Extension of Stabilization Fund and Powers, Etc: Hearing[s] Before the Committee on Coinage, Weights, and Measures, House of Representatives, Seventy-sixth Congress, First Session, on H.R. 3325, a Bill to Extend the Time Within which the Powers Relating to the Stabilization Fund and Alteration of the Weight of the Dollar May be Exercised, Volume 66 |
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Page 1
... dollar may be exercised . If there is no objection , the chairman will assume that it has been heard on its first reading . We have the privilege , this morning , of hearing the Secretary of the Treasury give his reasons why he feels it ...
... dollar may be exercised . If there is no objection , the chairman will assume that it has been heard on its first reading . We have the privilege , this morning , of hearing the Secretary of the Treasury give his reasons why he feels it ...
Page 2
... dollar , which would otherwise expire on June 30 , 1939. H. R. 3325 , which was introduced on January 26 , 1939 , by Chairman Somers , is in accord with the recommendations of the President and I am appearing before you in support of ...
... dollar , which would otherwise expire on June 30 , 1939. H. R. 3325 , which was introduced on January 26 , 1939 , by Chairman Somers , is in accord with the recommendations of the President and I am appearing before you in support of ...
Page 3
... dollar balances was far greater than could be taken care of through normal commercial channels . If there had been no stabilization fund to cooperate with the other funds , the dollar exchange would have fluctuated so violently as to ...
... dollar balances was far greater than could be taken care of through normal commercial channels . If there had been no stabilization fund to cooperate with the other funds , the dollar exchange would have fluctuated so violently as to ...
Page 4
... dollar - ster- ling rate , the fund might , in order to protect the dollar's position and American commercial and trade interests , engage in gold opera- tions to relieve that pressure . It might , for example , place an order through ...
... dollar - ster- ling rate , the fund might , in order to protect the dollar's position and American commercial and trade interests , engage in gold opera- tions to relieve that pressure . It might , for example , place an order through ...
Page 5
... dollar is the most stable and the soundest currency in the world today . The $ 2,000,000,000 stabilization fund has been an important and , I believe , essential instrument in maintaining that stability . The occasions when the ...
... dollar is the most stable and the soundest currency in the world today . The $ 2,000,000,000 stabilization fund has been an important and , I believe , essential instrument in maintaining that stability . The occasions when the ...
Common terms and phrases
$35 an ounce American amount ANDRESEN answer Bank of England BECKHART bill bonds BRADFORD British BYRON cents an ounce CHAIRMAN circulation CLINCH coin coinage committee commodities Congress cost currency debt December December 21 deposit domestic silver EBERHARTER effect excess reserves exports Federal Reserve banks Federal Reserve notes Federal Reserve System finance foreign silver France gentleman gold certificates gold dollar Gold Reserve Act gold standard gold stock Government increase interest issue January JORDAN KNOKE LUCE member banks ment monetary value newly mined operation ounces of silver PARSONS percent pound present President price level price of gold price of silver proclamation profit question redemption Secretary MORGENTHAU securities seigniorage SHEPPARD silver certificates silver dollar Silver Purchase Act SMITH stabilization fund statement sterling tion trade Treasury United United States coinage WHITE York
Popular passages
Page 270 - Act, but the repeal of existing laws or modifications thereof embraced in this Act shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in any civil cause before...
Page 83 - That the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity.
Page 91 - Silver Purchase Act of 1934." SEC. 2. It is hereby declared to be the policy of the United States that the proportion of silver to gold in the monetary stocks of the United States should be increased, with the ultimate objective of having and maintaining, one-fourth of the monetary value of such stocks in silver.
Page 72 - And it is hereby further declared that the efforts of the Government should be steadily directed to the establishment of such a safe system of bimetallism as will maintain at all times the equal power of every dollar coined or issued by the United States, in the markets and in the payment of debts.
Page 83 - Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.
Page 25 - An Act to relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with respect to agricultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other purposes...
Page 25 - The President is authorized, in addition to other powers, to reduce the weight of the standard silver dollar in the same percentage that he reduces the weight of the gold dollar. "The President is further authorized to reduce and fix the weight of subsidiary coins so as to maintain the parity of such coins with the standard silver dollar and with the gold dollar.
Page 72 - ... be of equal intrinsic and exchangeable value, or be adjusted through international agreement or by such safeguards of legislation as shall insure the maintenance of the parity of the two metals and the equal power of every dollar, at all times, in the markets and in the payment of debts; and we demand that all paper currency shall be kept at par with and redeemable in such coin.
Page 1 - The Secretary of the Treasury is directed to use $1,800,000,000 of the fund established in this section to pay part of the subscription of the United States to the International...
Page 25 - The President is further authorized to issue silver certificates in such denominations as he may prescribe against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, and to coin standard silver dollars or subsidiary currency for the redemption of such silver certificates"; and...