PROCLAMATIONS, 1934. 3403 be placed in actual circulation. There shall be maintained in 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 the face amount of such silver certificates. All silver certificates heretofore or hereafter issued shall be legal tender for all debts, public and private, public charges, taxes, duties, and dues, and shall be redeemable on demand at the Treasury of the United States in standard silver dollars; and the Secretary of the Treasury is authorized to coin standard silver dollars for such redemption." "SEC. 7 . Whenever in the judgment of the President such action is necessary to effectuate the policy of this Act, he may by Executive order require the delivery to the United States mints of any or all silver by whomever owned or possessed. The silver so delivered shall be coined into standard silver dollars or otherwise added to the mone- tary stocks of the United States as the President may determine; and there shall be returned therefor in standard silver dollars, or any other coin or currency of the United States, the monetary value of the silver so delivered less such deductions for seigniorage, brassage , coinage, and other mint charges as the Secretary of the Treasury WIth the approval of the President shall have determined: Provided, That in no case shall the value of the amount returned therefor be less than the fair value at the time of such order of the silver required to be delivered as such value is determined by the market price over a reasonable period terminating at the time of such order.
NOW, THEREFORE, finding it necessary, in my judgment, to Necessity declared. effectuate the policy of the Silver Purchase Act of 1934, to assist in increasing and stabilizing domestic prices, to protect our foreign com- merce against the adverse effect of depreciated foreign currencies, and to promote the objectives of the Proclamation of the 21st day of Vol. 48, p. 1723. December, nineteen hundred and thirty-three, relating to the coinage of silver; by virtue of the power in me vested by the Acts of Congress above cited, and other legislation designated for national recovery, and by virtue of all other authority in me vested; I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED Mint dlrect~d to re- STATES of AMERICA, do proclaim and direct that each United TarmstroBot (talk) domestic sliver; States mint shall receive for coinage or for addition to the monetary stocks of the United States, as hereinafter determined, any silver which such mint, subject to regulations prescribed hereunder by the Hegulatlon~. Secretary of the Treasury, is satisfied was situated on the effective date hereof in the continental United States, including the Territory of Alaska. The silver so delivered shall be added to the monetary stocks of the Coinage. United States and shall be coined from time to time into standard silver dollars in such amounts as are required to carry out the pro- visions of this Proclamation and to provide for the redemption of silver certificates; and there shall be returned therefor in standard silver dollars, silver certificates, or any other coin or currency of the United States, the monetary value of the silver so delivered (that is, $1.2929+ a fine troy ounce) ,less a deduction of 61 ~~5 percent thereof for seignior- Cbarges. age, brassage, coinage, and other mint charges, such deduction having been determined by the Secretary of the Treasury with my approval. The provisions hereof are supplemental to the provisions of the Regulations pre- P1t· fth21td f Db' te h d d I scribed supplementary roc ama Ion 0 e s ay0 ecem er, rune en un re ant to existing provisions. thirty-three, and the United States coinage mints shall continue to Vol. 48 , p. 1723 . receive for coinage in accordance with the provisions of such Proc- lamation silver which such mint, su!>ject to regulations prescribed thereunder by the Secretary of the Treasury, is satisfied has been mined subsequently to the date of such Proclamation, from natural l04019°-:W,--P T 11--86