Private Ownership of Gold, Hearings Before the Subcommittee on Production and Stabilization of ..., 93-1 on S.359, S.395, @. 413, and S.741 ..., May 1 and 2, 1973
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able abroad Affairs agreement allow amendment American balance of payments banks base believe BENNETT BERNSTEIN bill capital Chairman citizens Committee commodity Congress continue contracts course currency demand demonetized dollar domestic effect exchange fact foreign future give going gold ownership gold reserves Government hold House imports increase industry interest international monetary system keep kind legislation limited longer market price matter million million ounces mining negotiations objection ounce ownership of gold percent permit position present price of gold private ownership production prohibit provision purchase question reason reference reform regulations require restrictions rise role of gold sell Senator DOMINICK Senator HATFIELD Senator JOHNSTON Senator McCLURE Senator PASTORE Senator Taft silver situation speculation stability standard statement Subcommittee supply sure Thank thing tion trade Treasury understand United
Page 55 - 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Page 7 - USC 442 and 443) are repealed. 5 SEC. 2. No provision of any law in effect on the date of 6 enactment of this Act, and no rule, regulation, or order under 7 authority of any such law, may be construed to prohibit any 8 person from purchasing, holding, selling, or otherwise dealing 9 with gold.
Page 8 - Secretary is authorized to transfer, upon such terms and conditions as he may consider to be in the public interest...
Page 60 - ... requesting the report of the Department on these bills prior to the date of the hearing. Both bills specifically authorize the acquisition, trading, and export by members of the public of any gold mined in the United States or imported into the United States after their enactment. S. 286 would also repeal sections 3 and 4 of the Gold Reserve Act of 1934. Since these sections contain the authority to regulate transactions in gold in the United States, their repeal would permit a free market for...
Page 47 - My own judgment is that the dollar is now more likely to go up than down in relation to other currencies. At the same time I think we must realize that the confidence of many may have been shaken. For this reason we should take...
Page 48 - We don't have an agreement, but a good faith effort is underway to reach one. I hope the Congress will not negate this effort by jumping the gun. My belief is that the wisest course would be for the Congress not to legislate...
Page 60 - monetary constitution" was shaped chiefly by the Gold Standard Act of 1900 and the Federal Reserve Act of 1913.
Page 47 - US production, and the trend of consumption was up while the trend of production — even at the new higher prices — was down.
Page 47 - ... ownership of gold, we are speaking only of restrictions on investment or speculation in gold bullion. Americans are not the only ones subject to such restrictions. Practice in this respect varies widely among nations, but a list prepared on the basis of International Monetary Fund data shows that there are 75 countries which maintain restrictions and 44 which do not.