This being so, what shall we now say about theĪuthority to reduce the weight of the gold contained Hence the exand the bill under consideration vesting him with press prohibition against doing so. Of raising the level of commodity values), the Presi- and, accordingly, undertook to make sure that thereĭent at this very moment being engaged in seeking should never be any departure from that standardĪuthority to diminish the gold content of the dollar, in the case of the separate States. Purpose to depreciate it still further (in the process be depended upon to adhere to that high standard, Is already heavily depreciated, and it is the avowed assumed that the Federal Government could always The current American dollar, offered as a substitute, States itself, but the framers of the Constitution The mdtter is made infinitely worse by the fact that is no express direction to that effect for the United Refusal to pay is repudiation, and ever impair "the obligation of contracts." There Unreservedly committed to high standards of honor itself: This expressly provides that no State shallĪnd integrity. Sweepingly condemned in the case of a nation or that contracts should and must be carried out inĬountry, especially one which in the past has been good faith is imbedded in the Federal Constitution Mitted in the case of an individual and must be standard now should not be tolerated. a violation of the contract 4% hich would not be per- of contract sacred, and to depart from that high.The United States has always held the obligationĭeliberately refusing to pay, as in this instance, is Of value." Being a contract, it requires fulfilment in the case of the foreign holder no excuse existsĪccording to its terms, and failure to do so, or for not doing so. Relief bill, but "gold coin of the present standard both domestic and foreign holders, but certainly
Proposed, in the inflation amendment to the Farm view this is what ought to be done in the case of It does not say gold coin that may be reduced, as him ought to be carried out in good faith. That it also says "of the present standard of value." there is no such obstacle, and the pledge given to Note that this expressly says "gold coin," and were paid to him. Holder would have to turn the gold back even if it Will be payable in United States gold coin of the $10,000, or both combined, and hence the home Interest of the bonds (or notes, as the case may be) liability to 10 years' imprisonment or a fine of Precise form of expression used is "the principal and retain gold in excess of $100 without incurring The case of domestic holders for any individual to The different United States Government issues. Is more, the terms of the contract are expressed in Constitutional remains to be determined) in the ByĬontract, too, deliberately entered into and what Presidential order it is illegal (whether the act is
#Xsection 136 gillette full#
Public" to meet the terms of a contract? The is no valid reason why foreign holders should notĪgreement to pay in gold is a contract, and it is a be protected to the full extent of their claim. Since when has it not been "in the interest of the outside of the jurisdiction of the United States, that That "such export would not be in the public inter- of the obligations are helpless, since they are amenest." In the name of reason and common sense, able to laws that cannot be enforced against those United States securities held abroad would be re- holders and American holders of the securities.īut if it happens, as it does, that home holdersįused by the United States Treasury on the ground Government obligations or interest coupons on there ought to be no discrimination between foreign That licenses for the export of gold to meet maturing fact that most of them bear the same pledge and that On May 1 it announced being paid in gold or gold certificates-despite the Week taken a step backward toward the dark- in this country and their interest coupons are not HE United States Government has the present pointed out that United States obligations maturing The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
0 kommentar(er)
