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Salt Lake Telegram | 1933-05-26 | Page 1 | Woodin Sums up Gold Move

Type issue
Date 1933-05-26
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Rights No Copyright - United States (NoC-US)
Publisher Digitized by J. Willard Marriott Library, University of Utah
ARK ark:/87278/s6mk7mx5
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6mk7mx5

Page Metadata

Article Title Woodin Sums up Gold Move
Type article
Date 1933-05-26
Paper Salt Lake Telegram
Language eng
City Salt Lake City
County Salt Lake
Page 1
OCR Text I WOODIN SUMS UP GOLD COLD MOVE CB B Br Untied United Press The 26 following following following fol fol- fol- fol WASHINGTON May 26 The lowing statement was issued today by Secretary of the Treasury Woodin in explaining the gold standard legISlation legislation legis legIS- lation A uA joint resolution was introduced today in both houses of congress designed designed designed de de- de- de signed to clarify the effect of recent legislation upon the status of the gold clause in public and private obliga obliga- This resolution has the support of the administration Since March 6 when the president declared a b bank holiday transactions Involving payments in gold have been brought under control in order to protect and maintain the supply which constitutes a r reserve erve for the nations nation's currency Gold is not now paid nor is it available for payment upon public or private debts Rec Recently Recent Recent- nt ly the Thomas amendment to the agricultural agricultural ago ag ag- ag relief act has made all coins and currencies of the United States le legal nl tender for the payment of every debt public and private Due however to the language used doubt has aris arisen n whether obligations gallons gatlon expressed to be payable in ina ina inn a n particular kind of money such as gold coin may be satisfied by payments payments pay pay- ments in other forms of legal tender While the supreme court of New NewYork NewYork NewYork York is reported to have h held ld in a recent case that an obligation calling for or payment in gold coin could be satisfied sat sat- satisfied satisfied by payment of other lawful forms of money confusion may be created if the existing legislation is differently construed in other juris juris- dictions One of ot the purposes of the resolution is to remove any doubt and to avoid confusion so that debtors and creditors may have a clear definition definition def def- of their legal position Another purpose of oC the r resolution is to make clear that future obligations obligations obligations obliga obliga- public and private shall not contain the gold clause The Thomas amendment did not contain specific provision to this effect Such a provision provision pro pro- vision is contained in the resolution The resolution makes It clear that all obligations past and future will willbe willbe be upon the same looting footing
Reference URL https://newspapers.lib.utah.edu/ark:/87278/s6mk7mx5/16206455