Evening star., 1934-08-09
Text of Order Nationalizing Silver

The tex. Of the Presidents procls-
nation follows:
Whereas, by paragraph (2) Of sec
ton %. title III OF the act Of Congress
approved May Ia. 1898 public No.
i0). as amended by the gold reserve
act Of 1894. the President iS author
lied By proclamation to fix the weight
Of the gold dollar IN grains efioths
fine and also TO Ak the weight Of the
silver dollar in grains sf1oths fine at
q definite fixed ratio 10 the gold dollar
at sIch amounts as he finds necessary
from his investigation to stabilize do
mestic prices or to protect the foreign
commerce against the adverse affect
OF deprecated foreign currency. and
10 provide for the unlimited coinage
Of such gold and silver at the rate 50
fixed q and the President in ad-
ditlon TO the authority to provide for
the unlimited coinage OF silver at the
rate so fixed, under such terms and
conditions as he may prescribe, s
further authorized to cause 70 be
issued and delivered TO the tenderer
of silver for coinage. silver certificates
in lieu OF the standard dollar to which
the tenderer would be entitled and in
amount in dollars equal TO the number
OF foreign standard silver dollars that
the tenderer Of such silver for coinage
would receive in standard silver dol
lars: and the President Is further
authorized to issue silver certificates
in such denominations as he may pre-
scribe against any silver boullion,
silver, or standard silver dollars in the
Treasury not then held for redemption
Of any outstanding silver certificates,
and 10 coin standard silver dollars or
subsidiary currency for the redemption
OF such silver certificates; and
Purchase Act Cited.
Whereas. the silver purchase act
Of 1894, approved June 10, 1884. pro-
vides in section 2, and 7, in part,
as follows:
Section 2. 1t is hereby declared
to be the policy of the United States
that the proportion of silver to gold
In the monetary stocks Of the United
States would be increased, with the
ultimate objective of having and
maintaining, one-fourth Of the none
tary value Of such stocks in silver.
Section S. The Secretary of the
Treasury is authorized and directed
to issue silver certificates in such de-
nominations as he may from time to
time prescribe in a face amount not
less than the cost Of all silver pur-
chased under the authority of section
3, and such certificates shall be
placed in actual circulation. There
shall be maintained in the Treasury
as security for all silver certificates
heretofore or hereafter issued and at
the time outstanding an amount of
silver in bullion and standard silver
dollars of monetary value equal to
the face amount of such silver certifi-
Gates. All silver certificates hereto
fore or hereafter issued shall be legal
tender for all debts, public and pri-
vate, public charges, taxes, duties
and dues, and shall be redeemable on
demand at the Treasury of the United
States In standard silver dollars and
the Secretary of the Treasury is au-
thoriZed to coin standard silver dol
lars for such redemption.
Gives Right TO Sieze Metal.
Section 7. Whenever in the judg-
ment of the President such action is
necessary to effectuate the policy of
this act, he may by executive order
require the delivery to the United
a sYaEr ~
whomever owned or possessed. The
silver so delivered shall be coined into
standard silver dollars or otherwise
added to the monetary stocks Of the
United States as the President may
determine; and there shall be re-
turned therefore in standard silver
dollars or any other coin or currency
of the United States the monetary
value Of the silver SO delivered less
such deduction for seignorage, brass
age, coinage and other mint charges
as the Secretary of the Treasury with
the approval of the President shall
have determined: Provided, that in
no case shall the value of the amount
returned therefore be less than the
fair value at the time of such order
of the silver required to be delivered
as such value is determined by the
market price over reasonable period
terminating at the time of such or
der, -
Now, therefore, finding it neces-
sary, in my judgment, to effectuate
the policy of the silver purchase act
of 1884, to assist in increasing and
stabilizing domestic prices, to protect
our foreign commerce against the ad-
verse effect of deprecated foreign
currencies, and to promote the OBJ
jectives of the proclamation of the
21st day of December, 1888, relating
y the coinage of silver; by virtue of
the power in me vested by the acts
of Congress above cited, and other
legislation designated for national
recovery, and by virtue Of all other
authority in me vested;
Directs Minis to Act.
"I, Franklin D. Roosevelt, President
of the United States of America, do
proclaim and direct that each United
States mint shall receive for coinage
or for addition to the monetary
stocks of the United States as here
matter determined, any silver which
such mint, subject to regulations pre-
scribed hereunder by the Secretary of
the Treasury, Is satisfied was situated
on the effective date hereof in the
Continental United States, including
the Territory of Alaska.
The silver so delivered shall he
added to the monetary stocks of the
United States and shall be coined
Field, where Edward Hayes. national