Public Resolution Number 10 on June 5, 1933, was a joint resolution passed by the U.S. Congress that essentially invalidated “gold clauses” in contracts, meaning that any obligation previously requiring payment in gold (or any currency of the United States) could be paid in standard U.S. dollars, effectively taking the country off the gold standard during the Great Depression; it is often referred to as the “Gold Clause Repeal” of 1933.
JOINT RESOLUTION OF U.S. CONGRESS OF JUNE 5, 1933
“Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) every provision contained in or made with respect to any obligation which
purports to give the obligee a right to require payment in gold or a particular kind of coin or
currency, or in an amount in money of the United States measured thereby, is declared to be against public policy; and no such provision shall be contained in or made with to be so expressed. respect to any obligation hereafter incurred. Every obligation, heretofore or hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender for public and private debts.”
73d CONGRESS. SESS. I. CHS. 48, 49. JUNE 5, 6, 1933
Gold Confiscation FDR Executive Order 6102