This is patently unConstitutional per Article I, Section 10. Only the Federal Government is allowed to issue currency.
U.S.Constitution, Article I, Section 10: “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque or Reprisal; coin Money;...”
I forgot to add:
“...;emit Bills of Credit;...”
This is patently unConstitutional per Article I, Section 10. Only the Federal Government is allowed to issue currency.
Indeed, but in those hard times there was a lot of wink-wink, nudge-nudge going on as people tried to survive. One survivor said that in the late '30s a local company was issuing scrip/IOUs "to be redeemed later" as wages and people were so desperate for jobs they were accepting it. When things got better, the company declared bankruptcy, then reopened under a new name. The scrip holders got screwed, as the Old Timer warned those people at the time.