Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies

Does anyone see a problem here? I am going to assume that the Federal Reserve Corporation will NEVER let this happen. Placing bets on sudden accidents and "change of hearts" on the sponsors in short order.

If I were the Governor, I would start storing Gold an Silver for my state as well.


Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional Currencies

[url=https://schiffgold.com/key-gold-news/texas-committee-passes-bill-to-create-100-reserve-gold-and-silver-backed-transactional-currencies/]Link[/url ]

On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).

Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.

Specie is defined as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”

a reply to: infolurker

Link

Let's try this for the link.

Cheers

a reply to: infolurker

It's interesting, but what if people turn to crypto more than gold or silver? Or want to continue to use federal reserve notes? The main issue with coins and physical metals is that its prone to bank runs, theft, lack of trust and money clipping.

The article also mentioned it would be a digital currency backed by gold and silver.

a reply to: infolurker

pretty sure this isn't legal and violates the Constitution, this is a federation not a confederation, we tried a system like that where states had multiple currencies from 1779 to 1789 and the economy was very unstable so we switched to a federation with one currency in 1789 to resolve that issue. sorry but this bill is highly treasonos and will be tossed out by the court.

a reply to: namehere

I'm pretty sure the C.O.T.U.S. allows it.
Art. 1, Sec. 10, Cl. 1.

There is a national standard value for an ounce of gold and silver. Doesn't matter what state Motto is on it.

States aren't allowed to print/mint paper "currency", or metal coinage, that is backed by "good will" and promises. Like our "Federal Reserve notes" (I.O.U. Notes). That aren't Federal a Reserve, or even "money". Even though it is a "currency". It ain't money. It's a debt.

States can mint, strike, make coin money, that has actual value. Like gold or silver, which stands on its own worth. They can't create a coin based on credit, faith or promise to pay. Like our national currency is.

Paper has no worth or value. Other than a wish and a promise that what is written on it, will be accepted by both parties. It is a debt that is owed to a bank, even though it is used as a currency.
It's a debt that the government owes to a bank.

Is the United States of America destined to become the Divided States of America? Are we going to start seeing red states succeed from the union?

With every state relying heavily on free-flowing government funds I don't see that happening. Abbot will be called to DC and have a sudden change of heart, or he will be 'retired' in some fashion.

The only way I can think of to allow this sort of behavior to continue is if DC wants a major showdown between the red and blue states, and they wouldn't let that happen unless the 'fix' was already in the plan.

Might be technically illegal but states better try something or they will be left swinging in the breeze with the current clown show spending spree on the green back.

constitution.congress.gov...-1-section-10-clause-1

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

US Constitution, Article 1, Clause 10

sorry. I wish they could do it.

a reply to: Irishhaf

Technically, our currency is illegal. If one reads the C.O.T.U.S. (the law) it is.
The only way we could have our current situation, currency, is if a constitutional amendment was passed. Which was not.

What was passed? Was the 16th. Amendment. Which was the governments way to pay the interest on their illegal debt/loan. And make us own it.
....."By whatever source derived".

It was illegal, so they had to pass a law to make it legal. Which is a very unique law, if you ask me.

Allows for Texas to Join BRICS+++.

If they haven't already.

a reply to: ElGoobero

"make any Thing BUT gold and silver Coin a Tender in Payment of Debts"
There is the exception.

a reply to: yuppa

generic bullion is convertible in any fiat system, but branded coinage isn't because it represents a contract between institutions rather than private trade.

Sounds like someone doesn’t like bitcoin….

a reply to: namehere

originally posted by: TzarChasm
a reply to: yuppa

generic bullion is convertible in any fiat system, but branded coinage isn't because it represents a contract between institutions rather than private trade.

Exchange tokens. not coins. Just like the old arcades used to do.

a reply to: ElGoobero

make any Thing but gold and silver Coin a Tender in Payment of Debts

The way I read it, they can mint coins containing gold and silver for payments of debt.


YUPPA beat me to the draw.


Coins containing varying amounts of gold or silver for different denominations.

a reply to: infolurker

This interests me greatly, I will be coming back to this thread for further discussions, it ties in well with my recent website launch, where I discuss the dangers of CBDCs, and will ultimately be seeking possible solutions to the problem.

perhaps they will be 'trade units' or similar valid in Texas only.

tokens, as mentioned.

I suspect leftist businesses like Starbucks will refuse to accept.



this is a conspiracy site so let's have some fun

the 'coins' will be step one in Texas' move to independence.
:0

originally posted by: ElGoobero
perhaps they will be 'trade units' or similar valid in Texas only.

tokens, as mentioned.

I suspect leftist businesses like Starbucks will refuse to accept.



this is a conspiracy site so let's have some fun

the 'coins' will be step one in Texas' move to independence.
:0

Well always said the south would rise again. this time without slavery.

Who else remembers when ISIS was a group trying to take control by minting their own child backed currency?
There was even an app pre-installed on my Samsung phone I wasn't allowed to delete called "isis", but they weren't in the news.

Then all of a sudden they started getting some traction with their new currency, since it brought power back to the people.


Next thing you know they're all over the news, killing people, and being a terrorist organization... and the US has to start a war over it.
Dollars to donuts the US Federal reserve was behind that.

a reply to: lordcomac

Sorry, that was supposed to say GOLD BACKED CURRENCY... not child backed!

I missed the edit window