A Republican state representative turned to the Bible to support his successful efforts in establishing gold and silver as a form of functional money in the Lone Star State.
"If you go back to the scripture in Genesis 2, it gives you a reason how God intended us to be able to effectively engage in commerce," State Representative Mark Dorazio (R-San Antonio) ) said. "And that reason was: 'In the land of Havilah, I place the gold.'"
Dorazio argued that gold was divinely intended for use—a point that proved successful. Gov. Greg Abbott recently signed Dorazio's House Bill 1056 into law, officially recognizing gold and silver as legal tender in the Lone Star State.
The law will provide Texans the opportunity—through a mobile app or debit card system—to use the gold and silver they hold to make purchases, and was signed into law late last week before the bill-signing deadline. It also recognizes precious metals as legal tender in the state.
An earlier version of Dorazio's legislation would have established a new digital currency based on the use of gold and silver; however, this provision was struck out by state lawmakers, who eventually voted to send it to the governor's desk.
Dorazio has cited the inability to have a mechanism for making purchases with gold and silver as a sticking point for why such legislation hasn't proved successful in other states.
"How am I supposed to go to the grocery store and buy groceries? How am I supposed to put gas in my car with a gold bar?" Dorazio said. the Dallas Morning News Today, it's an impossibility. You just can't do it.
HB 1056 addresses the lack of a model to facilitate purchases by permitting the state comptroller to "establish or authorize" electronic systems for consumers and vendors to make and receive payments using gold and silver held in the state depository. The comptroller could also contract the work to third parties and charge associated fees.
While the language of the legislation establishes a framework for such a system, it does not require anyone to participate in it.
Republican lawmakers like Dorazio have spearheaded the move away from forms of currency issued and backed by a central government—such as the rise in cryptocurrencies—despite garnering backlash for such efforts.
Critics argue that turning gold and silver into usable currency could saddle the state with tens of millions in setup costs and create major logistical hurdles for handling everyday transactions.
The Texas Bankers Association and Independent Bankers Association have opposed such efforts due to concerns over consumer protections. Others oppose the use of precious metals as a form of currency due to potential capital gain taxes in transactions involving gold and silver, as they are classified as collectibles.
Those promoting the use of alternative currencies in the Texas Legislature and beyond cite protections against inflation and greater autonomy from potential government manipulation.
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