months after confirmation. The House accepts the Senate amendment but exempts persons who are serving as State or regional administrators under existing law. The House recedes from its disagreement to the amendment to the title. STABILIZATION FUND, DEVALUATION, AND SILVER PURCHASES JUNE 29, 1939.—Committed to the Committee of the Whole House on the state of the Union and ordered to be printed Mr. SOMERS of New York, from the committee of conference, CONFERENCE REPORT [To accompany H. R. 3325] CONFERENCE REPORT The committee of conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H. R. 3325) to extend the time within which the powers relating to the stabilization fund and alteration of the weight of the dollar may be exercised, having met, after full and free conference, have agreed to recommend and do recommend to their respective Houses as follows: That the Senate recede from its amendment numbered 2. That the House recede from its disagreement to the amendment of the Senate numbered 1, and agree to the same with an amendment as follows: In lieu of the matter proposed to be inserted by the Senate amendment insert the following: SEC. 3. The second sentence added to paragraph (b) (2) of section 43, title III, of the Act approved May 12, 1933, by section 12 of said Gold Reserve Act of 1934, as amended, is further amended to read as follows: "The powers of the President specified in this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised by him, from time to time, severally or together, whenever and as the expressed objects of this section in his judgment may require; except that such powers shall expire June 30, 1941, unless the President shall sooner declare the existing emergency ended." SEC. 4. (a) Each United States coinage mint shall receive for coinage into standard silver dollars any silver which such mint, subject to regulations prescribed by the Secretary of the Treasury, is satisfied has been mined subsequently to July 1, 1939, from natural deposits in the United States or any place subject to the jurisdiction thereof. (b) The Director of such mint with the consent of the owner shall deduct and retain of such silver so received 45 per centum as seigniorage for services performed by the Government of the United States relative to the coinage and delivery of silver dollars. The balance of such silver so received, that is 55 per centum, shall be coined into standard silver dollars and the same or any equal number of other standard silver dollars shall be delivered to the owner or depositor of such silver, and no provisions of law taxing transfers of silver shall extend or apply to any delivery of silver to a United States mint under this section. The 45 per centum of such silver so deducted shall be retained as bullion by the Treasury or coined into standard silver dollars and held or disposed of in the same manner as other bullion or silver dollars held in or belonging to the Treasury. (c) The Secretary of the Treasury is authorized to prescribe regulations to carry out the purposes of this section. Such regulations shall contain provisions substantially similar to the provisions contained in the regulations issued pursuant to the Act of Congress approved April 23, 1918 (40 Stat. L., p. 535), known as the Pittman Act, with such changes as he shall determine prescribing how silver tendered to such mints shall be identified as having been produced from natural deposits in the United States or any places subject to its jurisdiction subsequent to July 1, 1939. And the Senate agree to the same. ANDREW L. SOMERS, W. H. LARRABEE, Managers on the part of the House. ALBEN W. BARKLEY, Managers on the part of the Senate. The managers on the part of the House at the conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H. R. 3325) to extend the time within which the powers relating to the stabilization fund and alteration of the weight of the dollar may be exercised, submit the following statement in explanation of the effect of the action agreed to in conference and recommended in the accompanying conference report. Amendment No. 1: The House bill continued the powers contained in section 43 (b) (2) of title III of the Agricultural Adjustment Act of 1933 (relating to certain monetary powers of the President, including the power to fix the weight of the gold and silver dollar, and to provide for the unlimited coinage of gold and silver) until June 30, 1941. The Senate amendment provides that the powers of the President with respect to the alteration of the weight of the dollar and subsidiary coins should expire on June 30, 1939, and his powers relating to the issuance of silver certificates and the coinage of silver dollars and subsidiary coins should expire on January 15, 1941, unless the President declares the existing emergency ended before that date. The Senate amendment also provides for the coinage of silver mined subsequent to July 1, 1939, from natural deposits in the United States or any place subject to its jurisdiction. Upon delivery to any mint of such silver the Director of the Mint is to deduct 40 percent of the silver as seignorage. Sixty percent of the silver so delivered is to be coined into standard silver dollars, and standard silver dollars equal to that amount are to be delivered to the owner. The 40 percent deducted is to be retained as bullion or coined into standard silver dollars and held or disposed of in the same manner as other bullion or silver dollars held in or belonging to the Treasury. The Secretary of the Treasury is given power to prescribe regulations to carry out the purposes of the provision. Such regulations are to be substantially similar to the regulations issued under the Pittman Act with such changes as the Secretary may prescribe relating to how silver tendered to the mints shall be identified as domestically produced silver produced after July 1, 1939. The conference agreement restores the provision of the House bill extending until June 30, 1941, the powers of the President under section 43 (b) (2) of the act approved May 12, 1933, as amended. The conference agreement also retains the provisions of the Senate amendment with respect to the delivery of domestically mined silver to the United States Mints, and provides for a deduction by the Treasury of 45 percent of the silver delivered to the mints and for a payment of 55 percent of the silver so delivered to the owner or depositor of the silver. The provisions for regulations by the Secretary of the Treasury are the same as in the Senate amendment, and it is provided that the provisions of law relating to taxable transfers of 8 silver shall not extend or apply in the case of the domestically mined silver delivered to the mints as provided in the bill. Amendment No. 2. This amendment terminated the power and authority of the President and the Secretary of the Treasury with respect to the acquisition of foreign silver under the Silver Purchase Act of 1934. The Senate recedes. ANDREW L. SOMERS, JOHN J. COCHRAN, Managers on the part of the House. О |