![]() “Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” said a statement issued by Governor Abbott, a popular conservative governor, after the ceremonial signing. First, though, officials will need to select a home for the Texas depository. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. And experts say the effect of making it easier to use sound money in commerce could be far-reaching.Īmong other immediate effects, the law creating the first state-level gold-backed bank in the nation, House Bill 483, will involve repatriating about $1 billion of Texas gold from New York. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. Please click to contact one of our currency experts.The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Federal Reserve Bank Notes were phased out by the mid-1930s. Depending on the condition and the bank issuing them, some Federal Reserve Bank Notes can be quite valuable. Federal Reserve Bank Notes are issued, backed, and redeemable by each individual Federal Reserve Bank. ![]() Created when the National Bank Note system was being phased out, Federal Reserve Bank Notes are often confused with Federal Reserve Notes. These notes are part of the Federal Reserve System, created in 1913, and therefore there are no individual banks names on the notes, like the National Bank Notes. Now, Federal Reserve Notes are backed only by the government’s declaration that it is legal tender in the United States. Treasury, but in 1971, President Nixon took the country off the gold standard. More security features were added in the redesign of the 2004 Series.įederal Reserve Notes used to be backed by gold in the U.S. The design was largely unchanged until the 1990s. stopped printing denominations over $100 and in 1969 $500 bills were taken out of circulation. Treasury Seal and standard dimension of today. Though technically it was the 1928 Series, in 1929 the notes changed (as did all U.S. ![]() The early Federal Reserve Notes were large and bore red and blue seals. The words “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” appears on each note. Also known as banknotes, Federal Reserve Notes are the only currency currently issued by the U.S. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |