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January 31, 1934.

Gold Reserve
Preamble.
Vol. 31, p. 45.

Ante, p. 51. Statutory authority of President.

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION WHEREAS, by virtue of Section 1 of the Act of Congress approved March 14, 1900 (31 Stat. L. 45), the present weight of the gold dollar is fixed at twenty five and eight tenths grains of gold nine tenths fine; and

WHEREAS, by Section 43, Title III of the Act approved May 12, 1933 (Public, No. 10,73d Congress), as amended by Section 12 of the Gold Reserve Act of 1934, it is provided in part as follows:

“Whenever the President finds, upon investigation, that (1) the foreign commerce 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 relation to the present standard value of gold, or (2) action under this section is necessary in order to regulate and maintain the parity of currency issues of the United States, or (3) an economic emergency requires an expansion of credit, or (4) an expansion of credit is necessary to secure by international agreement a stabilization at proper levels of the currencies of various governments, the President is authorized, in his discretion

"(a) 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 regulations to the contrary, permit such reserve banks to agree that they will, (1) conduct, pursuant to existing law, throughout specified periods, open market operations in obligations of the United States Government or corporations in which the United States is the majority stockholder, and (2) 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 $3,000,000,000 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 11 (c) of the Federal Reserve Act, necessitated by reason of operations under this section, shall require the imposition of the graduated tax upon any deficiency in reserves as provided in said section 11 (c). Nor shall it require any automatic increase in the rates of interest or discount charged by any Federal Reserve bank, as otherwise specified in that section. The Federal Reserve Board, with the approval of the Secretary of the Treasury, may require the Federal Reserve banks to take such action as may be necessary, in the judgment of the Board and of the Secretary of the Treasury, to prevent undue credit expansion.

“(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 measures are required in the judgment of the President to meet such purposes, then the President is authorized

*

(2) 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 adverse effect of depreciated foreign currencies, and to provide for the unlimited coinage of such gold and silver at the ratio so fixed, 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 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 him, 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 powers 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 additional year after such date by proclamation recognizing the continuance of such emergency"; and

WHEREAS, I find, upon investigation, that the foreign commerce of the United States is adversely affected by reason of the depreciation 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 provided 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% grains nine tenths fine,

NOW, THEREFORE, be it known that I, FRANKLIN D. Weight of gold dollar ROOSEVELT, President of the United States, by virtue of the reante, p. 52 authority vested in me by Section 43, Title III of said Act of May 12, 1933, as amended, and by virtue of all other authority vested in me, do hereby proclaim, order, direct, declare and fix the weight of the gold dollar to be 15521 grains nine tenths fine, from and after the date and hour of this proclamation. The weight of the silver dollar is not Weight of silver dot altered or affected in any manner by reason of this proclamation.

lar not affected. This proclamation shall remain in force and effect until and unless Modification, etc., 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 Washington 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 oné
hundred and fifty-eighth.

FRANKLIN D ROOSEVELT
By the President:
CORDELL HULL
Secretary of State.

(No. 2072]

EMERGENCY BOARD, DENVER & Rio GRANDE WESTERN RAILROAD

COMPANY-EMPLOYEES

February 1, 1934.

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

Preamble.

by

board created to investigate

Labor disputes, Den. WHEREAS the President, having been duly notified by the Board
ver & Rio Grande
Western Railroad of Mediation that disputes between the Denver & Rio Grande Western
Company lords certain Railroad Company, a carrier, and certain of its employees represented
.

Brotherhood of Locomotive Engineers;
Brotherhood of Locomotive Firemen and Enginemen;
Order of Railway Conductors;

Brotherhood of Railroad Trainmen;
which disputes have not been heretofore adjusted under the provi-
sions of the Railway Labor Act, now threaten substantially to inter-
rupt interstate commerce within the States of Utah, Colorado and
New Mexico, to a degree such as to deprive that section of the country

of Emergency NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, Presi

I and report thereon. dent of the United States of America, by virtue of the power vested Vol. 14, p. 586. in me by the Constitution and laws of the United States, and by virtue

of and under the authority in me vested by Section 10 of the Railway Labor Act, do hereby create a board to be composed of three (3) persons not pecuniarily or otherwise interested in any organization of railway employees or any carrier, to investigate and report their

findings to me within 30 days from this date. Compensation, etc. The members of this board shall be compensated for and on account

of such duties in the sum of fifty ($50.00) dollars for every day actually

employed with or upon account of travel and duties incident to such Ante, p. 12. board, from which will be deducted fifteen per cent. (15%) as provided

in Public No. 2, 73d Congress, Approved March 20, 1933. The Reimbursement for members will be reimbursed for and they are hereby authorized to 47, p. 401.

make expenditures for expenses for themselves and of the board, including traveling expenses and in conformity with Public No. 212, 72d Congress, Approved June 30, 1932, 11:30 a.m., not to exceed five ($5.00) dollars per diem for expenses incurred for subsistence.

All expenditures of the board shall be allowed and paid for out of the appropriation "emergency Boards, Railway Labor Act, May 20, 1926, 1934” on the presentation of itemized vouchers properly approved by the chairman of the board hereby created.

İN TESTIMONY WHEREOF, I have hereunto set my hand and caused the seal of the United States to be affixed. Done at the City of Washington this first day of February in the

year of our Lord nineteen hundred and thirty-four, and of (SEAL] the Independence of the United States of America the one hundred and fifty-eighth.

FRANKLIN D ROOSEVELT
By the President.
CORDELL HULL

Secretary of State.

expenses.

Funds available. Ante, p. 286.

(No. 2073]

APPOINTING HENRY MORGENTHAU, JR. DIRECTOR GENERAL OF

RAILROADS

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

February 7, 1934.

Preamble.

Effective date.

A PROCLAMATION
WHEREAS William H. Woodin has tendered his resignation as
Director General of Railroads; and

WHEREAS such resignation has been accepted, effective upon the qualification of his successor;

NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, President Henry Morgenthau, of the United States of America, under and by virtue of the authority Appointed Director vested in me by the unrepealed provisions of the Federal Control Vol. 40, p. 451; Vol. Act of March 21, 1918 (ch. 25, 40 Stat. 451), and the Transportation 41, P.456. Act, 1920 (ch. 91, 41 Stat. 456), do hereby appoint, effective the seventh day of February, 1934, Henry Morgenthau, Jr., Secretary of the Treasury, as Director General of Railroads in the stead of the said William H. Woodin, and do hereby delegate to, and continue and confirm in him, all powers and authority heretofore granted to and now possessed by the said William H. Woodin as Director General of Railroads; and I do hereby authorize and direct the said Henry Morgenthau, Jr., until otherwise provided by proclamation of the President or by, act of Congress, either personally or through such divisions, agencies, or persons as he may authorize, to exercise and perform, as fully in all respects as the President is authorized to do, all and singular the powers and duties conferred or imposed upon me by the said unrepealed provisions of the Federal Control Act of March 21, 1918, and the said Transportation Act, 1920, except designating the agent provided for in section 206 of said act.

IN WITNĚSS WHEREOF, I have hereunto set my hand and caused the seal of the United States to be affixed. DONE at the City of Washington this 7th day of February, in the

year of our Lord nineteen hundred and thirty-four, and of (SEAL] the Independence of the United States of America the one hundred and fifty-eighth.

FRANKLIN D ROOSEVELT
By the President:
CORDELL HULL
Secretary of State.

[No. 2074]

DESIGNATING AND APPOINTING HENRY MORGENTHAU, JR., DIRECTOR

GENERAL OF RAILROADS, AS THE AGENT PROVIDED FOR IN SECTION 206 OF THE TRANSPORTATION ACT, 1920

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

February 7, 1934.

A PROCLAMATION

WHEREAS by proclamation dated March 15, 1933, William H. Transportation Act, Woodin, Director General of Railroads, was designated as the agent provided for in section 206 of the Transportation Act, 1920 (ch. 91, 41 Stat. 461); and

WHEREAS the said William H. Woodin, Director General of Railroads as aforesaid, has tendered his resignation as said agent,

1920.

Preamble.
Ante. p. 1692.
Vol. 41, p. 461.

agent.

which has been duly accepted, effective upon the qualification of his

successor; Appointing Henry NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, PresiMorgenthau, Jr., as

dent of the United States of America, under and by virtue of the authority vested in me by said act, do hereby designate and appoint, effective the seventh day of February, 1934, Henry Morgenthau, Jr., Director General of Railroads, as the agent provided for in said section 206 of the Transportation Act, 1920.

IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the United States to be affixed. DONE at the City of Washington this 75 day of February, in the

year of our Lord nineteen hundred and thirty-four, and of (SEAL) the Independence of the United States of America the one hundred and fifty-eighth.

FRANKLIN D ROOSEVELT
By the President:
CORDELL HULL

Secretary of State.

[No. 2075]

EXTENDING FOR 1 YEAR THE PERIOD WITHIN WHICH ADVANCES

MAY BE MADE UNDER SECTION 10(B) OF THE FEDERAL RESERVE
ACT AS AMENDED

February 16, 1934.

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

Federal Reserve Banks.

Advances authorized

Interest.

WHEREAS section 10(b) of the Federal Reserve Act as amended Vol. 47, pp. 56, 794; by the act of February 27, 1932 (ch. 58, 47 Stat. 56), by the act of Ante, il y.s.c., February 3, 1933 (ch. 34, 47 Stat. 794), and by the act of March 9, . VII, p. 172.

1933 (Public, No. 1, 73d Cong.), reads as follows:

“SEC. 10(b). In exceptional and exigent circumstances, and when acceptable assets not any member bank has no further eligible and acceptable assets availavailable for rediscount. able to enable it to obtain adequate credit accommodations through

rediscounting at the Federal reserve bank or any other method provided by this Act other than that provided by section 10(a), any

Federal reserve bank, under rules and regulations prescribed by the Security.

Federal Reserve Board, may make advances to such member bank on its time or demand notes secured to the satisfaction of such Federal reserve bank. Each such note shall bear interest at a rate not less

than 1 per centum per annum higher than the highest discount rate in Duration.

effect at such Federal reserve bank on the date of such note. No advance shall be made under this section after March 3, 1934, or after the expiration of such additional period not exceeding one year as the

President may prescribe."; and Continuation deem- WHEREAS Ì, FRANKLIN D. ROOSEVELT, President of the

United States of America, deem it advisable that the authority of the Federal reserve banks to make advances under the provisions of said section 10(b) of the Federal Reserve Act be continued for an additional

period after March 3, 1934; Provisions extended NOW, THEREFORE, I, FRANKLIN D. ROOSEVELT, Presi

dent of the United States of America, acting under and by virtue of the authority conferred upon me by said section 10(b) of the Federal Reserve Act, do hereby proclaim, declare, and prescribe an additional period of 1 year after March 3, 1934, during which advances may be

ed advisable.

one year.

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