the government to say you could not mint something higher than five cents, because five cents is a subdivision of U.S. currency, not private currency. It would be very strange, and impractical, for the government to define private currency in the government's own denominations.
  • disclaimer ddd 2013/02/18 07:14:29
    disclaimer
    Wikipedia.
  • ddd disclaimer 2013/02/18 15:51:10 (edited)
    ddd
    I just looked it up, that law provides for making it a crime to mint anything greater than a nickel that appears like U.S. currency. That is not a higher denomination than five cents issue, thats really an issue about him mimicking a dollar, which he was convicted for. He did not get arrested for minting something greater than give cents, he got convicted for mimicking u.s. currency in greater than five cents. That is what i said he was convicted of, and i believe you misunderstood wikipedia's source.
  • disclaimer ddd 2013/02/19 06:25:21
    disclaimer
    Whatever it was, this argument is kind of a pointless waste of our time.
  • ddd disclaimer 2013/02/19 22:11:18
    ddd
    It is only a pointless waste of time because you were wrong.

    have a nice day.
  • disclaimer ddd 2013/02/20 08:11:57
  • ddd disclaimer 2013/02/20 21:39:54
    ddd
    Some one seems angry. This is over, take a chill dude you seem pretty angry.

    Have a nice day (:
  • TheBorg 2013/02/14 06:05:43
    Yes
    TheBorg
    +2
    The Federal Reserve is private. Our currency is no longer controlled by the federal government, therefore since the Federal Reserve is private instead of a public institution, states should be allowed to take that control out of the private Federal Reserves hands.
    federal reserve private public institution allowed private federal reserves hands
  • Archer ~ The Limit Break of... 2013/02/14 02:33:43
    Yes
    Archer ~ The Limit Break of PHAET
    Holy crap. I clicked 'no', not 'yes'.

    It's a detriment to the nation as a whole. A national currency makes us united.
  • ddd Archer ... 2013/02/14 20:29:53 (edited)
    ddd
    so, under the same logic we should all have identical cars, houses, clothes, ect. Except our cars, houses, and clothes shrink by 3-9% every year.

    We are not the same person and we should be allowed choices and options in which currency is stronger.
  • Archer ... ddd 2013/02/15 04:05:59
    Archer ~ The Limit Break of PHAET
    Nice strawman argument. Go back to debate 101.
  • ddd Archer ... 2013/02/15 05:01:05
    ddd
    I disagree, but you can call it names, however you have yet to actually attack its legitimacy. A national currency in no way makes us united, the same way everyone using anything else makes us united. Please explain your logic.

    As to it being detrimental to the nation as a whole, well competition makes everything better. A government monopoly on money is no better than a monopoly on cars. Why should you not be allowed a choice in currency if the government is handling it badly? While Virginia would mint currency, it's value would not be set by Virginia. Money is a good like all other goods, and there nothing wrong with having multiple types of currency, it has worked fine in the past. It did nothing of the sort to hurt national unity, and it was better for the nation as a whole.
  • Archer ... ddd 2013/02/15 11:12:12
    Archer ~ The Limit Break of PHAET
    Strawman: You created a situation I did not actually address, then argued against it.

    Keep it up. You're just digging the hole deeper.
  • ddd Archer ... 2013/02/15 15:35:04 (edited)
    ddd
    It is not a strawman argument, here is why i say i disagreed. I am pointing out that you are treating money as though it is some sort of special good that unifies us in a way nothing else does. Therefore you must consider money special for some reason, otherwise your ideas are not consistent. If you explain that reason then we can discuss the legitimacy of it.
  • Patriot747 2013/02/13 23:40:22 (edited)
    Yes
    Patriot747
    +1
    Yes, only because, we are at a very critical point in our history, a worthless Obama dollar. Texas made their own money, before joining the Union. Obama is making Billions of dollars, undermining our U.S. dollar value. Making and Spending Billions on a daily basis without a budget!!.....the end is very soon......at this point Obama has made a joke of Article 1, section 10, of the U.S. Constitution.........

    All U.S. States save yourselfs, from this Usurper or die in financial ruin!!!!!! take the value you have out of the federal reserve system, before it is to late. The federal reserve system is UNConstitutional.......and violates are very existance financially, makes us slaves to foreign nations like China!

    Only congress has has the right to make money and regulate the dollars value!! NOT OBAMA and the Federal Reserve!
    The federal reserve is not even a congressional approved agency of the United States of America!!!! Infact, president Woodrow Wilson signed an executive order to create the 1913 federal reserve act, which was based off 10 banks, who today, don't even care about the United States, they have foreign connections and charge the United States exhorbant interest to make our worthless Obama dollars. Based off of no value, but the hard working backs of American ci...





















    Yes, only because, we are at a very critical point in our history, a worthless Obama dollar. Texas made their own money, before joining the Union. Obama is making Billions of dollars, undermining our U.S. dollar value. Making and Spending Billions on a daily basis without a budget!!.....the end is very soon......at this point Obama has made a joke of Article 1, section 10, of the U.S. Constitution.........

    All U.S. States save yourselfs, from this Usurper or die in financial ruin!!!!!! take the value you have out of the federal reserve system, before it is to late. The federal reserve system is UNConstitutional.......and violates are very existance financially, makes us slaves to foreign nations like China!

    Only congress has has the right to make money and regulate the dollars value!! NOT OBAMA and the Federal Reserve!
    The federal reserve is not even a congressional approved agency of the United States of America!!!! Infact, president Woodrow Wilson signed an executive order to create the 1913 federal reserve act, which was based off 10 banks, who today, don't even care about the United States, they have foreign connections and charge the United States exhorbant interest to make our worthless Obama dollars. Based off of no value, but the hard working backs of American citizens....which are now becoming slaves!!! Now with Obama higher tax rates you will become slaves to that END!

    Soon it will be a days wage for a days supply of food per person!
    Woodrow Wilson even admitted his error, by stating he bitterly regretted creating the Federal Reserve act of 1913. Later Wilson even said he put America into slavery and future financial ruin. Future control of the United States would be in the hands of evil!

    If the states made their own money based off the Gold, or silver standard...... Obama would be out of corrupt business and so would the Federal reserve! Look at what president JFK did before he was assasinated, approved executive order 11110, which outlawed the federal reserve overnight and put the U.S. back on the Silver standard, where the dollar was worth something!! If the states made their currency, coins and stopped accepting the Worthless Obama dollar and accepted states minted gold/silver currency only.........Obama and the federal reserve is out of business!!! Then we now have value to our financial money system. Our credit would skyrocket over night and China would be out of business, since they are stuck with worthless Obama dollars, ( kids play money ).......Worthless!

    President Kennedy's Executive Order (E.O.) 11110 modified the pre-existing Executive Order 10289 issued by U.S. President Harry S. Truman in 1951, and stated the following:[13]

    "The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President..."

    The order then lists tasks (a) through (h) which the Secretary may now do without instruction from the President. None of the powers assigned to the Treasury in E.O. 10289 relate to money or to monetary policy. Kennedy's E.O. 11110 then instructs that:

    SECTION 1. Executive Order No. 10289 of September 9, 1951, as amended, is hereby further amended (a) By adding at the end of paragraph 1 thereof the following subparagraph (j):

    '(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of an outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,' and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.

    SECTION 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.
    John F. Kennedy,
    THE WHITE HOUSE,
    June 4, 1963.

    Later JFK was assasinated, Nov. 22, 1963.........By whom, for what reason?
    (more)
  • Boudicea 2013/02/13 20:57:14
    Yes
    Boudicea
    Why not? Article I Section 10 has already been ignored. How can states use gold or silver coin as the ONLY payment of debts when there are no gold or silver coins?
  • ☆Sheila☆ Boudicea 2013/02/14 14:29:52 (edited)
    ☆Sheila☆
    +1
    The point there was they can not print a fiat currency. Definition of 'Fiat Money' Currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. (NOT implying you didnt know that but some reading this might not. )

    They can legally coin from gold or silver. Unfortunately it is now to the point the coins in gold would be so small to equal a federal reserve note dollar bill it would be hard to find in your purse or to count...
  • ddd ☆Sheila☆ 2013/02/14 20:31:09
    ddd
    +1
    That is in gold, they can also mint smaller coins in silver, which is far cheaper.
  • ☆Sheila☆ ddd 2013/02/15 18:49:29
    ☆Sheila☆
    LOL, even in silver it would be pretty small to equal the actual value of the fed reserve note!
  • ddd ☆Sheila☆ 2013/02/15 23:01:22
    ddd
    Well one could Dillute the coins, or present notes redeemable for gold or silver. the notes are not the money they are just redeemable for money.
  • ☆Sheila☆ ddd 2013/02/20 14:12:48
    ☆Sheila☆
    Sigh, no, they can not legally substitute paper for coins in this instance. Not according to the constitution.
    Hell not using the actual precious metals is what has given us fairly worthless paper currency as a nation.
  • ddd ☆Sheila☆ 2013/02/20 21:42:23
    ddd
    +1
    No, no, no. You misunderstood what i said. They are allowed to have a gold-backed dollar. How a "gold standard" works is the the gold is the money, and the government issues a note redeemable for the money. This is why the wording on dollar bills, and other bank notes is very important.

    A gold standard, economically speaking, is the exact same as real gold, and as an early supreme court rules, it, effectively the same. Virginia is allowed a gold standard, i do not support worthless paper money. I do, however, support redeemable paper banknotes, also know as certificates or the gold standard.
  • ☆Sheila☆ ddd 2013/02/21 17:11:17
    ☆Sheila☆
    The constitution doesnt allow them to offer bank notes on the gold standard though. It specifies coins of gold or silver. Doesnt it?
    I am not trying to argue! I may well have misunderstood what I read...

    We lost the value of our money when they (the bills) were no longer on request exchanged for the gold or silver. I still have a few silver certificate bills but unless I am mistaken they no longer have to honor that? LOL, had to go look. I was right. Nixon took away the have to honor them part...
  • ddd ☆Sheila☆ 2013/02/21 20:00:25
    ddd
    Well the states would be forced to honor them, they are constitutionally obligated. I think you misunderstand money, which is "tender in payment of debts". Even in a gold standard the paper money is not necessarily money. This is why wording on bank notes is very important, the gold and silver is the money, but the state issues notes redeemable for money. So, technically speaking, the gold is the money. It is constitutional so long as they have enough gold to meet every single note, and they do not take it away.
  • Patriot747 ☆Sheila☆ 2013/02/14 23:59:50 (edited)
    Patriot747
    +1
    This is the point, the GOLD minted state coins would not need to be small. Because the Obama federal reserve dollar is worthless.......It would be the other way around. You would need to come up with approx. 1000 Obama dollars per 1 once coin of GOLD!

    This is what Obama has done by printing and printing more money!!! destroyed us financially....Now he wnats more money to spend by raising our taxes even more nad more, when will it end??? VERY SOON, with a collapse of the Obama fed res. dollar, then our stock market and banking system. Which we have no funding to back the collapse or depositers holding Obama dollars.
  • ☆Sheila☆ Patriot747 2013/02/15 18:51:15
    ☆Sheila☆
    +1
    Yup! I have found this to be a pretty good treacher on this subject. Easy to undersatnd if someone is not sure whats up! There are many many and they all seem to be pretty good.

  • Patriot747 Boudicea 2013/02/14 23:39:45 (edited)
    Patriot747
    +1
    Yes, there is plenty U.S. mints in 4 or 5 places in the United States. But there are some states which have plenty of GOLD/SILVER...TEXAS, CALIFORNIA, SOUTHERN STATES, WYOMING etc. These states could in effect mint their own moneys and cash, reject the Obama worthless dollar for tender. Already, the Obama dollar is worthless and our federal credit line has been down rated to AAA. Which means the federal banking system cannot borrow any more cash! So, if the states will not accept the Obama dollar, then the federal money system is broke and the states money will be worth 1000X more and will be accepted for tender. But the States must make GOLD/SILVER certificates, to charge against the Gold/Silver holdings in the States treasuries and States deposit banking system. States must also reject any Obama dollars for tender!!! Of course Obama will scream no FED support, but who wants to be in debt 1000x more with worthless Obama dollars? The interest from the high inflated Obama Federal Reserve dollar is 1000 times, and no value! So if you trade overseas, you will need to come up with approx. 1000 times more, than if the states mint their GOLD/SILVER certificates for tender world wide.........TEXAS did this very exact thing, they were recognized as a world trade center, bef...

    Yes, there is plenty U.S. mints in 4 or 5 places in the United States. But there are some states which have plenty of GOLD/SILVER...TEXAS, CALIFORNIA, SOUTHERN STATES, WYOMING etc. These states could in effect mint their own moneys and cash, reject the Obama worthless dollar for tender. Already, the Obama dollar is worthless and our federal credit line has been down rated to AAA. Which means the federal banking system cannot borrow any more cash! So, if the states will not accept the Obama dollar, then the federal money system is broke and the states money will be worth 1000X more and will be accepted for tender. But the States must make GOLD/SILVER certificates, to charge against the Gold/Silver holdings in the States treasuries and States deposit banking system. States must also reject any Obama dollars for tender!!! Of course Obama will scream no FED support, but who wants to be in debt 1000x more with worthless Obama dollars? The interest from the high inflated Obama Federal Reserve dollar is 1000 times, and no value! So if you trade overseas, you will need to come up with approx. 1000 times more, than if the states mint their GOLD/SILVER certificates for tender world wide.........TEXAS did this very exact thing, they were recognized as a world trade center, before coming into the UNION and the TEXAS Dollar was backed by SILVER and GOLD from the TEXAS STATE Treasury and deposit Banking system.

    Look All you States, it's either keep on trucking to Obama doom or pull away and save yourselfs!
    (more)
  • MorbidCynic 2013/02/13 19:42:11 (edited)
    Yes
    MorbidCynic
    +1
    Actually I don't care one way or the other. And as far as I'm concerned states deciding to print their own currency won't do any good or bad.
  • Patriot747 MorbidC... 2013/02/15 00:05:49 (edited)
    Patriot747
    +1
    Yes, they will do much better, by printing their own states backed GOLD/Silver certificates. This way the states will be interest free from the federal reserve banking system, charging the United States exhorbant interest fees making the federal reserve notes!

    Reason being is that many states are not financially broke yet and have GOLD/SILVER and Oil reserves and deposits. The Obama banking system is flat broke, thats why obama is trying to get more tax money from everyone, not just the rich! and also Obama is trying today, to print even more dollars as I am writing this email.

    Look folks, it's going to end soon!!! States save yourselfs!!!!


    The best thing for the states to do is create there own Inter-state banking system, currency and outlaw the Unconstitutional Obama Federal reserve notes and create an inter-state banking system regulated by the states deposits of GOLD/SILVER and precious metals such as platinum etc. This way, the states will not be affected by the Obama financial CRASH!!!
  • MorbidC... Patriot747 2013/02/15 00:40:57 (edited)
    MorbidCynic
    +2
    After finding out that it's legal for individual states to turn gold and silver into coins I'm all for it, for as long as it's needed.
  • john ri... MorbidC... 2013/03/26 15:42:32
    john richardson
    The trouble with that is like the people who were melting pennies down for the copper, the gold and silver coins would soon would be gone. And at $1500 an ounce the coin would be smaller than a bb
  • Dion Pr... Patriot747 2013/02/20 00:53:57
    Dion Prince
    how is it the "Obama banking system"? the fed reserve has been around since WW1.

    perhaps you should stop blaming Obama for EVERYthing. It makes your argument weak
  • ☆Sheila☆ Dion Pr... 2013/02/20 14:14:11 (edited)
    ☆Sheila☆
    +1
    Was it not called bush's issue (whatever the issue may be) when bush was the president??
  • Dion Pr... ☆Sheila☆ 2013/03/01 15:28:48 (edited)
    Dion Prince
    only by those who vehemently opposed Pres Bush.

    I call issue to what a president had direct influence over. Obama inherited a bad economy. Its still bad not because of him. but because of congress and capitalism (though I love capitalism I can also see its faults)
  • ☆Sheila☆ Dion Pr... 2013/03/04 14:41:47
    ☆Sheila☆
    +1
    EVERY president from the beginning of our country inherited their economy. O is the only one you hear constantly blame someone else for that.
  • Dion Pr... ☆Sheila☆ 2013/03/21 12:19:00
    Dion Prince
    and "O" is the only one who's Opponent constantly claim how high it is while never stating WHY its that high.

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