9/11/2014

Public Law : Chapter 48 , 48 stat. 112 [ 73rd Session Of Congress

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Public Law : Chapter 48 , 48 stat. 112 [ 73rd

Session Of Congress
Resolved Question:
Public Law : Chapter 48 , 48 stat. 112 [ 73rd Session Of Congress June 5th, 1933 ] also House Joint
Resolution 192 , same session. Verify and explain this to me and Thank You!

Expert: socrateaser
On June 5, 1933, the U.S. Congress abrogated the "gold standard" in Joint Resolution 192, 48 Stat. 112,
which formally required that obligations of the United States would be exchanged by the Department of the
Treasury by gold or silver coins of the same denomination, and replaced it with the current standard which
provides that obligations "shall be discharged upon payment, dollar for dollar, in any coin or currency which at
time of payment is legal tender for public and private debts."
The law, which was affirmed as constitutional by the U.S. Supreme Court in Norman v. Baltimore & O. R. Co.,
294 U.S. 240 (U.S. 1935), effectively permits U.S. currency to "float" with the exchange rates of other
nations, because the currency is valued whatever someone is willing to pay for it, either in other currency or in
goods or service.
Hope this helps.
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Category: Legal
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Public Law : Chapter 48 , 48 stat. 112 [ 73rd Session Of Congress

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Public Law : Chapter 48 , 48 stat. 112 [ 73rd Session Of Congress

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