Evening star., 1933-04-21
Text Of Initiation Plan
Senator Thomas Amendment to Farm Bill Would
Give Roosevelt Broad Power to
Control Currency.

the foreign commerce of the United
States against the adverse effect, OF
deprecated foreign currencies, or in
case the. Government Of the United
States enters into an 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 OF
coined by the United States shall be
maintained at a parity with this stand
ard and 1t 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 50 as
to reduce its present weight by more
than so per centum.
Section IS. The Secretary Of the
Treasury. with the approval of the
President, Is hereby authorized to make
and promulgate rules and regulations
covering any action taken or to be taken
by the President under subsection Ca
or (b) of section "a.
Section 36. (a) The President of the
United States Is authorized to accept
silver, In amounts not to exceed In the
aggregate in value in the United
States currency 100000, 900, In pay
ment of the whole or any part of any
amount of principal or interest due
rom any foreign government or gov
ernmentS on account Of any indebted
ness to our Government, such silver to
be accepted at not to exceed the price
OF so cents an ounce. The authority
herein authorized shall be limited to q
period Of not to exceed one year from
the passage of this act
I'D The silver bullion purchased under
the provisions of this section shall be
subject to the requirements of existing
law and the regulations Of the mint
service governing the methods of de-
termining the amount of pure silver
contained. and the amount Of the
charges or deductions, If any, to be
made: but such silver bullion shall not
be counted as part of the silver bullion
authorized or required to be purchased
and coined under the provisions of
existing law
(c) The silver accepted and received
under the provisions of this section
shall be deposited in the Treasury of
the United States, to be held used and
disposed OF as in this section provided
Currency Planned.
I'd The President shall cause silver
certificates to be issued in denomina-
tions of 81, to the total number of
dollars for which such silver was ac-
cepted in payment Of debts. Such silver
certificates shall be used by the
ment OF any obligations of the United
States.
(e) The silver so accepted under this
section shall be coined into standard
silver dollars and subsidiary coins
sufficient. in the opinion of the Secre-
tary of the Treasury, to meet any de-
mands for redemption of such silver
certif1cates issued under the provisions
OF this section, and such coins shall be
retained in the Treasury for the pay-
ment OF such certificates on demand
The silver so obtained and deposited
under this section, except so much
thereof as Is coined under the pro-
visions Of this section, shall be held in
the Treasury for the sole purpose of
aiding in maintaining the parity of such
certif1cates as provided in existing law.
Any such certificates or reissued certifi-
Gates, when presented at the Treasury
shall be redeemed in standard silver
dollars, or In subsidiary silver coin. at
the option Of the holder of the certifi-
Gates: Provided. that in the redemption
OF such silver certificates issued under
this section, not to exceed one-third
OF the coin required for such redemption
may, in the judgment of the Secretary
OF the Treasury. be made in subsidiary
coins. the balance to be made in stand
ard silver dollars.
% When any silver certificates issued
under the provisions of this section are
redeemed or received into the Treasury
from any source whatsoever, and be-
long to the United States, they shall
not be retired, Cancelled or DESTROYED
but shall be reissued and paid out again
and kept in circulation, but nothing
herein shall prevent the cancellation
and destruction of mutilated certificates
and the issue of other certificates of
like denomination In their stead. as
provided by law.
(g) The Secretary Of the Treasury
Is authorized to make rules and reeu.
iations for carrying out the provisions
II this section.