NO GOLD CLAUSE
IN FUTURE OBLIGATIONS
MR. WOODIN MAKES IT CLEAR
Since President Boosevelt officially dropped the gold standard, by refusing to allow gold exports, there has been much confusion regarding the paymen^ of interest on Government bonds, particularly those held abroad. Mr. William Woodin, Secretary of the Treasury, issued a statement today explaining that, while one Court had already upheld the Government's right to pay in "other lawful forms of money" it was desired that there should be clarifying legislation to prevent confused legal construction in other jurisdictions. Anticipating that huge Government bond issues would be forthcoming under the pending relief legislation, Mr. Woodin further said that he wished to maKe clear that future obligations, both public and privato, shall not contain a gold clause. The House of Eepresentative Banking Committee today approved an administration Bill outlawing the "gold clause" of contracts and making all contracts, private and public, payable in legal-tender money.
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https://paperspast.natlib.govt.nz/newspapers/EP19330529.2.65.1
Bibliographic details
Evening Post, Volume CXV, Issue 124, 29 May 1933, Page 7
Word Count
154NO GOLD CLAUSE Evening Post, Volume CXV, Issue 124, 29 May 1933, Page 7
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