1973 September 21
"An Act To amend the Par Value Modification Act, and
for other purposes": The dollar was devalued against
gold a second time in 1973. This devaluation (of approximately
11%) raised the price of gold rose from $38.00 to $42.22 per
ounce. This document contains the statutory devaluation of the
dollar and also legalizes private gold ownership in the United
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That
the first sentence of section 2 of the Par Value Modification Act
is amended by striking out the words "one thirty-eighth of
a fine troy ounce of gold" and inserting in lieu thereof the
following: "0. 828948 Special Drawing Right or, the equivalent
in terms of gold, of forty-two and two-ninths dollars per fine troy
ounce of gold".
SEC. 2. The Par Value Modification Act is amended by adding at the
end thereof the following new section:
"SEC. 5. It is the sense of the Congress that the President
shall take all appropriate action to expedite realization of the
international monetary reform noted at the Smithsonian on December
18, 1971. "
SEC. 3. (a) Sections 3 and 4 of the Gold Reserve Act of 1934 (31
U. S. C. 442 and 443) are repealed.
(b) No provision of any law in effect on the date of enactment of
this Act, and no rule, regulation, or order under authority of any
such law, may be construed to prohibit any person from purchasing,
holding, selling, or otherwise dealing with gold.
(c) The provisions of this section, pertaining to gold, shall take
effect when the President finds and reports to the Congress that
international monetary reform shall have proceeded to the point
where elimination of regulations on private ownership of gold will
not adversely affect the United States' international monetary position.
* * *
Source: Statutes at Large of the United States of
America 1973, (Washington: Government Printing Office, 1974), p.