Lawmaker wants to ban currency

Rep. Mike Pitts R-Laurens wants South Carolina to switch to the gold standard.

Representative Mike Pitts introduced a bill which would ban the recognition or use of US currency in South Carolina. All transactions would take place in gold and silver coins instead.

The Commerce Clause of the US Constitution gives Congress the authority to regulate currency. The Laurens Republican acknowledges the bill "puts the state in conflict with the federal government." Pitts says he proposed the bill to "spur debate."

"If our government continues to print paper money at the rate its doing now and continues to increase spending and increase the deficit at the rate they are, were going to reach a point of economic collapse."