Gold Reserve Act of 1934: Hearings Before the Committee on Coinage, Weights and Measures, House of Representatives, Seventy-third Congress, Second Session, on H.R. 6976U.S. Government Printing Office, 1934 - 218 pages Considers legislation to transfer to U.S. Treasury ownership and possession of Federal Reserve Bank gold stock and to prohibit gold coinage and redemption of currency in gold. |
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Page 9
... deposits and the amount carried in insurance policies . Now , it would be utterly impossible to secure any such concurrence as that , would it not ? Dr. SPRAGUE . I think , taking it as a universal policy , I would quite agree with you ...
... deposits and the amount carried in insurance policies . Now , it would be utterly impossible to secure any such concurrence as that , would it not ? Dr. SPRAGUE . I think , taking it as a universal policy , I would quite agree with you ...
Page 22
... deposits owned by foreigners , in New York . That inroad of capital came because there were high interest rates . If stimulated an expansion of credit , and was a large influence in causing the grotesque rise of prices that finally ...
... deposits owned by foreigners , in New York . That inroad of capital came because there were high interest rates . If stimulated an expansion of credit , and was a large influence in causing the grotesque rise of prices that finally ...
Page 23
... deposits . I might interpolate a thought there . Suppose a country's cur- rency issue was down to the legal limit , that is , that it had just two and a half times as much currency as it had gold . Bank deposits must have a currency ...
... deposits . I might interpolate a thought there . Suppose a country's cur- rency issue was down to the legal limit , that is , that it had just two and a half times as much currency as it had gold . Bank deposits must have a currency ...
Page 24
... deposits to come within the limits of the currency , as they would have to be . The withdrawal of a million dollars , as used in my illustration , forces the calling of loans of $ 16,000,000 . Now , to go back to what I would propose as ...
... deposits to come within the limits of the currency , as they would have to be . The withdrawal of a million dollars , as used in my illustration , forces the calling of loans of $ 16,000,000 . Now , to go back to what I would propose as ...
Page 25
... become available in the bank deposits here at once , and against that , could buy a future to make good those dollars , which would have the effect in the exchange market of depressing our dollars ; or it can buy GOLD RESERVE ACT OF 1934 ...
... become available in the bank deposits here at once , and against that , could buy a future to make good those dollars , which would have the effect in the exchange market of depressing our dollars ; or it can buy GOLD RESERVE ACT OF 1934 ...
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Common terms and phrases
American amount of gold authorized bankers believe bill bonds capital cents CHAIRMAN circulation coinage collateral committee commodity prices Congress currency debts demand deposits depreciated ELTSE England exchange export Father COUGHLIN Federal Reserve Act Federal Reserve agent Federal Reserve banks Federal Reserve Board Federal Reserve notes Federal Reserve System FIESINGER fixed France going gold certificates gold coin gold content gold dollar GOLD RESERVE ACT gold standard gold value Government inflation interest JANNEY lawful money maintain McGUGIN member banks monetary base monetary gold nations NORRIS notes issued ounce paragraph payable in gold PERKINS pound President price level production profit purchasing power purpose question redeemed redemption regulate the value revaluation Secretary Senator CONNALLY Senator GORE silver SPRAGUE stabilization fund thing tion Treasury United value of gold VANDERLIP WARBURG wheat WHITE
Popular passages
Page 189 - In compliance with clause 3 of rule XIII of the Rules of the House of Representatives, changes in existing law made by the bill, as reported, are shown as follows (existing law proposed to be omitted is enclosed...
Page 88 - ... the secretary of the treasury ; and the president of the United States...
Page 207 - Treasurer otherwise than for redemption may be exchanged for gold out of the redemption fund hereinafter provided and returned to the reserve bank through which they were originally issued, or they may be returned to such bank for the credit of the United States.
Page 211 - The commission may elect one of its members to be president, and may employ a chief examiner, a secretary, and such other officers, clerks and examiners as it may deem necessary or proper to carry out the purposes of this act, and such employees shall hold office during the pleasure of the commission.
Page 194 - By proclamation to fix the weight of the gold dollar in grains nine tenths fine and also to fix the weight of the silver dollar in grains nine tenths fine at a definite fixed ratio in relation to the gold dollar at such amounts as he finds necessary from his investigation to stabilize domestic prices or to protect the foreign commerce against the adverse effect of depreciated foreign currencies...
Page 190 - Federal reserve notes by depositing, with the Federal reserve agent, its Federal reserve notes, gold, gold certificates, or lawful money of the United States, Federal reserve notes so deposited shall not be reissued, except upon compliance with the conditions of an original issue. The Federal reserve agent shall hold such gold, gold certificates, or lawful money available exclusively for exchange for the outstanding Federal reserve notes when offered by the reserve bank of which he is a director.
Page 194 - The principal and interest thereof shall be payable in United States gold coin of the present standard of value...
Page 179 - Be it enacted by the -Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be the
Page 180 - The board shall have the right, acting through the Federal reserve agent, to grant, in whole or in part, or to reject entirely the application of any Federal reserve bank for Federal reserve notes...
Page 192 - Treasury is authorized and directed to purchase silver, at home or abroad, for present or future delivery with any direct obligations, coin, or currency of the United States, authorized by law, or with any funds in the Treasury not otherwise appropriated, at such rates, at such times, and upon such terms and conditions as he may deem reasonable and most advantageous to the public interest...