N.C. Lawmaker Wants Own State Currency

Friday, 18 Mar 2011 02:36 PM

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A freshman Republican lawmaker in North Carolina wants the state to join the growing movement for states to issue their own currency backed by gold or silver, the Charlotte Observer reported Friday.

Glen Bradley, who was swept into office in the GOP wave last fall, introduced a bill to establish a commission to study a state currency. He’s also drafting a second bill that would require the state government to accept gold and silver coins as payment for taxes and fees.

Conservative lawmakers are pushing states to prepare for the worst-case scenario, and the possible demise of the Federal Reserve. Similar bills have been filed in Tennessee, South Carolina and Virginia, which passed a law earlier this year. Utah and Georgia are considering approving gold and silver as legal tender.

"I think we're in the process of inflating a dollar bubble that could be very devastating," Bradley told the newspaper. "The idea is once the study commission finishes its work, then we could build on top of the hard-money currency with an actual State Tender Act that will basically [issue currency] in correspondence to precious metals stored in the state treasury."


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