CONCORD – A dollar should be worth more than an idea.
That’s what state Rep. Norman Tregenza says when he explains why he submitted a House bill that, if approved, would encourage the state’s federal delegation to work on getting the country back on the gold standard.
The bill is one of several similar bills submitted to state legislatures this year, according to media reports.
“This is the greatest issue of our time that is really not even covered,” said Tregenza, a Madison Republican. “This is vital if this country is to even survive.”
Tregenza’s bill would petition the U.S. Congress to correct what he says is a departure from the constitutional mandate that states use only gold and silver coins as legal tender and empowers the federal government only to coin money. The bill would also direct lawmakers to phase out the Federal Reserve System.
“The issue is that our money is no longer backed by precious metal,” Tregenza said. “That is important, because the Federal Reserve makes money out of thin air and is destroying the reputation of our dollar.”
The Federal Reserve is a quasi-private body charged with controlling the prime interest rate and determining when and how much currency is printed.