84R11555 MK-F
By: Hall S.B. No. 1428
A BILL TO BE ENTITLED
AN ACT
relating to the use of silver and gold coins as legal tender.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. LEGISLATIVE FINDINGS. The legislature finds and
declares that:
(1) the State of Texas is experiencing an economic
crisis of severe magnitude caused in large part by the
unconstitutional substitution of Federal Reserve notes for silver
and gold coin as legal tender in this state; and
(2) immediate exercise of the power of the State of
Texas under Section 10, Article I, United States Constitution, is
necessary to protect the safety, health, and welfare of the people
of this state, by guaranteeing to them a constitutional and
economically sound monetary system.
SECTION 2. DEFINITIONS. For the purposes of this Act:
(1) "State" includes the State of Texas and all
executive and administrative departments and agencies, courts,
instrumentalities, and political subdivisions of the state, and all
elected and appointed officials, employees, and agents of the state
acting in their official capacities.
(2) "Silver and gold coin" includes coined or minted
silver and gold coins of the United States, or silver and gold coins
of any foreign nation adopted as money of the United States by
authority of the United States Congress pursuant to Section 8,
Article I, United States Constitution. The term does not include
any note, obligation security, bill of credit, or other form or
species of paper currency or other instrument or document intended
to circulate as money emitted or issued by the United States, or any
department, agency, or officer of the United States, or by the
Federal Reserve System or any board, committee, member bank,
instrumentality, official, or agent of the Federal Reserve System.
SECTION 3. LEGAL TENDER. Beginning September 1, 2015, the
state shall not recognize, employ, or compel any person or entity to
recognize or employ anything other than silver and gold coin as a
legal tender in payment of any debt arising out of:
(1) taxation by the state, where the applicable
authority for the tax shall mandate the calculation and payment of
the tax in silver and gold coin;
(2) expropriation of private property pursuant to the
exercise of the power of eminent domain by the state or by any
entity privileged by state law to exercise the power of eminent
domain; or
(3) judgments, decrees, or orders of any state court
or administrative agency in civil or criminal actions or
proceedings, except where, and only to the extent that the court or
agency granting an award finds, on the basis of clear and convincing
evidence, that payment of silver and gold coin does not constitute
just compensation for the damages suffered by the prevailing party,
and orders:
(A) specific performance of a contract or
agreement by other than the payment of money;
(B) specific restitution of identifiable
property other than money;
(C) other similar relief; or
(D) contracts or agreements for the payment of
wages, salaries, fees, or other monetary compensation to any
person, corporation, or other entity that provides goods or
services to the state in aid of the performance of governmental
functions.
SECTION 4. UNIT AND MEASURE OF LEGAL TENDER. The unit and
measure for determining what constitutes legal tender in payment of
any debt specified in Section 3 of this Act is the standard silver
dollar, containing 371.25 grains (troy) fine silver, as coined or
minted by authority of Congress pursuant to Section 8, Article I,
United States Constitution.
SECTION 5. VALUE OF SILVER OR GOLD COIN. The value of any
silver or gold coin as legal tender in payment of any debt specified
in Section 3 of this Act must be denominated as dollars, calculated
as follows:
(1) the value of any silver coin shall be calculated by
dividing the weight of fine silver in grains (troy) that the coin
contains by 371.25 grains, and expressing the quotient in dollars;
and
(2) the value of any gold coin shall be calculated by
multiplying the weight of fine gold in grains (troy) that the coin
contains by the proportion by weight between silver and gold as
determined by the comptroller, dividing the resulting product by
371.25 grains, and expressing the quotient in dollars.
SECTION 6. COMPTROLLER CERTIFICATION. At the beginning of
each business day, the comptroller shall:
(1) determine the average proportion by weight by
which gold exchanges against silver in the major precious metals
markets in the state;
(2) immediately make the determination available to
any person upon request without charge; and
(3) permanently certify and record the determination.
SECTION 7. STATE RECORDING REQUIREMENTS. Beginning
September 1, 2015, the state shall denominate all public accounts
and record the value of all public assets and liabilities in
standard silver dollars.
SECTION 8. SEVERABILITY. If any provision of this Act or
its application to any person or circumstance is held invalid, the
invalidity does not affect other provisions or applications of this
Act that can be given effect without the invalid provision or
application, and to this end the provisions of this Act are declared
to be severable.
SECTION 9. EFFECTIVE DATE. This Act takes effect September
1, 2015.