Devaluation of the Dollar and Stabilization Fund: Hearings Before the Committee on Banking and Currency, United States Senate, Seventy-seventh Congress, First Session, on H.R. 4646, an Act to Extend the Time Within which the Powers Relating to the Stabilization Fund and Alteration of the Weight of the Dollar May be Exercised June 13 and 19, 1941 ...

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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 3 - The powers of the President specified in this paragraph shall be deemed to be separate, distinct, and...
Page 83 - 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 45 - 2. Various sources of potential increases in excess reserves should be removed. These include : the power to issue three billions of greenbacks; further monetization of foreign silver ; the power to issue silver certificates against the seigniorage, now amounting to one and a half billion dollars on previous purchases of silver. In view of the completely changed international situation during the past year, the power further to devalue the dollar in terms of gold is no longer necessary or desirable...
Page 55 - 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...
Page 28 - ... b. Empower the Federal Open Market Committee to make further increases of Reserve requirements sufficient to absorb excess reserves, subject to the limitation that Reserve requirements shall not be increased to more than double the respective percentages specified in paragraph a.
Page 35 - ... 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, and to provide for the unlimited coinage of such gold and silver at the ratio so fixed...

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