COPY
I
Letter from the President of the United States
to the Vice President and the Speaker.
"The powers conferred by Section 10 of the
Gold Reserve Act of 1934, as amended, dealing with
the stabilization fund, and the powers specified in
paragraph (b) 8 of Section 43, Title III, of the act
approved Hay IS, 1933, as amended, relating to tho
fixing of the metallic content of the dollar, will
expire on June 30, 1939.
"The existence of these powers has enabled
us to safeguard the nation's interests and to carry
forward international monetary and economic cooperation.
It is obvious, however, that the International monetary
and economic situation is still such that it would not
bo safe to permit such powers to be terminated. I
believe the sound and wise policy to pursue under tho
circumsta tees is to extend these powers until Jan. 15,
1941.
"The Secretary of the Treasury and other
representatives of the Treasury Department will be
available to discuss with the appropriate committees
of Congress the problems relating to such legislation*"