Could A Small State Such As Idaho/NH Switch To A Gold/Silver Currency As A Way To

[AGRP]

Not only protect their citizens from inflation (via unconstitutional bailouts..etc) but Washington DC?

The constitution does allow for competing currencies right?

I know all about the liberty coin, but what if its somehow done at a massive scale and done very quickly?

[RedStripe]

Section 10. 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; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

[AGRP]

Section 10. 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; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

So as long as its gold or silver they can do it?

The reason why the liberty was confiscated was because it "looked" like the money we have now.

What does ron paul mean when he says we should allow competing currencies? Thats unconstitutional?

[Pauls' Revere]

Section 10. 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; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

What about a private coporation which printed money for state issued bonds and this money was backed by silver or gold?

[RedStripe]

Basically it would be an issue of first impression in terms of constitutional law. I don't think there's a clear answer although I think that any state-sanctioned monetary unit, even if based on precious metals, would be likely held unconstitutional not only because coining money and emitting bills of credit sounds a lot like creating a "separate" or "distinct" state currency, but also because, to a large extent, state action in this area has been "preempted" by Congressional action (Federal Reserve Act).

[Krugerrand]

A good first step would be to simply nullify capital gains taxes on the exchange of any monies including gold and silver. Private mints could supply gold and silver and there would be no need to have a state sanctioned monetary unity.