March 8, the bill filing deadline for the Texas legislature, was a very good day for We Texans. In addition to the filing of our property tax elimination bill formerly wetexans.com and a common carrier/eminent domain reform bill, Rep. Giovanni Capriglione filed HB 3505: The Texas State Bullion Depository Bill
More about this bill from our friends at Texas Sound Money:
The Depository would be a state agency under the purview of the State Comptroller. The establishment of the depository will create a means for intergovernmental transactions to occur in gold and silver. Taxes could be paid in gold and silver and it would allow people who receive payments from the government to elect gold or silver for payment. It would also allow Texas citizens to open an account and deposit their gold or silver in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account. All gold and silver would be redeemable on demand. Fractional Reserve banking would be prohibited as well as all other types of banking or investment with the deposits.
This bill will solve four of the most common problems associated with using gold or silver as currency:
PROBLEM: There is not much of a gold and silver economic ecosystem. In other words there has to be a critical mass of places which will accept gold and silver before other places accept gold or silver.
SOLUTION: The Gold Depository bill solves part of that problem by establishing, that at the very minimum, everyone can pay their taxes using gold or silver. Plus it would open up the door for government employees and contractors to receive payment in gold or silver if they chose to do so
PROBLEM: People are worried about the complexity of their taxes, especially the Capital Gains Tax.
SOLUTION: The Gold Depository Bill charges the Texas Comptroller to devise a means for calculating the Capital Gains Tax. This relieves citizens of the fear of reprisal if they don’t calculate their Capital Gains Tax properly. This bill will add a layer of protection for businesses and citizens of Texas who elect to use precious metals as money.
PROBLEM: People and businesses don’t want to incur the loss that happens when converting federal reserve notes (dollars) to gold or vice versa.
SOLUTION: The Gold Depository Bill resolves some of this by establishing a system of payments and receipts which never require a conversion to federal reserve notes.
PROBLEM: People and businesses don’t use gold and silver as money because they are afraid, afraid of being prosecuted or afraid of confiscation.
SOLUTION: The Gold Depository bill functions as a shield for the citizens of Texas who wish to use gold and silver as money. It will provide a layer of protection for the citizens of Texas from any federal charges of counterfeit. The bill also has protections from confiscations.
Please download the single-page legislative brief formerly for this bill from the Texas Center for Economics, Law and Policy and share with your representative today to show your support for the Texas State Depository.
And for those of you who may be visual learners and fans of satire, check out this not-so-far-from-the-truth video explanation of HB 3505:
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Special Thanks to Debra Medina and staff for outstanding research on sovereignty and property rights and property taxes. Hat Tip to all! Formerly WeTexans.com this content is archived and searchable here on Constitutional Liberty Coalition for reference only.