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HJR 192

The June 5, 1933 document known as the Gold Clause Resolution of 1933 temporarily suspended the gold standard and prohibited contracts from being structured in terms of gold coin or bullion, making all such contracts unenforceable. It declared that any provision requiring payment in gold or a particular currency to be against public policy. All obligations, past or future, would be discharged by payment in any legal tender currency at the time, regardless of any gold clauses. The resolution also amended a previous act to state that all United States coins and currencies, including Federal Reserve notes, would be considered legal tender for all public and private debts.

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HJR 192

The June 5, 1933 document known as the Gold Clause Resolution of 1933 temporarily suspended the gold standard and prohibited contracts from being structured in terms of gold coin or bullion, making all such contracts unenforceable. It declared that any provision requiring payment in gold or a particular currency to be against public policy. All obligations, past or future, would be discharged by payment in any legal tender currency at the time, regardless of any gold clauses. The resolution also amended a previous act to state that all United States coins and currencies, including Federal Reserve notes, would be considered legal tender for all public and private debts.

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pmfn3
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We take content rights seriously. If you suspect this is your content, claim it here.
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June 5, 1933

Volume 48 Statutes at Large, 73rd Congress Session I, Resolution 192, pp. 112113. Also, known as the Gold Clause Resolution of 1933. Temporarily suspended the gold standard. Prohibited the structuring of contracts in terms of gold coin or bullion and made all such contracts unenforceable.

HJR 192
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) 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, is declared to be against public policy; and no such provision shall be contained in or made with respect to any obligation hereafter incurred. Every obligation, heretofore or hereafter incurred, whether or not any such provision in 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. Any such provision contained in any law authorizing obligations to be issued by or under authority of the United States, is hereby repealed, but the repeal of any such provision shall not invalidate any other provision or authority contained in such law. (b) As used in this resolution, the term "obligation" means an obligation (including every obligation of and to the Untied States, excepting currency) payable in money of the United States; and the term "coin or currency" means coin or currency of the United States, including Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations. SEC. 2. The last sentence of paragraph (1) of subsection (b) of section 43 of the Act entitled "An Act to relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with respect to agricultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other purposes", approved May 12, 1933, is amended to read as follows: "All coins and currencies of the United States (included Federal Reserve notes and circulating notes of Federal Reserve banks and national banking associations) heretofore or hereafter coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues, except that gold coins, when below the standard weight and limit of tolerance provided by law for the single piece, shall be legal tender only at valuation in proportion to their actual weight." Approved, June 5, 1933, 4.40 p.m.

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