The Gold Clause Resolution and the Gold Standard
Purposes of the Administration's Resolution
The swift-moving chain of events which began on the night of March 5, 1933, with President Roosevelt's gold embargo-bank holiday proclamation will culminate this week in the adoption by both houses of Congress of a resolution “to assure uniform value to the coins and currencies of the United States” by declaring gold clauses in all existing obligations, public and private, contrary to public policy and invalid. Under the resolution all obligations expressed as payable in gold may be discharged dollar for dollar in “legal tender” and no future obligations, public or private, may be expressed in any specific coin or currency. The resolution, in addition to prohibiting the use of the gold clause ...