South Carolina Lawmaker Wants To Ban Currency
Pitts, a fourth-term Republican from Laurens, introduced legislation earlier this month that would ban what he calls “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.
If the bill were to become law, South Carolina would no longer accept or use anything other than silver and gold coins as a form of payment for any debt, meaning paper money would be out in the Palmetto State.
Pitts said the intent of the bill is to give South Carolina the ability to “function through gold and silver coinage” and give the state a “base of currency” in the event of a complete implosion of the U.S. economic system.
“I’m not one to cry ‘chicken little,’ but if our federal government keeps spending at the rate we’re spending I don’t see any other outcome than the collapse of the economic system,” Pitts said.
However, it is Pitts’s plan that is actually unconstitutional.
“It violates a perfectly legal and Constitutional federal law, enacted pursuant to the Commerce Clause of the U.S. Constitution, that federal reserve notes are legal tender for all debts public and private,” the expert said. “We settled this debate in the early 1800s. I appreciate the political sentiment but the law is blatantly unconstitutional.”
Pitts, however, dismissed that claim, saying that “adherence to the Constitution is a two-edged sword. The federal government has consistently violated the Constitution, especially the 10th Amendment and Commerce Clause.”
Another problem with Pitts’s idea is that there is no consistent value to a piece of gold or silver, as the worth continually fluctuates.Click here for reuse options!
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