Philippine Currency Reserves, Hearing Before ..., 74-2 on S. 3486 ..., February 27 and March 5, 1936 |
Common terms and phrases
Acting Secretary American dollar amount approved authorized bill bonds Brigadier General Cox Bureau of Insular cable CABLEGRAM RECEIVED Chairman Chase National Bank circulation demand deposit depository devaluation earmarking enacted equity EXHIBIT FEBRUARY 23 Federal Reserve fund account gold coin gold content gold dollar gold reserve gold-standard fund Governor HAWES hearing Insular Affairs insular government insular treasurer interest January 31 June 29 legislation Manila matter ment Murphy opening of business PAREDES payment percent Philippine currency reserves Philippine government Philippine Islands Philippine peso Philippine treasury present President proclamation profit QUINTIN PAREDES redeem reduction referred repeal request reserves on deposit Secretary of Finance Secretary of War Senator ADAMS Senator COUZENS Senator GLASS Senator GORE Senator McADOO Senator TOWNSEND Senator WAGNER silver peso Singson Encarnacion standard fund theoretical gold peso Treasury certificate fund Treasury Department unit of value United States Congress United States gold United States Government United States Treasury Washington
Popular passages
Page 45 - Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.
Page 50 - Treasury may prescribe; but the rate or rates of interest borne by any such long-time obligations at the time of their acquisition shall not be less than the rate borne by the short-time obligations so converted into such long-time obligations ; and, under such terms and conditions as he may from time to time prescribe, to receive payment, on or before maturity, of any...
Page 71 - ... coin so deposited shall be retained in the Treasury and held for the payment of such certificates on demand, and used for no other purpose. Such certificates shall be receivable for customs, taxes, and...
Page 53 - Islands for $23,862,750.78, being an amount equal to the increase in value (resulting from the reduction of the weight of the gold dollar) of the gold equivalent at the opening of business on January 31, 1934, of the balances maintained at that time in banks in the continental United States by the Government of the Philippine Islands for its gold standard fund and its Treasury certificate fund less the interest received by it on such balances.
Page 45 - That the dollar consisting of twenty-five and eight-tenths grains of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, 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 of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity.
Page 58 - Claims to hear and determine the claims listed on page 678 of the hearings before the subcommittee of the House Committee on Appropriations on the second deficiency appropriation bill for the fiscal year 1935: And provided...
Page 20 - That the Secretary of the Treasury is authorized and directed, when the funds therefor are made available, to establish on the books of the Treasury a credit in favor of the Treasury of the Philippine Islands for $23,862,750.78, being an amount equal to the increase in value (resulting from the reduction of the weight of the gold dollar) of the gold equivalent at the opening of business on January 31, 1934, of the balances maintained at that time in banks in the continental...
Page 45 - 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...
Page 74 - S. 71] The Committee on Banking and Currency, to whom was referred the bill (S. 71) to repeal the act entitled "An act relating to Philippine currency reserves on deposit in the United States," having considered the same, report favorably thereon with a recommendation that it do pass.
Page 45 - ... 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.