Virginia Senate scraps plan to issue new Virginia currency
BY MARKUS SCHMIDT AND OLYMPIA MEOLA Richmond Times-Dispatch
The U.S. dollar will remain the only legal tender in the commonwealth for now. The Virginia Senate today killed a House proposal that would have established a joint subcommittee to study the feasibility “of a metallic-based monetary unit” as an alternative to the dollar.
The cost of the study was estimated at $17,440.
After lawmakers on both sides of the aisle urged the defeat of House Joint Resolution 590, sponsored by Del. Robert G. Marshall, R-Prince William,Ö the Senate dispatched the resolution on a voice vote.
Marshall had suggested that the state create its own currency to compete with the dollar. “It would be an additional vehicle of trade and commerce,” he said in an interview earlier this month.
Marshall’s proposal, which the House had passed by a two-thirds vote, attracted national notoriety because the Republican had said that he wanted to prepare Virginia for the impact of a major financial meltdown, caused by hyperinflation, cyber attacks on banks and the Federal Reserve's increasing control over the nation's money supply.