Public Policy HJR-192
JOINT RESOLUTION TO SUSPEND THE GOLD STANDARD AND ABROGATE
THE GOLD CLAUSE, JUNE 5, 1933
H.J. Res. 192, 73rd Cong., 1st Session
Joint resolution to assure uniform value to the coins and
currencies of the United States.
Whereas the holding of or dealing in gold affect the public
interest, and therefore subject to proper regulation and
restriction; and
Whereas the existing emergency has disclosed that provisions
of obligations which purport to give the obligee a right to require
payment in gold or a particular kind of coin or currency of the
United States, or in an amount of money of the United States
measured thereby, obstruct the power of the Congress to regulate the
value of money of the United States, and are inconsistent with the
declared policy of the Congress to 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.
Now, therefore, be it Resolved by the Senate and House of
Representatives of the United States of America in Congress
assembled, That (a) every provision contained in or made with
respect to any obligation which purports to give the obligee a right
to require payment in gold or a particular kind of coin or currency,
or in an amount in money of the United States measured thereby, is
declared to be against Public Policy; and no such provision
shall be contained in or made with respect to any obligation
hereafter incurred. Every obligation, heretofore or hereafter
incurred, whether or not any such provisions is contained therein or
made with respect thereto, shall be discharged upon payment, dollar
for dollar, in any such coin or currency which at the time of
payment is legal tender for public and private debts. Any such
provision contained in any law authorizing obligations to be issued
by or under authority of the United States, is hereby repealed, but
the repeal of any such provision shall not invalidate any other
provision or authority contained in such law.
(b)
As used in this resolution, the term "obligation" means an
obligation (including every obligation of and to the United States,
excepting currency) payable in money of the United States; and the
term "coin or currency" means coin or currency of the United States,
including Federal Reserve notes and circulating notes of Federal
Reserve banks and national banking associations.
SEC. 2. The last sentence of paragraph (1) of subsection (b) of
section 43 of the Act entitled " 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", approved May 12, 1933, is amended to read as follows:
"All coins and currencies of the United States (including Federal
Reserve notes and circulating notes of Federal Reserve banks and
national banking associations) heretofore or hereafter coined or
issued, shall be legal tender for all debts, for public and private,
public charges, taxes, duties, and dues, except that gold coins,
when below the standard weight and limit of tolerance provided by
law for the single piece, shall be legal tender only at valuation in
proportion to their actual weight."
Approved June 5, 1933, 4:30 p.m.
THE LAW, THE MONEY AND YOUR CHOICE--HJR 192
and Sovereignty
