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Written by Lee Brobst
lee.eagleeye.brobst@gmail.com
HJR-192
STANDARD OF VALUE AND HJR 192 [codified at 31 USC sec. 5118 d, 2]
192 73 rd Cong., 1st session (48 STAT 113) June 5, 1933 to wit:
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 are
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 in money of the United States
measured thereby, obstruct the power of the Congress to regulate the value of the
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 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. 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the United States is hereby repealed, but the repeal of any such provision shall not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 on 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
agriculture purchasing power, to raise revenue for extraordinary expenses incurred
by reason of such emergency, to provide emergency relief with respect to
agriculture 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, 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 of their actual weight.”
Approved, June 5, 1933, 4.40 p.m.
