SENATE JOINT MEMORIAL 50

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

William E. Sharer

A JOINT MEMORIAL

REQUESTING THE NEW MEXICO LEGISLATIVE COUNCIL TO DIRECT THE APPROPRIATE COMMITTEE OF THE LEGISLATURE TO HEAR TESTIMONY AND CONSIDER WAYS TO FACILITATE ECONOMIC ACTIVITY BY USE OF LOCAL CURRENCIES.

     WHEREAS, New Mexico's economy has experienced a downturn, along with the rest of the nation; and

     WHEREAS, there is rising unemployment and underemployment, especially in many of New Mexico's outlying areas; and

     WHEREAS, complementary local currencies have been successfully used in many localities in the United States and overseas to stimulate and expand local economies, encourage neighbors to help each other and deepen ties to the community; and

     WHEREAS, some of these success stories involve currencies, such as Ithaca hours in Ithaca, New York; Buffalo hours in Buffalo, New York; dillo dollars in Austin, Texas; high desert dollars in Prescott, Arizona; NOCO hours in Fort Collins, Greeley and Loveland, Colorado; Calgary dollars in Canada; ora in Orania, South Africa; WIR bank in Switzerland, which is thought to have contributed to the stability of the banking industry in Switzerland in spite of times of economic turmoil; chiemgauer in Bavaria, Germany; and eco-money in Japan; and

     WHEREAS, local currencies enable depressed regions to pull themselves up by giving the people living there a medium of exchange that they can use to exchange services and locally produced goods; and

     WHEREAS, local currencies tend to operate in relatively small geographic regions; and

     WHEREAS, local currencies often come into greater use when there is economic turmoil involving the national currency; and

     WHEREAS, New Mexicans are a resourceful and independent people; and 

     WHEREAS, bartering for goods and services is a time-honored tradition; and

     WHEREAS, the use of local currencies in New Mexico's communities will help to strengthen local economies, preserve the dignity of local people and encourage the growth of a diversity of goods and services to stabilize the statewide economy;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico legislative council be requested to direct the appropriate committee of the legislature to hear testimony and consider ways to facilitate economic activity by use of local currencies; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the co-chairs of the New Mexico legislative council.

- 3 -