Lawmaker Wants Federal Money Ban

This is a rush transcript from "Your World With Neil Cavuto," February 19, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, ANCHOR: Well, my next guest says that, if Washington doesn't stop all of this spending, the whole system will be spent. He has introduced a bill to ban federal money from South Carolina and replace it with silver and gold coins.

Republican State Representative Mike Pitts joins me right now.

Representative, what kind of reaction have you gotten to this?

STATE REP. MIKE PITTS R-S.C. : Oh, it's mixed.

CAVUTO: I'm sorry, sir. What kind of reaction have you gotten?

PITTS: I have gotten a mixed reaction.

I'm either the biggest buffoon in the nation or I'm walking on water adjacent to Obama.

CAVUTO: Now, are you serious about just abandoning the dollar? How do you expect folks — folks to deal in your neck of the woods with a dollar?

PITTS: Well, it's taking the state to the gold-silver standard, and backing up what would be our dollar.

Everybody knows it would be difficult to carry around a sack full of gold coins. Gold is heavy. And the way I described this to one individual this week was, he said, when I go and get $100 change, how am I going to carry around $100 worth of gold change in my pocket?

I said...

CAVUTO: Yes. What do — what do you tell him?

PITTS: I told him, you are not going to get much change in gold for $100 right now, because the way that...

CAVUTO: Very good point.

PITTS: Yes, it's much more valuable than that paper dollar you're trying to spend.

I'll tell you what one individual told me. And this was — this was just Joe Six-Pack out there. This was not an economist or one of our elite college professors.

(LAUGHTER)

PITTS: He said: "Mike, in 1964, if you gave me 10 silver dimes, it was worth $1. Those same 10 silver dimes right now are worth $15." But that dollar, the dollar bill, the printed U.S. dollar bill, is only worth about 50 cents.

CAVUTO: So, all right, let's say we go your way, and just — just junk it, just junk the dollar. Then how are you going to buy food, and how are you going to — what are you going to do?

PITTS: Well, you have a gold credit card right now. You — you can use a gold card based on gold standard in state banks, instead of the huge federal bank that we need to do that.

There are a variety of ways to approach it. This particular bill simply drew the attention to it. And we all know that whatever the form of a bill is when it starts is never the form of a bill when it finishes.

But the big thing here is, is, it ignited the conversation. It ignited the debate and the dialogue. And it has sure done that.

CAVUTO: All right. Well, there's certainly no alternative of gold commercials that run on this network that could help people find an alternative.

PITTS: That is absolutely right.

CAVUTO: Usually, it's dozen former TV anchormen hawking this stuff.

(LAUGHTER)

CAVUTO: So, it's a burgeoning future job for me.

But, Representative, thank you very much. Very good having you.

PITTS: Well, I — I thank you.

And can I make one point?

CAVUTO: Very quick.

PITTS: Very quick.

There's only two groups in this nation that can bring attention to the runaway spending in Washington and the printing of currency and the increasing of debt. And that's you, the voters, at the polling place. And Washington is obviously not listening to you.

And the other is the states, the 50 sovereign states of this nation.

CAVUTO: Good point. Good point.

(CROSSTALK)

CAVUTO: Representative, thank you. All well said, sir. We have to rush to get to another gold commercial.

In the meantime, I appreciate it. Thank you.

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