How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 38910
Experience:  Retired (mostly)
Type Your Legal Question Here...
socrateaser is online now
A new question is answered every 9 seconds

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

This answer was rated:

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!
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.

NOTICE: My goal here is to educate others about the law. I am always available to answer your follow-up questions after you click Accept – however, if you do not click Accept, the website gets paid, and I receive nothing. This is true, even if you are on a subscription plan. So please click Accept, so that I will be able to continue to provide this service for others in the future.

And, if you need to contact me again, please put my user id on the title line of your question (“To Socrateaser”), and the system will send me an alert. Thanks!

socrateaser and 6 other Legal Specialists are ready to help you