Page:United States Statutes at Large Volume 48 Part 2.djvu/473

 PROCLAMATIONS, 1934. 1731 agreement with any government or governments under the terms of which the ratio between the value of gold and other currency issued by the United States and by any such government or governments is established, the President may fix the weight of the gold dollar in accordance with the ratio so agreed upon, and such gold dollar, the weight of which is so fixed, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity with this standard and it shall be the duty of the Secretary of the Treasury to maintain such parity, but in no event shall the weight of the gold dollar be fixed so as to reduce its present weight by more than 50 per centum. Nor shall the weight of the gold dollar be fixed in any event at more than 60 per centum of its present weight. The powers of the President specified in this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised by hin1, 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 years after the Duration of POWell date of enactment of the Gold Reserve Act of 1934 unless the President conferred. shall sooner declare the existing emergency ended but the President may extend such period for not more than one ;iditional year after such date by proclamation recognizing the continuance of such emer- gency"; and WHEREAS, I find, upon investigation that the foreign commerce of the United States is adversely affected by reason of the deprecia- tion in the value of the currencies of other governments in relation to the present standard value of gold, and that an economic emergency requires an expansion of credit; and WHEREAS, in my judgment, measures additional to those pro\ided by subsection (a) of said Section 43 are required to meet the purposes of such Section; and WHEREAS, I find, from my investigation, that, in order to stabilize domestic prices and to protect the foreign commerce against the adverse effect of depreciated foreign currencies, it is necessary to fix the weight of the gold dollar at 15%1 grains nine tenths fine, NOW, THEREFORE, be it known that I, FRANKLIN D. Weigbtorgolddol!ar ROOSEVELT, President of the L'nited States, by \irtue of the r~,:c'p 52- authority vested in me by Section 43, Title III of said Act of May 12, .. 1933, as amended, and by \irtue of all other authority vested in me, do hereby proclaim, order, direct, declare and fix the weight of the gold dollar to be 15%1 grains nine tenths fine, from and 8Jter the date and hour of this proclamation. The weight of the silver dollar is not Weight of silver do" altered or affected in any manner by reason of this proclamation. Jar Dot afIected. This proclama:tion shall remain in force and effect until and unless M~ifiC8tion. ett'•• repealed or modIfied by act of Congress or by subsequent proclama- proVISIons. tion; and notice is hereby given that I reserve the right by virtue of the authority vested in me to alter or modify this proclamation as the interest of the United States may seem to require. IN WITNESS WHEREOF I have hereunto set my hand and have caused the seal of the United States to be affixed. DONE in the City of 'Vashington at 3.10 o'clock in the afternoon, Eastern Standard Time, this 31 day of January, in the year [SEAL] of our Lord one thousand nine hundred and thirty-four and of the Independence of the United States the on~ hundred and fifty-eighth. FRAXKLIN D ROOSEVELT By the President: CORDELL II ULL Stenia ry oj Staie. [1\0. ~Oi21