Texas introduces bills for gold backed currency

[pmbug]

Two bills filed in the Texas House would create 100% backed gold and silver-backed transactional currencies that would serve as legal tender in the state. This would create a foundation for the people to undermine the Federal Reserve’s monopoly on money.

Rep. Mark Dorazio filed House Bill 1049 (HB1049) and House Bill 1056 (HB1056). The language in both bills is nearly identical but they add the provisions to different sections of the Texas code.

Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as “the representation of gold and silver specie and bullion held in the pooled depository account.”

The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.

Holders of gold and silver specie and currency would be able to use them as “legal tender in payment of debt” in the state of Texas. The gold and silver-backed currency would be electronically transferable to another person.

Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.

In practice, the passage of HB1049 or HB1056 would allow any person to conduct business transactions using gold or silver.
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https://blog.tenthamendmentcenter.com/2 ... -currency/

This legislation was introduced in the last legislative session, but they were introduced late and didn't make it through the process before the session ended. We'll see if they get considered this session...

[shinnosuke]

Thanks for sharing. I wonder if real money advocates will move to Texas in droves if this passes.

[JobIII]

Not a history buff but a quick search noted when this was enacted by Jackson, it didn't do great things for the economy.

Also i like the note about exchanging for a fee. Like in addition to sales tax you'd have one more cost at the register.

[pmbug]

I just sent a note to my Texas State Rep:

Hello Rep <>,

I'm a constituent in your district and I am urging you to support and/or co-sponsor Rep Dorazio's bills (HB 1049 and HB 1056) enabling Texas to issue Constitutional money.

Thank you,
<pmbug>

[thecrazyone]

When this topic comes up I always think about an old coworker from Zimbabwe. He told me about how their country did the same by moving away from a backed currency, and just kept printing money. He told me they even had a million dollar note. You can now get one on eBay for like $7 U.S.

[pmbug]

Rep. Dorazio introduced a related bill:

A bill filed in the Texas House would require the state to hold precious metal reserves. This would create a foundation for the Lone Star State to achieve more financial independence and take a small step toward undermining the Federal Reserve’s monopoly on money.

Rep. Mark Dorazio filed House Bill 1062 (HB1062). The proposed law would require the state comptroller to purchase $4 billion in gold bullion and $1 billion in silver bullion during the biennium beginning Sept. 1, 2024, and appropriate funds for the purchase. The gold and silver would be held in the Texas Bullion Depository.
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More:
https://blog.tenthamendmentcenter.com/2024/11/texas-bill-would-require-state-to-hold-gold-and-silver-reserves/