Louisiana House Bill HSR5

Louisiana 2012 Regular Session

Caption

Urges and requests the House Committee on Ways and Means and House Committee on Commerce to study issues surrounding the potential adoption of silver and gold coinage issued by the federal government as legal tender in La.

Impact

If the recommendation is adopted, HSR5 could significantly influence state laws surrounding currency and financial practices. By opening a discussion on gold and silver as legal tender, Louisiana may consider a shift away from reliance on the Federal Reserve's dollar. This could potentially set a precedent, allowing other states to explore similar alternatives in their legislative frameworks, thereby impacting the national discourse on currency and economic policy.

Summary

House Study Request No. 5 (HSR5) urges and requests the House Committee on Ways and Means and the House Committee on Commerce to investigate the potential adoption of gold and silver coinage as legal tender in Louisiana. The bill emphasizes concerns about the current fiat currency system, particularly regarding the Federal Reserve's practices that could lead to currency debasement and economic instability. The request stems from a belief that alternative currencies could safeguard the state's economy in the event of significant financial upheaval.

Sentiment

The general sentiment surrounding HSR5 is largely supportive among those advocating for alternatives to fiat currencies; proponents express a sense of urgency in examining mechanisms that could protect the state from potential economic crises. However, there may also be skepticism about the practicality and implications of implementing such a shift. Critics could argue that resorting to gold and silver may not provide the economic stability the bill claims to promote and could complicate financial operations both for the government and citizens.

Contention

Notable points of contention related to HSR5 involve the feasibility of adopting precious metals as legal tender amid a predominantly digital and fiat currency economy. Critics might question whether the state's economy could effectively function using gold and silver, especially in transactions where speed and efficiency are paramount. Additionally, there are concerns about how such significant changes would affect existing financial systems and what regulatory adjustments would be necessary to accommodate a dual-currency framework.