Evening star., 1933-04-21
.HE text of the imitation amend
ment to the farm bill, as pro-
posed by Senator Thomas,
nnr,ocro< ~ nk1oh hopeo fol.

i Democrat. Of Oklahoma, fol-
Part s Of the farm bill-financing
and exercising power conferred by
section 8 Of article l of the Consti-
tuition: To coin money and to regulate
the value thereof.
Section "a. Whenever the President
finds, upon investigation, that Q) the
foreign commerce of the United states
is adversely affected by reason Of the
depreciation in the value OF the cur
rency of any other government or gov
ernments in relation to the present
standard value Of gold. or CD action
under this section Is necessary IN oroer
to regulate and maintain the parity
of currency issues of the United States,
or 90 that an economic emergency
requires an expansion of credit, or 90
that an expansion Of credit Is neces-
sary to secure by international agree
ment stabilization at proper levels OF
the currencies of various governments;
the President Is authorized, IN his dis
cretion,
(a) To direct the Secretary Of the
Treasury to enter into agreements with
the several Federal Reserve Banks and
with the Federal Reserve Board where.
by the Federal Reserve Board H1ll. ana
it is hereby authorized to, notwith-
standing any provisions of law or rules
and regulations to the contrary, permit
such reserve banks to agree that they
will Cd conduct, pursuant to existing
law, throughout specified periods open
market operations in obligations OF
the Federal Government or corpora
tions in which the United States Is the
principal stockholder, and ca purchase
directly and hold in portfolio for an
agreed period or periods of time,
Treasury bills or other obligations of
the United States Government in an
aggregate sum of $1,000. 900 in ad-
dition to those they may then hold,
unless prior to the termination OF such
period or periods the Secretary shall
consent to their sale. The provisions
of existing law requiring an automatic
increase IN the discount rate shall not
result in an increase in such rate by
reason of operations under this section.
Note Issues Provided.
(b) If the Secretary. when directed
by the President, is unable to secure
the assent of the several Federal Re-
serve Banks and the Federal Re-
Board to the agreements authorized in
this section or If operations under the
above provisions prove to be inadequate
to meet the purposes Of this section OF
this act, or If for any other reason addi-
tional measures are required In the
Judgment Of the President to meet such
purposes, then he IS authorized
% To direct the Secretary OF the
Treasury to cause to be issued In such
amount or amounts as he may from
time to time order, United States notes,
as provided In the act entitled An act
to authorize the issue of United States
notes and for the redemption OF fund
ing thereof and for funding the float
ing debt of the United States" ap-
proved February IS. 1862, and acts sup
Elementary thereto and amendatory
thereof, in the same size and OF similar
color to the Federal reserve notes here
tofore issued and in denominations OF
81. IS, $40, $40, $50, $100, $500, 81 900
and $4,000, but notes issued under
this subsection shall be issued only Tor
the purpose of meeting maturing Feo.
eral obligations to repay sums borrowed
by the United States and for purchas-
ing United States bonds and other In
terest-bearing obligations of the United
States: Provided, That when any such
notes are used for such purpose the
bond or other obligation so acquired or
taken up shall be retired and Cancelled.
Such notes shall be issued at such
times and In such amounts as the
President may approve. but the aggre-
gate amount of such notes outstanding
at any time shall not exceed $4,000
100000. There IS hereby appropriated
out Of any money in the Treasury not
otherwise appropriated an amount SUI
ficient to enable the Secretary. OF the
Treasury to retire and cancel 4 per
centum annually of such outstanding
notes and the Secretary Of the Treas.
ury is hereby directed to retire and
cancel annually 4 per centum Of such
outstanding notes. Such notes and all
other coins and currencies heretofore
or hereafter issued by or under the
authority of the United States shall be
legal tender for all debts public and
private.
Gould Change Dollar.
(2) BY proclamation to Ak the weight
Of the gold dollar in grains nine-tenths
fine at an amount that he finds Is nee
essary from his investigation to protect