Virginia will not have its own currency

Virginia will not have its own currency
Virginia will not have its own currency

We talked two weeks ago about a Virginia proposal to consider whether the commonwealth needed its own currency in the event of the collapse of the United States. It’s only fair, then, that I note that the effort came to an abrupt end yesterday.

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. […]

“It seems to me we’re facing a serious question: do we want to be ridiculed on ‘Saturday Night Live’ again? I suggest we don’t and that we vote against the resolution,” Sen. Janet D. Howell, D-Fairfax said today.

Under the circumstances, that seems like a reasonable standard.

To briefly recap for those just joining us, Virginia Del. Robert G. Marshall (R), sometimes referred to as “Sideshow Bob,” wanted a taxpayer-financed study to examine the feasibility of Virginia having its own currency. As Marshall sees it, state policymakers have reason to fear the wholesale collapse of American civilization – his strange theory has something to do with the Federal Reserve and the Weimar Republic – and should prepare for the possibility that American currency might someday soon have no value.

Marshall has raised the idea before, but this time, his constitutionally-dubious plan – states are not supposed to create their own currencies – sailed through the House of Delegates, passing by a two-to-one majority earlier this month.

Yesterday, however, the state Senate, reluctant to make Virginia’s legislature a national laughingstock again, ended this farce before it could go any further.