Page:United States Statutes at Large Volume 48 Part 2.djvu/466

 1724 PROCLAMATIONS, 1933. period, and both of said Governments agreed that at the end of said period of four years they would then subject themselves to the general resolution adopted at the London Conference, and in consideration of such limitation it was agreed that the Governments of the five pro- ducing countries would each absorb from the mines in their respective countries a certain amount of silver, the total amount to be absorbed by said producing countries being 35,000,000 ounces per annum during the four years commencing the 1st day of January, 1934; that such silver so absorbed would be retained in each of said respective countries for said period of four years, to be used for coinage purposes or as reserves for currency, or to otherwise be retained and kept off the world market during such period of time, it being understood that of the 35,000,000 ounces the United States was to absorb annually at least 24,421,410 ounces of the silver produced. in the United States during such period of time. N_ltydeclared. NO'V, THEREFORE, finding it proper to cooperate with other Execution of agree- G d. .'. . d b'l" menta. overnments an necessary to aSSIst, In IncreasIng an sta I Izmg domestic prices, to augment the purchasing power of peoples in silver- using countries, to protect our foreign commerce against the adverse effect of depreciated foreign currencies, and to carry out the under- standing between the sixty-six Governments that adopted the resolu- tion hereinbefore referred to; by virtue of the power in me vested by the Act of Congress above cited, the other legislation designated for national recovery, and by virtue of all other authority in me vested; Directing opening of I, FRANKLIN D. ROOSEVELT, President of the United States mints to the coinage of fA' d I. dd' tth hU' dS . newly mined domestic 0 menca, 0 proc aim nn trec at eac mte tates comage Illver. mint shall receive for coinage into standard silver dollars any silver which such mint, subject to regulations prescribed hereunder by the Secretary of the Treasury, is satisfied has been mined, subsequently to the date of tIllS proclamation, from natural deposits in the United Seigniorage, etc., States or any place subject to the jurisdiction thereof. The Director cbarges. of the Mint, with the voluntary consent of the owner, shall deduct and retain of such silver so received fifty percent as seigniorage and for services performed by the Government of the United States relative Fif!! rn{oce~!a!TarmstroBot (talk) to the comage and delivery of silver dollars. The balance of such sil- ~:e~ dollars. ver so received, that is, fifty percent thereof, shall be coined into stand- ard silver dollars and the same, or an equal number of other standard silver dollars, shall be delivered to the owner or depositor of such silver. t re!falnd:ulI~ be!e- The fifty percent of such silver so deducted shall be retained as bullion e:~!on.as Ion; It- by the Treasury and shall not be disposed of prior to the thirty-first day of December, 1937 except for coming into United States coins. RegiOnS to be The Secretary of the Treasury is authorized to prescribe regulations pr~e40, p. 535. to carry out the purposes of this proclamation. Sueh regulations shall contain provisions substantially similar to the provisions con- tained in the regulations made pursuant to the A('t of Congress, ap- proved April 23, 1918, (40 Statutes at Large, page 535), known as the Pittman Act, with such changes as he shall determine preseribing how silver mined, subsequently to the date of this proeillmation from natural deposits in the United States or any place subject to the juris- diction thereof, shall be identified. Duration. Thisproclamation shall remain in force and effect un til the thirty-frrst day of December, 1937, unless repealed or modified by Actof Congress or by subsequent proclamation. talRa~lo to be main· The present ratio in weight and fineness of the silver dollar to the i}~s.c., p. 995. gold dollar shall, for the purposes of this proclamation, be maintained Right reserved. until changed by further order or proclamation. Notice is hereby given that I reserve the right by virtue of the authority vested in me to revoke or modify this proclamation as the interest of the United States may seem to require.