Texas House Bill HB3320

Texas 2015 - 84th Regular

Caption

Relating to the use of certain coins and bullion as legal tender.

Impact

The introduction of HB3320 could have significant implications for how transactions are conducted in Texas. By recognizing gold and silver as legal tender, the bill not only empowers individuals to utilize these metals for various financial obligations but also encourages the preservation of these commodities' inherent value. However, the bill also clarifies that no person can be compelled to accept gold or silver as payment, which means that traditional currency remains the primary medium of exchange by default.

Summary

House Bill 3320 aims to establish gold and silver coins, as well as gold and silver bullion, as legal tender in Texas. This would allow individuals to use these precious metals for settling any private or public debts within the state. The bill references the U.S. Constitution, highlighting that its provisions align with federal law regarding the legal acceptance of such forms of currency.

Contention

One notable point of contention surrounding HB3320 is the potential impact on standard financial practices. Advocates of the bill may argue that returning to a more metallic-based form of currency could stabilize economies and protect against inflation, while critics may raise concerns about the practicality and scalability of using gold and silver in everyday transactions. They might also worry about the implications for businesses that would need to adapt their payment systems to accommodate this new form of legal tender.