Monday, 29 April 2013

texas-goldA key component of the economic mission of the Texas Nationalist Movement is the promotion of monetary policies that support the independence of Texas.
As Russell Longcore notes, one of the cornerstones of maintaining the sovereignty of an independent state is the "power of the purse".
Enter in House Bill 3505 (full text here).
This bill, currently making the rounds through the Texas Legislature is major step to asserting the economic independence of Texas.
Sponsored by Rep. Giovanni Capriglione and backed by Gov. Rick Perry, HB3505 would create the Texas Bullion Depository, a state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co. and presently stored by the Federal Reserve.
HB3505 creates the Texas Bullion Depository to:
"serve as the custodian, guardian, and administrator of all bullion and specie transferred to or otherwise acquired by this state; provide the basis for a system for precious metals-denominated intergovernmental payments and settlements; establish a process and mechanism by which the system is able to function in the event of a systemic dislocation in a national and international financial system, including systemic problems in liquidity, credit markets, or currency markets; and provide a regulatory and administrative framework for the system to be made available to private persons."
In plain language, the bill essentially creates a means for intergovernmental transactions to occur in precious metals. Taxes could be paid in precious metals and it would allow people who receive payments from the government to elect precious metals for payment. It would also allow normal citizens to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also hold an account.
All metals would be redeemable on demand. Fractional Reserve banking would be prohibited as well as all other types of banking or investment with the deposits.
Why this and why now?
It's simple. The fiscal chickens are coming home to roost. It is absolutely no secret that the Federal government and the economic system that they have imposed is on the verge of collapse. 

This bill represents an opening salvo in Texas' fight to control its own economic destiny. 
What's the hold up?
Politics and misplaced priorities. This bill was almost introduced during the last session. Even with Governor Perry's very public support of this bill, the process has ground to a halt in the Texas House. The House leadership are committed to a "Casper Milquetoast" session so that any potential opposition in the next election cycle will have no controversy with which to challenge them.
As the Federal Government continues to actively attack the sovereignty of Texas and our rights are discarded like yesterday's garbage, the Legislature is looking to avoid pain now and in the next election.
What can you do?
The bill currently sits in the Appropriations Committee and needs a vote to get to the floor. It also needs Governor Perry to put his political capital where his mouth is. And it needs the Lt. Governor to hasten it's progress through the Texas Senate when it gets there.
In short, they need to hear from the people that this is a priority.
Two things:
1) Call these three today and let them know that you want to see support and action on this bill.
  • Representative Jim Pitts (Chairman of the Texas House Appropriations Committee) - (512) 463-0516
  • Governor Rick Perry - (512) 463-1782
  • Lt. Governor David Dewhurst -  (512) 463-0001
Tell them that you support HB 3505 and want to see it become law in this session.
2) Spread this article far and wide. There must be a groundswell of support voiced to these three to make this happen.
HB 3505 is important to the independence of Texas and you can help make it happen.

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