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73d C ONGRESS . SESS. II. CH. 674 . JU NE 19, 1934 . [CHAPTER 674 .1 June 19, 1934.
AN ACT (H.R . 9745 .] To au thorize the S ecretar y of th e Trea sury to purcha se sil ver, is sue sil ver ee r- [Public, No . 438 .]
tificates, and for other purposes . Be it enacted by the Senate and House o f Representatives of the Silver Purchase Act United States of America in Congress assembled, That the short title of 1934 .
of this Act shall be the " Silver Purchase Act of 1934 ." Declaration of policy .
SEC. 2. It is hereby declared to be the policy of the United States that the proportion of silver to gold in the monetary stocks of the Ante, p. 342• Ante, p.2. United States should be increased, with the ultimate ob j ective of having and maintaining, one fourth of the monetary value of such stocks in silver . Pur ch ase of; rates, SEC . 3 . Whenever and so long as the proportion of silver in the terms, etc . stocks of gold and silver of the United States is less than one-fourth of the monetary value of such stocks, the Secretary of the Treasury is authorized and directed to purchase silver, at home or abroad, for present or future delivery with any direct obligations, coin, or currency of the United States, authorized by law, or with any funds in the Treasury not otherwise appropriated, at such rates, at such times, and upon such terms and conditions as he may deem reasonable Provisos.
and most advantageous to the public interest : Provided, That no Excessive price.
purchase of silver shall be made hereunder at a price in excess of coPurch al price, in the monetary value thereof : And provided further, That no purchases United States on May 1, 1934 . of silver situated in the continental United States on May 1, 1934, shall be made hereunder at a price in excess of 50 cents a fine ounce . izeales, when author- SEC. 4. Whenever and so long as the market price of silver exceeds its monetary value or the monetary value of the stocks of silver is greater than 25 per centum of the monetary value of the stocks of gold and silver, the Secretary of the Treasury may, with the approval of the President and subject to the provisions of section 5, sell any silver acquired under the authority of this Act, at home or abroad, for present or future delivery, at such rates, at such times, and upon such terms and conditions as he may deem reasonable and most advantageous to the public interest . Silver certificates . _ ,SEC . 5 . The Secretary of the Treasury is authorized and directed tionns ; Issue of, restriction.
to issue silve r certificate s in such den ominations as he may from time to time prescribe in a face amount not less than the cost of all silver purcha sed un der the author ity of sectio n 3, an d such certif icates Bullion r eser ves, shall be placed in actual circulation . There shall be maintained in amount. the Treasury as security for all silver certificates heretofore or hereafter issued and at the time outstanding an amount of silver in bullion and standard silver dollars of a monetary value equal to Cer tif ica tes to be the face amount of such silver certificates . All silver certificates legal tender•
heretofore or hereafter issued shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues, and shall Redemption . be redeemable on demand at the Treasury of the United States in standard silver dollars ; and the Secretary of the Treasury is author- ized to coin standard silver dollars for such redemption . Transactions in sit- SEC . 6 . Whenever in his judgment such action is necessary to effec- ver, regulation of tuate the policy of this Act, the Secretary of the Treasury is author- ized, with the approval of the President, to investigate, regulate, or prohibit, by means of licenses or otherwise, the acquisition, impor- tation, exportation, or transportation of silver and of contracts and other arrangements made with respect thereto ; and to require the filing of reports deemed by him reasonably necessary in connection Penalty. for. viola- therewith. Whoever willfully violates the provisions of any license, tions of l icen sing pro- visions, order, rule, or regulation issued pursuant to the authorization con- tained in this section shall, upon conviction, be fined not more than $10,000 or, if a natural person, may be imprisoned for not more than
