Texans Can Use Precious Metals in Everyday Transactions Under New Law

[Elderberry]

Texas Scorecard by Adam Cahn June 25, 2025

Gov. Greg Abbott has signed into law a measure allowing Texans to use precious metals in day-to-day financial transactions, despite the objections of banking lobbyists.

House Bill 1056 by State Rep. Mark Dorazio (R–San Antonio) allows Texans to deposit precious metals with the Texas Bullion Depository in Leander and use a debit card system for purchases, similar to traditional currency.

It invokes a frequently overlooked provision in the U.S. Constitution that permits the state comptroller to authorize the use of gold and silver as currency.

Article 1, Section 10 of the U.S. Constitution states, “No state shall coin money, emit bills of credit, or make anything but gold and silver coin a tender in payment of debts.”

Under the new law, the comptroller’s office will contract with a debit card provider to facilitate transactions.

More: https://texasscorecard.com/state/texans-can-use-precious-metals-in-everyday-transactions-under-new-law/

[catfish1957]

Watch for more of this in Red states,  as fall out of 30 years of reckless deficit spending comes home to roost.   I hope Abbott takes it a step further and commissions a state currency in Silver, and maybe large dominations in Gold.

[MeganC]

The thing that should worry some Texans is that the state can require payment of taxes and fines to be made in gold or silver if the US dollar goes the way of the Weimar mark.

[MeganC]

Also worrisome is the potential for fed/state government to seize the hard money if they feel like it.

[roamer_1]

Watch for more of this in Red states,  as fall out of 30 years of reckless deficit spending comes home to roost.   I hope Abbott takes it a step further and commissions a state currency in Silver, and maybe large dominations in Gold.

Dunno if that is actually bright. More return playing the high/low, cashing out when the play is best... Maybe not so wise, piddlin it down in the everyday.