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JohnRgt

Texas contemplating gold depository

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A lawmaker has proposed a bill to create a Texas Bullion Depository, which would allow the state and its citizens to store gold bullion in its own facility in Texas, with the protection of the state.

If passed, the Texas bill would tell Washington to “shove off” under the 10th amendment power given the states, if we ever saw the kind of currency craziness we saw during the Great Depression when President Franklin D. Roosevelt mandated citizens hand over most of their gold.
This depository would serve private citizens, with the state guaranteeing its safety. (10th Amendment.)
I look so stupid in cowboy hats . . .

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This is not going to make a bit of difference as long as the legal tender laws specify that all debts private and public will be paid in non-redeemable Federal currency. If you really long to have the gold standard back, the legal tender laws must be repealed.

ruveyn

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The action may not allow Texas to issue currency, but guaranteeing private deposits as a hedge against another FDR crusade against gold is a hell of a statement. Besides, Texas may drop out . . . (not)

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