938 Effectiv e dates. Proviso . Territory within Connecticut excluded . Divis ion o f exp enses . Agreement consented to. Provi so . Fe der al rights not affected . Ame ndm ent . August 27, 1935- [H.J. Res. 348 .] [Pub . Res., No. 63.] United States go ld clause securities . Preamble. Vol.48,p.112;U.S. C.,p.1389. Exchange of coins and curr encie s . Holders of gold bo nds entitled to immediate payment of stated do l- lar amount thereof . Period within which payments may be made. 7 74TH CONGRESS. SESS. I. CHS. 779, 780. AUGUST 27, 1935. ARTICLE XVI 1 . This compact shall become eff ective as to the State of New Jersey and the State of New York immediately upon the signing t hereof by the rep resentatives of such States, and thereafter it shall also become effective as to the State of Connecticut imme- diately upon the signing thereof by the Representatives of such State : Provided, however, That prior to the signing of this com- pact by the repres entatives of the State of Connecticut, the district as set forth in article II shall not embrace any territory within the jurisdiction of the State of Connecticut, nor shall the com- mission exercise any jurisdiction or perform any duties or acts affecting such territory; and the appropriations for salaries and of fice and oth er ad mini stra tive expe nses sha ll be bor ne e quall y by the State of New York and the State of New Jersey . Now, therefore, be it Resolved by the Senate and House o f Representatives o f the United States of America in Congress assembled, That the consent of Congress is hereby given to the States of New York, New Jer sey, and Connecticut to enter into the compact hereinbefore recited, and to each and every part and article thereof : Provided, That nothing contained in such compact shall be construed as empowering or in any manner affecting any right or jurisdiction of the United States in and over the region which forms the subject of such compact. S E C . 2 . The right to alter, amend, or repeal this joint resolutio n is hereby expressly reserved . Approved, August 27, 1935 . [CHA PTER 780 .] JOINT RESOLUTI ON Authorizing exchange of coins and currencies and immediate payment of gold- clause securities by the United States; withdrawing the right to sue the United States thereon; limiting the use of certain appropriations; and for other purposes . Whereas in order to maintain the uniform value of all coins and currencies of the United States, Public Resolution Numbered 10 of June 5, 1933, declared provisions known as " gold clauses " to be against public policy, prohibited their use in obligations there- after incurred, and provided that money of the United States legal tender for obligations generally was legal tender for all obliga- tions with or without gold clauses; and Whereas the United States ha s paid and will c ontinue to pay to the holders of all its securities their principal and interest, dollar for dollar, in lawful money of the United States
- Now, therefore, be it
Resolved by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That the lawful holders of the coins or currencies of the United States shall be entitled to exchange them, dollar for dollar, for other coins or currencies which may be lawf ully acquired and are legal tender for public and private debts; and that the owners of the gold clause securities of the United States shall be, at their election, entitled to receive imm ediate payment of the stated dolla r amount thereof with interest to the date of payment or to prior maturity or to prior redemption date, whichever is earlier. The Secretary of the Treasury is authorized and directed to make such exchanges and payments upon presentation hereunder in the manner provided in regulations prescribed by him . The period within which the owners of gold- clause securities shall be entitled hereunder to receive payment prior to maturity shall expire January 1, 1936, or on such later date, not after July 1, 1936, as may be fixed by the Secretary of the Treasury .
