Did you know that under President Anson Jones that the Texas dollars were backed by gold? Many people did not. In many ways, the Texas economy prior to its seizure was stable. The early years of the Republic saw some instability, but by the time that Jones was the chief executive, it had settled down. The stable currency made Texas a tempting nation ripe for seizure. Not only did we have a stable currency, our navy was the best in the western Gulf of Mexico. I was reminded of the stability of the Texas economy when I saw the story this morning that the U.S. Mint has suspended gold sales. In today’s economy one often has to look at what is being done rather than what is being said. Another oddity is that although gold is going for $798.00 oz, the US gold coins available for sale are going for $1119.95. (that’s about $300 over the price of gold). Since I was not born yesterday, it makes me wonder if the “real” price of gold is actually higher than what is being reported.

When we were independent, such things were not a concern. Our money was backed by gold. The economy was based on good common sense in those days.PS-This evening after meeting with a researcher concerning the Republic of Texas and its financial condition, I must make a correction. Texas money was NOT backed up by gold, the notes only said it was. Although President Jones had the most stable economy of all the Texas Presidents, and the money was at its soundest, it was not backed by gold, it just said it was. The backing of the money was the “good faith of the people of Texas and nothing else. In today’s economy, the US dollar is backed by good faith and nothing else as well.

Economic Independence, gold coin sales suspended, President Anson Jones of Texas, price of gold

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