By: Dorazio	H.B. No. 23

	A BILL TO BE ENTITLED
	AN ACT
	relating to the establishment of a currency based on gold and
	silver; authorizing a fee.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Subtitle A, Title 4, Government Code, is amended
	by adding Chapter 404A to read as follows:
	CHAPTER 404A. GOLD AND SILVER CURRENCY
	SUBCHAPTER A. GENERAL PROVISIONS
	Sec. 404A.0001.  DEFINITIONS. In this chapter:
	(1)  "Bullion" means precious metals as defined within
	the Government Code Chapter 2116 limited to gold and silver only.
	(2)  "Currency" means the representation of actual gold
	and silver, specie and bullion held in a Depository account by a
	Depository account holder as defined within the Government Code
	Chapter 2116.  Such representation shall reflect the exact unit(s)
	of physical specie or gold and silver bullion in the pooled
	depository account in its fractional troy ounce measurement as
	provided by this chapter.
	(3)  "Precious metal" means precious metal as defined
	within the Government Code Chapter 2116 limited to gold and silver.
	(4)  "Pooled depository account" means the account in
	the Texas Bullion Depository established under Section 404A.0052.
	(5)  "Specie" means a precious metal stamped into coins
	as defined within the Government Code Chapter 2116.
	Sec. 404A.0002.  RULES. The comptroller may adopt rules as
	necessary or convenient to implement this chapter, including rules
	to:
	(1)  ensure the security of the specie, bullion,
	currency, transactions and related data; and
	(2)  prevent fraud; and
	(3)  prohibit transactions involving foreign nations
	or enemies of this State.
	SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF CURRENCY
	Sec. 404A.0051.  ESTABLISHMENT. (a) As authorized by the
	U.S. Const. Art. I,   10, the comptroller shall issue specie and
	establish a currency as determined practicable.
	(b)  The comptroller may preferentially contract with a
	private vendor having its principal place of business and its
	center of operations in Texas to establish the currency or perform
	other duties under this chapter.  Such contract may additionally
	provide for the initial start up expense of this Chapter.
	(c)  In establishing the currency the comptroller shall
	establish a means to ensure that a person or State who holds the
	currency may use such as legal tender in payment of debt, readily
	transfer or assign such currency to any other person or State by
	electronic means.
	(d)  In establishing specie, the comptroller shall
	exclusively authorize the Texas Bullion Depository as the State's
	issuer and ensure that the holder of such specie may use such as
	legal tender in payment of debt, readily transferable to any other
	person or State.
	Sec. 404A.0052.  BULLION DEPOSITORY ACCOUNT. (a)  The
	comptroller serving as trustee or another person appointed by the
	comptroller who shall serve as trustee shall hold in trust on behalf
	of the currency holders all specie and bullion owned or purchased
	for such purposes.  The trustee shall maintain enough specie or
	bullion to provide for the redemption of all units of the currency
	issued but not redeemed.
	(b)  The trustee shall establish an account in the Texas
	Bullion Depository to hold in trust as trustee on the behalf of the
	currency holders all specie and bullion owned and allocated or
	purchased for such purposes.
	Sec. 404A.0053.  PURCHASE AND ISSUANCE. (a) A person or any
	State of the United States, may be issued their currency by the
	comptroller upon:
	(1)  Making payment to the comptroller for the purpose
	of a purchase of specie or bullion to be represented by currency
	together with any fee charged under Section 404A.0058; or
	(2)  Designating specie or bullion held on account in
	the Texas Bullion Depository for the purpose of being represented
	by currency together with payment of any fee charged under Section