JOINT RESOLUTION TO SUSPEND THE GOLD STANDARD AND ABROGATE THE GOLD CLAUSE

JUNE 5, 1933 H.J.Res. 192, 73rd Cong., 1st Sess.
Joint resolution to assure uniform alue to t!e "oins and "urren"ies of t!e United States. #!ereas t!e !olding of or dealing in gold affe"t t!e $u%li" interest, and t!erefore su%&e"t to $ro$er regulation and restri"tion' and #!ereas t!e e(isting emergen") !as dis"losed t!at $ro isions of o%ligations *!i"! $ur$ort to gi e t!e o%ligee a rig!t to re+uire $a)ment in gold or a $arti"ular ,ind of "oin or "urren") of t!e United States, or in an amount of mone) of t!e United States measured t!ere%), o%stru"t t!e $o*er of t!e Congress to regulate t!e alue of mone) of t!e United States, and are in"onsistent *it! t!e de"lared $oli") of t!e Congress to maintain at all times t!e e+ual $o*er of e er) dollar, "oined or issued %) t!e United States, in t!e mar,ets and in t!e $a)ment of de%ts. No*, t!erefore, %e it Resol ed %) t!e Senate and House of Re$resentati es of t!e United States of -meri"a in Congress assem%led, .!at /a0 e er) $ro ision "ontained in or made *it! res$e"t to an) o%ligation *!i"! $ur$orts to gi e t!e o%ligee a rig!t to re+uire $a)ment in gold or a $arti"ular ,ind of "oin or "urren"), or in an amount in mone) of t!e United States measured t!ere%), is de"lared to %e against $u%li" $oli")' and no su"! $ro ision s!all %e "ontained in or made *it! res$e"t to an) o%ligation !ereafter in"urred. E er) o%ligation, !eretofore or !ereafter in"urred, *!et!er or not an) su"! $ro isions is "ontained t!erein or made *it! res$e"t t!ereto, s!all %e dis"!arged u$on $a)ment, dollar for dollar, in an) su"! "oin or "urren") *!i"! at t!e time of $a)ment is legal tender for $u%li" and $ri ate de%ts. -n) su"! $ro ision "ontained in an) la* aut!ori1ing o%ligations to %e issued %) or under t!e aut!orit) of t!e United States, is !ere%) re$ealed, %ut t!e re$eal of an) su"! $ro ision s!all not in alidate an) ot!er $ro ision or aut!orit) "ontained in su"! la*.

/%0 -s used in t!is resolution, t!e term 2o%ligation3 means an) o%ligation /in"luding e er) o%ligation of and to t!e United States, e("e$ting "urren")0 $a)a%le in mone) of t!e United States' and t!e term 2"oin or "urren")3 means "oin or "urren") of t!e United States, in"luding 4ederal Reser e notes and "ir"ulating notes of 4ederal Reser e %an,s and national %an,ing asso"iations. SEC. 2. .!e last senten"e of $aragra$! /10 of su%se"tion /%0 of se"tion 53 of t!e -"t entitled 2-n -"t to relie e t!e e(isting national e"onomi" emergen") %) in"reasing agri"ultural $ur"!asing $o*er, to raise re enue for e(traordinar) e($enses in"urred %) reason of su"! emergen"), to $ro ide emergen") relief *it! res$e"t to agri"ultural inde%tedness, to $ro ide for t!e orderl) li+uidation of &oint6sto", land %an,s, and for ot!er $ur$oses,3 a$$ro ed 7a) 12, 1933, is amended to read as follo*s8 2-ll "oins and "urren"ies of t!e United States /in"luding 4ederal Reser e notes and "ir"ulating notes of 4ederal Reser e %an,s and national %an,ing asso"iations0 !eretofore or !ereafter "oined or issued, s!all %e a legal tender for all de%ts, for $u%li" and $ri ate, $u%li" "!arges, ta(es, duties, and dues, e("e$t t!at gold "oins, *!en %elo* t!e standard *eig!t and limit of toleran"e $ro ided %) la* for t!e single $ie"e, s!all %e legal tender onl) at aluation in $ro$ortion to t!eir a"tual *eig!t.3 -$$ro ed June 5, 1933, 5839 $.m.

No*, *!en )ou read t!is, note t!at 2gold or3 is in red, read t!e senten"e lea ing it out, t!ere is no gold in "ir"ulation. Read it8 2re+uiring $a)ment in a $arti"ular ,ind of "oin or "urren") is against $u%li" $oli").3 .!en read it again8 2re+uiring $a)ment in an amount in mone) of t!e United States measured t!ere%), is against $u%li" $oli").3 No* : as, )ou, *!at else is t!ere and *!at "an )ou %e re+uired to $a) in;

Sign up to vote on this title
UsefulNot useful