Texas invoice proposes gold and silver as authorized tender

Oh, Texas, the land of cowboys, oil wells, and now, valuable metals!

In keeping with this text, Senator Tan Parker (R) has launched Senate Invoice 1558 (SB1558) which goals to deal with gold and silver as precise cash, not simply fancy commodities.

And why would they do this, you ask? Nicely, to stay it to the person, in fact! This invoice could possibly be step one in undermining the Federal Reserve’s monopoly on cash.


Underneath this laws, Texans may use “specie issued by america” as authorized tender for all private and non-private money owed contracted within the state. And don’t be concerned, they’ve outlined specie for us; it is “a valuable metallic stamped into cash of uniform form, measurement, design, content material, and purity, appropriate for or typically used as foreign money, as a medium of trade, or because the medium for buy, sale, storage, switch, or supply of valuable metals in retail or wholesale transactions.” Ah, sure, as a result of all of us use our valuable metals for retail transactions on the day by day.

Fourth State

If handed, Texas can be the fourth state to acknowledge gold and silver as authorized tender, following within the footsteps of Utah, Wyoming, and Oklahoma. And let me let you know, Utah resides the excessive life now that they’ve reestablished constitutional cash. They even have the United Valuable Metals Affiliation (UMPA) the place you’ll be able to open an account denominated in U.S.-minted gold and silver {dollars}! Who wants a 401k when you’ll be able to put money into literal cash?  

Bullion Funded Debit Playing cards

However Texas is not happy with simply having a bullion depository, oh no. They wish to take it a step additional and use a bullion-funded debit card that seamlessly converts gold and silver to fiat foreign money within the background. As a result of who desires to attend for his or her funding to mature when you’ll be able to simply purchase a latte with gold cash?

Provide Constraints

And let’s not overlook, by permitting courts to designate further specie for use as authorized tender, Texas can lastly be free from the potential provide constraints imposed by solely utilizing United States-minted gold and silver cash. As a result of if there’s one factor Texans hate greater than something, it is provide constraints!

So, there you will have it, people. If this invoice passes, Texas will be capable to outline what specie is taken into account constitutional tender and stick it to the person by undermining the Federal Reserve’s monopoly on cash. Who wants stability when you’ll be able to have shiny cash?


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