Members of the Texas Legislature are seeking to enact legislation helping restore sound money and enforce the U.S. Constitution’s monetary provisions.
Senate Bill No. 1558 (SB 1558) is sponsored by Senator Tan Parker (R-Flower Mound), while House Bill No. 4305 (HB 4305) is sponsored by Representative Mark Dorazio (R-San Antonio).
If enacted, SB 1558 would officially recognize gold and silver coins as legal tender and eliminate capital-gains taxes on gold and silver — thus bringing Texas closer to constitutional compliance and treating gold and silver as money. Furthermore, SB 1558 includes a provision that would allow non-U.S.-minted gold and silver coins to be recognized as legal tender, further weakening Fed control.
HB 4305 would require the Texas comptroller to establish gold and silver reserves, thus reducing its dependence on the federal government.
SB 1558 and HB 4305 are great first steps toward enforcing the Constitution’s monetary provisions. Article I, Section 10, of the U.S. Constitution plainly states that “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” It’s long overdue that states begin to enforce this provision once again.
Additionally, these bills are important steps toward nullifying the unconstitutional Federal Reserve, which has a monopoly on money, and also reducing Texas’ financial dependence on the federal government. It will also help Texas avoid the federal government’s planned “Central Bank Digital Currencies,” which severely threaten privacy and individual freedom.
Article VI of the U.S. Constitution obligates state officials to uphold the Constitution and nullify all laws not “made in Pursuance” of it. Officials at all levels of government must push back against the federal government’s many unconstitutional laws and agencies, and robustly enforce the Constitution and only those laws “made in Pursuance thereof.” SB 1558 and HB 4305 are excellent models for other states to follow.
Urge your state representative and senator to support SB 1558 and HB 4305 and to fully restore sound money in Texas.