Evening star., 1934-02-01
THE text of President Roosevelt's
proclamation fixing dollar reval-
uation follows:
L Whereas. by virtue of section

uation follows:
i Whereas, by virtue of section
of the act Of Congress ap-
proved March IA. 1900 (31 Stat. L. 45)
the present weight of the gold dollar i:
fixed at 25.8 grains Of gold nine-tenths
fine: and
Whereas, by section 43, Title III, OF
the act approved May II. 1888 Public
No. 10, 73d Congress-. as amended by
section II of the gold reserve act OF
1894. it is provided in part as follows:
Whenever the President finds, upon
investigation, that Cd the foreign COM
merce of the United States is adversely
affected by reason of the depreciation
in the value of the currency of any
other government or governments in re-
lation to the present standard value OF
gold. or 90 action under this section
is necessary in order to regulate and
maintain the parity Of currency issues
of the United States, or 90 an eco
nomic emergency requires an expansion
of credit. or 90 an expansion of credit
is necessary to secure by international
agreement a stabilization at proper
levels of the currencies of various gov
ernmentS. the President is authorized,
in his discretion
"ta) To direct the Secretary of the
Treasury to enter into agreements with
the several Federal Reserve Banks and
with the Federal Reserve Board whereby
the Federal Reserve Board will and it
is hereby authorized to, Notwithstanding
any provisions of law or rules and regu-
lations to the contrary. permit such re-
serve banks to agree that they will O
conduct, pursuant to existing law,
throughout specified periods. open mar
ket operations in obligations of the
United States Government or corpora
tions in which the United States is the
majority StOckholder. and ~ purchase
directly and hold in portfolio for an
agreed period or periods of time Treas
ury bills or other obligations of the
United States Government in an aggre-
gate sum of s3,000,OOO 900 in addition
to those they may then hold. unless
prior to the termination of such period
or periods the Secretary shall consent
to their sale. No suspension of reserve
requirements of the Federal Reserve
Banks, under the terms of section l1Oc)
Of the Federal Reserve act. neCeSSitated
by reason Of operations under this sec
ton, shall require the imposition OF the
graduated tax upon any deficiency in
reserves as provided in said section
11tc). Nor shall it require any auto
matte increase in the rates of interest
or discount charged by any Federal Re-
serve Bank. as otherwise specified in
that section The Federal Reserve
Board with the approval of the Secre-
tary of the Treasury. may require the
Federal Reserve Banks to take such
aition as may be necessary. in the judg-
ment of the board and of the Secretary
Of the Treasury, to prevent undue credit
expansion.
Additional Authorization.
"(b) If the Secretary, when directed
by the President, is unable to secure the
assent of the several Federal Reserve
Banks and the Federal Reserve 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. or if
for any other reason additional meas
ures are required in the judgment OF
the President to meet such purposes,
then the President is authorized
"C2) By proclamation to fix the weight
of the gold dollar in grains nine-tenths
fine and also to fix the weight Of the
silver dollar in grains nine-tenths fine
at a definite fixed ratio in relation TO
the gold dollar at such amounts as he
finds necessary from his investigation
to stabilize domestic prices or to protect
the foreign commerce against the ad-
verse effect of deprecated foreign cur
rencies, and to provide for the un-
limited coinage of such gold and
silver at the ratio so hXed, 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 be-
tween the value of gold and other cur
rencv issued by the United States ana
bv any such government or governments
is established, the President may flX the
weight of the gold dollar in ACCORDANCE
with the ratio SO agreed upon. and such
oold dollar the weight of which is so
fixed shall be the standard unit OF
value. and all forms of money issued or
coined nv the United States shall be
at a parity with this stand
ard and it shall be the duty OF the Sec
retarv of the Treasury to MAINTAIN sucn
naritv. but in no event shall the weight
of the gold dollar be fixed SO as TO re-
duce its present weight by more than
so per centum. Nor shall the weight OF
the gold dollar be fixed in any event at
more than 60 per centum OF It's present
weight. The powers of the PRESIDENT
specified in this paragraph Shah De
deemed to be separate, distinct and con-
-inling powers and may be exercised by
him. from time to time, severally or TO-
,ether whenever and as the expressed
1biects of this section in his Judgment
nav require: except that such powers
shall expire two years after the date OF
Enactment of the gold reserve act OF
1894 unless the President shall sooner
declare the existing emergency ended,
,ut the President may extend Such Pc
'iod for not more than one additional
ear after such date by proclamation
the continuance OF Such
and
Commerce Adversely Affected.
Whereas I find, upon investiea alton.
hat the foreign commerce OF the united
States is adversely affected by reason OF
he depreciation in the value OF the cur
'encies of other governments III relation
o the present standard value of gold,
md that an economic emergency re-
Iuires an expansion of credit; and
Whereas, in my Judgment. measures
additional to those provided by sub
section (a) of said section 43 are re-
,uired to meet the purposes of such
section: and
Whereas I find. from my investiga-
ion that in order to stabilize domestic
prices and to protect the foreign com.
nerce against the adverse effect OF
foreign currencies. it is nee
,ssary to Ak the weight of the gold
iollar at Is 5-21 grains nine-tenths fne.
Now, therefore, be it known that /,
Franklin D. Roosevelt President OF the
United States, by virtue Of the author
ty vested in me by section 43, title
III, of said act of May IL, 1888. as
amended. and by virtue OF all other
authority vested in me, do hereby pro-
lain. order. direct. declare and fix the
weight of the gold dollar to Is 5-2l
grains nine tenths fine. from and after
he date and hour of this proclamation.
The weight of the silver dollar Is not
altered or affected in any manner by
'eason of this proclamation.
This proclamation shall remain in
orce and effect until and unless re-
,ealed or modified by act of Congress
" by subsequent proclamation; and