The Commonwealth Pursues a Bold Proposal for Sound Money

In these days of unprecedented monetary activism by the Federal Reserve, including massive purchases every month of federal government debt, it’s nice to see even a fledgling amount of resistance from attentive citizens. A bill now making its way through the Virginia legislature would establish a joint subcommittee “to study the feasibility of a metallic-based monetary unit.”

Last night the House voted 65-32 to approve the bill; now it goes before the Virginia Senate. “The need to establish a sound money unit was deemed so essential for assuring the success of the United States that Thomas Jefferson personally assumed the task of defining the dollar as a fixed standard of value,” the measure notes.