Texas House Bills for Constitutional Currency

House Bills 1049 and 1056, introduced by Representative Mark Dorazio in the 89th Texas Legislature, propose the creation of a state-issued gold and silver-backed currency. Together these bills aim to establish gold and silver-backed currencies as legal tender within the state. The legislation mandates the Texas Comptroller to issue gold and silver specie and a currency representing specific fractions of troy ounces of these metals. A pooled depository account within the Texas Bullion Depository would hold the physical gold and silver assets in trust for currency holders. These currencies would be fully backed by their respective precious metals, providing an alternative to traditional fiat money. The bill emphasizes that this currency should be usable as legal tender for debt payments and easily transferable electronically. The Comptroller is authorized to establish necessary rules to ensure security, prevent fraud, and restrict transactions with foreign entities involved in illegal activities. Private vendors, preferably Texas-based, may be contracted to assist in establishing the system, covering initial costs and later reimbursed through fees. The proposed legislation reflects a growing interest in diversifying monetary systems and offering citizens options beyond government-issued currency. If enacted, Texas would create a state-based, gold and silver currency system, potentially setting a precedent for other states.

Read HB 1049
Read HB 1056