Sound Money

Palmetto State Bullion

“No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” U. S. Constitution, Article 1, Section 10

“The silver and gold belong to Me—the declaration of the LORD of hosts.” Haggai 2:8

Austin, Tex. (May 26, 2016)—A bill taking a step towards gold and silver as commonly-used legal tender in Texas passed in the state Senate today by an overwhelming 29-2 vote.

Introduced by State Rep. Giovanni Capriglione and four co-sponsors on Feb. 12, House Bill 483 would create a state bullion depository. It reads, in part:

  • The Texas Bullion Depository is established as an agency of this state in the office of the comptroller.
  • The depository is established to serve as the custodian, guardian, and administrator of certain bullion and specie that may be transferred to or otherwise acquired by this state or an agency, a political subdivision or another instrumentality of this state.

What the bill essentially does is create a means for transactions to occur in precious metals. It allows people to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account.

This opening of the market is considered by many insiders to be the most important first step towards bringing sound money to mainstream acceptance.

The legislation in Texas takes a step towards that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly the Federal Reserve System by introducing competition into the monetary system.

HB 483 passed the House by a vote of 140-1.

TenthAmendmentCenter.com, May 27, 2015

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