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Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →House Joint Resolution 192 was a 1933 law addressing contract clauses that required payment in gold or a specified kind of currency. It said covered obligations could be discharged “dollar for dollar” in any coin or currency that was legal tender when payment was made, and expressly included Federal Reserve notes in its definition of U.S. currency. It did not create a right to redeem Federal Reserve notes for gold or silver.
What was House Joint Resolution 192?
House Joint Resolution 192 was enacted as Public Resolution No. 10 of the 73rd Congress and approved on June 5, 1933. Its stated purpose was “To assure uniform value to the coins and currencies of the United States.” The contemporaneous Federal Reserve Bulletin reproduced the resolution and recorded its approval at 4:40 p.m. that day.
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The resolution addressed provisions in debt obligations that required payment in gold, a particular kind of coin or currency, or an amount measured by reference to one. It declared those provisions contrary to public policy and prohibited them in future obligations. For covered obligations, past or future, it specified payment “dollar for dollar” in any coin or currency that was legal tender for public and private debts at the time payment occurred.
What did the resolution say about Federal Reserve notes?
H.J. Res. 192 expressly included Federal Reserve notes, as well as circulating notes of Federal Reserve banks and national banking associations, in its definition of U.S. coin or currency. It also amended the legal-tender language in section 43 of the Agricultural Adjustment Act. That language said U.S. coins and currencies, including Federal Reserve notes, were legal tender for debts, public and private, and for public charges, taxes, duties, and dues.
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The amendment made a narrow qualification for underweight gold coins: they counted as legal tender only in proportion to their actual weight. The full resolution appears in the June 1933 Federal Reserve Bulletin.
Legal tender and lawful money are not the same term
“Legal tender” concerns what currency can be used to satisfy debts under law. “Lawful money” is a different historical term. The Federal Reserve says the Federal Reserve Act used “lawful money” without defining it, and that the phrase did not historically mean exactly the same thing as “legal tender.”
In its FAQ on lawful money and legal tender, last updated September 29, 2011, the Federal Reserve says Congress changed the law in 1933 so all U.S. coins and currency, including Federal Reserve notes, were legal tender for all purposes. It also reports that federal and state courts have repeatedly treated Federal Reserve notes as lawful money.
Does H.J. Res. 192 mean you can demand gold or silver?
No. The resolution’s payment language points in the opposite direction for obligations it covered: payment could be made in any coin or currency that was legal tender when payment occurred. It does not establish a right to exchange Federal Reserve notes for gold or silver.
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The Federal Reserve’s FAQ cites Milam v. United States, 524 F.2d 629 (9th Cir. 1974). In that case, the Ninth Circuit rejected the argument that “lawful money” had to mean gold or silver and affirmed the judgment. That account concerns the specific legal claim in Milam; it should not be treated as a ruling on every possible currency or contract dispute.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the Supreme Court treated the resolution
In the 1935 Gold Clause Cases, including Norman v. Baltimore & Ohio Railroad Co. and United States v. Bankers’ Trust Co., the Supreme Court considered Congress’s power and the resolution’s effect on gold clauses in existing contracts. The Court read H.J. Res. 192 alongside related monetary measures, rather than treating it as an isolated rule detached from its historical setting.
The opinion recounts measures from 1933 and 1934, including the bank holiday, restrictions and regulation concerning gold, the Agricultural Adjustment Act, and the Gold Reserve Act. Those surrounding actions provide context for the cases but are not all provisions of H.J. Res. 192 itself. The Court’s opinion is available through Cornell’s Legal Information Institute in the Gold Clause Cases, 294 U.S. 240.
What the resolution does—and does not—establish
- It addresses gold and specified-currency clauses: the resolution declared covered provisions against public policy and barred them in future obligations.
- It specifies a payment rule for covered obligations: payment was to be made dollar for dollar in currency that was legal tender at the time of payment.
- It expressly includes Federal Reserve notes: the notes appear in the resolution’s currency definition and in the legal-tender amendment.
- It is not a general answer to every modern contract question: the Supreme Court considered its effect on existing gold clauses in particular cases, and the scope of a present-day dispute depends on the applicable law and facts.
The cited historical materials establish what the 1933 resolution said and how the Supreme Court addressed it in the Gold Clause Cases. They do not, by themselves, establish the complete present-day codification or amendment history of the resolution. For a current legal dispute, consult the applicable current statutes and a qualified attorney.
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