Texas wants its gold back.
The Lone Star State is alone among the states in keeping a sizable about of money in gold deposits — not futures or other investment postitions, but real gold bullion, about $650 million worth, according to The Associated Press.
And it doesn’t want that bullion to be tied up in a New York bank anymore.
The beauty of gold is that even if the U.S. financial system comes to a crashing halt, “there will always be the exact same amount of gold in there as the amount that was put in,” said Republican state Rep. Giovanni Capriglione, who drafted the gold bill, according to the AP.
Texas Gov. Greg Abbott applauds the move. After signing the bill into law, he tweeted:
California may be the golden state, but Texans deserve to keep their gold in-state! READ MORE: http://t.co/yWxyyOiMnF pic.twitter.com/w53EzYZ7QQ
— Gov. Greg Abbott (@GovAbbott) June 12, 2015
The move is so popular in Texas even the state’s Democrats want the gold back. In the Senate, the vote was 27-4. The House approved it 140-to-4.
But the move is also creating something of a headache for Texas. Now, the metal is stored in a rented vault in Manhattan, according to PolitiFact. The newly founded Texas Bullion Depository exists in name only. It hasn’t been built, nor has a location for it been decided.
“We are honestly at the phase where the questions we are answering are creating more questions that we have to answer,” Chris Bryan, a spokesman for the comptroller’s office, which is charged with implementing to legislation.
The Texan moves gave new life to periodic Internet buzz about the largest of the contiguous states deciding it didn’t want to be part of the Union anymore — a secessionist-fantasy that periodically returns to the public eye. (Characteristic Twitter user: “PREPPING FOR SECESSION. DON’T MESS WITH TEXAS”)
At a 2009 tax-day tea party demonstration, then-Texas Gov. Rick Perry suggested that the Lone Star state could legally secede, although at the time he cautioned against it. (Of course, that was only the first year of the Obama Era.)
Texas, like Hawaii, was an independent nation before joining the union. When it became the 28th, it didn’t expressly agree to never leave. Also, the Texas Constitution provides that “Texas is a free and independent State, subject only to the Constitution of the United States.”
Although the U.S. Constitution doesn’t provide for secession, neither is it expressly prohibited.
Although the move has its detractors (besides being on the losing end of the murderous four-year argument known as the Civil War), it also has plenty of support on social media. Some examples:
@thehill – who can blame them? They’re smarter than the rest.
— CTCatholicCorner (@CtCathCorner) July 4, 2015
@thehill smart thinking. Don’t want it confiscated by the national government
— Richard A Blake (@Olentzaro) July 4, 2015
Good idea. This country has about run its course. Don’t you agree, @thehill?
— VACUOUS CIPHER (@THE_DAILY_BLEAT) July 4, 2015
?? Texas just created a state depository to hold its gold–that’s a good thing http://t.co/Y9Q0Dqlw8g
— All American Girl (@AIIAmericanGirI) June 25, 2015
@thehill # PREPPING FOR SECESSION. DON’T MESS WITH TEXAS !!!
— stephen e motolenich (@stephen16781577) July 4, 2015
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