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Texas introduces GAULT legislation
Posted: Sat Nov 23, 2024 8:04 am
by pmbug
I wrote an article advocating for
Gold as Unpegged Legal Tender (GAULT) almost two years ago. Now I see a report where my home state of Texas has (re*)introduced legislation to implement it locally:
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.
...
https://blog.tenthamendmentcenter.com/2 ... -currency/
* this legislation was introduced in the last legislative session, but
it was introduced late in the session and didn't make it through the legislative process which was busy considering a bunch of other issues.
Re: Texas introduces GAULT legislation
Posted: Sat Nov 23, 2024 8:18 am
by dualstow
Now that is something I would hoard.
Fascinating! It could never become reality, though, could it.
Re: Texas introduces GAULT legislation
Posted: Sun Nov 24, 2024 1:44 am
by boglerdude
Megacorp (Amazon, Walmart, Home Depot, Kroger) are the US gov and they'll only take the company scrip
Re: Texas introduces GAULT legislation
Posted: Sun Nov 24, 2024 10:52 am
by yankees60
boglerdude wrote: ↑Sun Nov 24, 2024 1:44 am
Megacorp (Amazon, Walmart, Home Depot, Kroger) are the US gov and they'll only take the company scrip
Have access to the first three but don't even know where the nearest Kroger is to me. Are they even present in the entire Northeast?
Re: Texas introduces GAULT legislation
Posted: Mon Nov 25, 2024 7:04 am
by ochotona
What I really want to know is this... if gold & silver in Texas become legal tender (I live in Houston), will that generate a legal case where the way gold is taxed Federally, as a Collectible, is challenged? That's probably a major intent of the legislation. How can we become part of the class action, pmbug ?
But I won't hold metals at the Tx Bullion Depo... it's too darn costly! I looked at it once, spun away immediately. I can't quote you a number, but it must have been bad because it gave me a concussion and short term memory loss.
=========================================
I just spun up a letter to Rep. Dorazio:
Dear Rep. Dorazio,
I would like to know if you think your bills, were they to become law, would form the basis of an eventual challenge to the Federal taxation of gold as a "collectible" (which is clearly ridiculous, if the gold isn't a numismatic coin but is just pure bullion).
I know I am not in your District, but if you could point me to a PAC or group of Texans who are trying to make a Federal court case happen, I'd like to be able to get in touch with them.
Please feel free to email, or have your staff email me. Thank you.
"Ochotona Princeps"
Re: Texas introduces GAULT legislation
Posted: Mon Nov 25, 2024 8:32 am
by pmbug
ochotona wrote: ↑Mon Nov 25, 2024 7:04 am
What I really want to know is this... if gold & silver in Texas become legal tender (I live in Houston), will that generate a legal case where the way gold is taxed Federally, as a Collectible, is challenged? ...
I'm quite sure that if the bill passes and Texas builds the payment infrastructure for trading both physical gold specie and 100% gold backed digital (crypto?) claims, people will end up using it and then there will be some legal wrangling with the Feds if Congress doesn't amend Federal tax law before the train leaves the station. How that would play out is above my pay grade!
ochotona wrote: ↑Mon Nov 25, 2024 7:04 am... How can we become part of the class action, pmbug ? ...
First the bill has to pass and become law. You could send your Texas Rep feedback that you want him to support (or even co-sponsor) the bills.
ochotona wrote: ↑Mon Nov 25, 2024 7:04 am... I just spun up a letter to Rep. Dorazio:
Please do share if you get any response more than the standard canned responses that the staff usually send out.
Re: Texas introduces GAULT legislation
Posted: Mon Nov 25, 2024 8:43 am
by pmbug
I just sent a note to my Texas State Representative:
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>
Re: Texas introduces GAULT legislation
Posted: Sat Nov 30, 2024 11:12 am
by stpeter
ochotona wrote: ↑Mon Nov 25, 2024 7:04 am
But I won't hold metals at the Tx Bullion Depo... it's too darn costly! I looked at it once, spun away immediately. I can't quote you a number, but it must have been bad because it gave me a concussion and short term memory loss.
On the other hand, I've been pretty happy with Texas Precious Metals Depository.
Re: Texas introduces GAULT legislation
Posted: Sat Nov 30, 2024 12:09 pm
by welderwannabe
ochotona wrote: ↑Mon Nov 25, 2024 7:04 am
What I really want to know is this... if gold & silver in Texas become legal tender (I live in Houston), will that generate a legal case where the way gold is taxed Federally, as a Collectible, is challenged? That's probably a major intent of the legislation. How can we become part of the class action, pmbug ?
But I won't hold metals at the Tx Bullion Depo... it's too darn costly! I looked at it once, spun away immediately. I can't quote you a number, but it must have been bad because it gave me a concussion and short term memory loss.
Not sure where you live, but there is a decent depository in new england I use.
Re: Texas introduces GAULT legislation
Posted: Sat Nov 30, 2024 12:21 pm
by dualstow
It says Houston in the quoted post.
Re: Texas introduces GAULT legislation
Posted: Sun Jan 05, 2025 1:05 am
by ppnewbie
I have a feeling everything would feel different if gold was legal tender or there was something backed by gold.
I would dump traditional banking. I think this would be a key step in restoring responsible behavior by banks and everyone else because they would have to compete with real money.
Re: Texas introduces GAULT legislation
Posted: Fri May 30, 2025 4:02 pm
by pmbug
It's happening! HB1056 just passed the Texas House and now awaits Governor Abbott's signature. Awesome!
Re: Texas introduces GAULT legislation
Posted: Sat May 31, 2025 7:54 am
by ochotona
pmbug wrote: ↑Sat Nov 23, 2024 8:04 am
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.”
Since it's Texas, you can be assured that the owners of the Texas Bullion Depository contracting company (not a State run enterprise) made many campaign contributions, and that many conservative GOP lawmakers who hold out Family Values were taken to ti**y bars and wined and dined. It's how we do bidness here.
I looked into storing my bullion there and the rates were "PEEEE-YOUUUU". No thank you. It's a grift, coming and going.
Re: Texas introduces GAULT legislation
Posted: Sat May 31, 2025 8:11 am
by seajay
When a state has a higher credit rating than the Fed, and a alt currency that is rated higher than the Dollar (reciprocated barriers due to Trumps irregularities)
will Houston become the US capital city?
Re: Texas introduces GAULT legislation
Posted: Wed Jun 04, 2025 11:14 am
by pmbug
2025 has brought a sound money legislation landslide. Several states passed or almost passed legislation to establish gold and silver as legal tender
and to develop payment rails for using them as a parallel currency. I reviewed the legislation for bills in AR, MO, FL and TX in the article linked below.
https://www.pmbug.com/threads/sault-and ... lide.8270/