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