This week, the Virginia House of Delegates passed Delegate Bob Marshall's HJ 590. This legislation authorizes a study of the feasibility of Virginia adopting a "metallic-based" “currency" to protect the citizens of the Old Dominion in the event of a collapse of the US Dollar. The legislation still has to pass the Virginia State Senate. Virginia supporters of sound money should call their state senator and urge their support for HJ 590.
State-issued, metallic-backed currency would be a good first step toward restoring monetary freedom. However, the ultimate goal should be to restore the right of the individual to issue privately created currencies. Campaign for Liberty Chairman Ron Paul championed this cause during his years in the Congress, and fortunately, Representative Paul Broun has picked up where Dr. Paul left off by reintroducing Ron Paul's Free Competition in Currency Act, H.R. 77. In addition, Paul Broun is the House sponsor of Ron Paul's Audit the Fed bill, the Senate version of which was introduced this week by Senator Rand Paul.