Follow the link; there are similar bills in other states.
My first impression: I love this idea. We should totally do this in Wisconsin too. A new, state-issued currency backed by gold or silver or perhaps a set of commodities common to this state? What about backing the currency with land, which is after all a completely fixed-amount item? [No, because it would probably require a prohibition on private ownership of land. Yes, I am totally
talking blogging out of my ass right now.]
Also, reciprocal agreements to honor the currencies of other states that follow the rules which will be set by people who are not talking out of their asses presumably. It could work.
*Article 1, section 10 of the Constitution does in fact bar the states from coining money. It does not, however, bar them from preparing to do so if the worst should happen.