Page:United States Statutes at Large Volume 48 Part 1.djvu/368

 342 73d C ONGRESS. SESS. II. CH. 6. JANUARY 30, 1934 . shall be deposited with the Treasurer of the United States in a sta- bilization fund (hereinafter called the " fund ") under the exclusive control of the Secretary of the Treasury, with the approval of the President, whose decisions shall be final and not be subject to review by any other officer of the United States. The fund shall be available for expenditure, under the direction of the Secretary of the Treasury and in his discretion, for any purpose in connection with carrying out the provisions of this section, including the investment and rein- vestment in direct obligations of the United States of any portions of the fund which the Secretary of the Treasury, with the approval of the President, may from time to time determine are not currently required for stabilizing the exchange value of the dollar. The pro- ceeds of all sales and in vestmen ts and all ea rnings and in terest accru- ing under the operations of this section shall be paid into the fund and shall be available for the purposes of the fund. Duration of powers (c) All the powers conferred by this section shall expire two years con fer red. after the date of enactment of this Act, unless the President shall sooner declare the existing emergency ended and the operation of the stabilization fund terminated ; but the President may extend such period for not more than one additional year after such date by proc- lamation rec ognizing the continuance o f such emergen cy. SEC. 11 . The Secretary of the Treasury is hereby authorized to issue, with the approval of the President, such rules and regulations as the Secretary may deem necessary or proper to carry out the purposes of this Act. SEC. 12 . Paragraph (b) (2), of section 43, title III, of the Act approved May 12, 1933 (Public, Numbered 10, Seventy-third Con- gress), is amended by adding two new sentences at the end thereof, reading as follows Reduc tion , not ex- " Nor shall the weight of the old dollar be fixed in an event at seeding 60 of present g y weight, authorized . more than 60 per centum of its present weight . The powers of the Ed; duration . powers de- fined; President specified in this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised by him, from time to time, severally or together, whenever and as the expressed objects of this section in his judgment may require ; except that such powers shall expire two y ears after th e date of enac tment of the Gold Reserve Act of 1934 unless the President shall sooner declare the existing emergency ended, but the President may extend such period for not more than one additional year after such date by proc- lamation recognizing the continuance of such emergency ." Paragraph (2) of subsection (b) of section 43, title III, of an Act entitled "An Act to relieve the existing national economic emer- genc y by inc reas ing agri cult ural pur chas ing powe r, t o ra ise reve nue 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 by adding at the end of said paragraph (2) the following " The President, in addition to the authority to provide for the unlimited coinage of silver at the ratio so fixed, under such terms and conditions as he may prescribe, is further authorized to cause to be issued and delivered to the tenderer of silver for coinage, silver certificates in lieu of the standard silver dollars to which the tend- erer would be entitled and in an amount in dollars equal to the number of coined standard silver dollars that the tenderer of such silver for coinage would receive in standard silver dollars . " The President is further authorized to issue silver certificates in such denominations as he may prescribe against any silver bullion, silver, or standard silver dollars in the Treasury not then Fund to be under exclusive control of Secretary o f Treasury finality of d ecisions. Availability of fund. Proceeds of sales, etc. hereunder Rules and regula- tions auth oriz ed. Fixing weight of the gold dollar, etc. Ante, p. 53. Ante, p 53. Coinage of silver at fixed ratio . Issue of silver certifi- cates. Ante, p. 53. Post. p. 1178 . Silver certifica tes against any silver re- ser ve in the Tr easury.