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 |
Common terms and phrases
$90 an ounce abroad allow American citizens balance of payments BENNETT BENNETT JOHNSTON BERNSTEIN bill buy gold capital outflow Chairman Committee on Banking commodity contracts currency demonetized dollar domestic effect exchange free market going gold clause gold imports Gold Reserve Act gold standard Gresham's Law hold gold Housing and Urban increase industry inflation International Monetary Fund international monetary system jewelry JOHN SPARKMAN legal tender legislation McClure amendment ment million ounces monetary price monetary situation negotiations official price ownership of gold percent permit price of gold private market price private ownership prohibit provision reform require restrictions Rhode Island role of gold sell gold Senator DOMINICK Senator HATFIELD Senator JOHNSTON Senator MCCLURE Senator PASTORE Senator TAFT silver speculation in gold statement Subcommittee tion trade Treasury's troy ounces two-tier U.S. citizens U.S. gold U.S. Government U.S. SENATOR U.S. Treasury United Urban Affairs
Popular passages
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 55 - every provision contained in or made with respect to any obligation which purports to give the obligee a right to require payment in gold or a particular kind of coin or currency, or in an amount in money of the United States measured thereby
Page 7 - USC 442 and 443) are repealed. 5 SEC. 2.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.