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additional administration amendment American amount answer authority bill billion bonds Chairman clip coin committee condition Congress considered continue course currency debasement debt defense deposits devaluation economic effect emergency excess exchange exercised existing extend fact Federal Reserve banks Federal Reserve System feel financing foreign further future give given going gold certificates gold dollar Gold Reserve Act Government grains important increase inflation interest issue June KEMMERER less limit loans matter means measures monetary MORGENTHAU necessary notes obligations operation ounce percent period position possible present President proposed purchase question raise rates reason recommendations reduced represent requirements Secretary securities Senator ADAMS Senator Glass Senator Taft silver situation stabilization fund standard statement supply thing tion transaction Treasury United University weight
Page 32 - States provides that the Congress shall have power — To coin money, regulate the value thereof, and of foreign coin, and fix the standard' of weights and measures: To provide for the punishment of counterfeiting the securities and current coin of the United States.
Page 34 - 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...
Page 48 - The financing of both the ordinary requirements of Government and the extraordinary needs of the defense program should be accomplished by drawing upon the existing large volume of deposits rather than by creating additional deposits through bank purchases of Government securities.
Page 81 - A disordered currency is one of the greatest political evils. It undermines the virtues necessary for the support of the social system, and encourages propensities destructive of its happiness ; it wars against industry, frugality, and economy, and it fosters the evil spirits of extravagance and speculation.
Page 81 - We have suffered more from this cause than from every other cause or calamity. It has killed more men, pervaded and corrupted the choicest interests of our country more, and done more injustice than even the arms and artifices of our enemy.
Page 3 - ... (c) All the powers conferred by this section shall expire June 30, 1941, unless the President shall sooner declare the existing emergency ended and the operation of the stabilization fund terminated.
Page 92 - That we may be further prepared to bring some greater degree of stability to foreign exchange rates in the interests of our people, there should be added to the present power of the Secretary of the Treasury to buy and sell gold at home and abroad, express power to deal in foreign exchange as such.
Page 36 - 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 33 - When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by a bankruptcy ; sometimes by an avowed one, but always by a real one, though frequently by a pretended payment.
Page 81 - Ordinary tyranny, oppression, excessive taxation, these bear lightly on the happiness of the mass of the community, compared with a fraudulent currency, and the robberies committed by depreciated paper. Our own history has recorded for our instruction enough, and more than enough, of the demoralizing tendency, the injustice, and the intolerable oppression on the virtuous and...