The 73 10 law refers to Public Law 73-10 HJR 192, also widely known as the Gold Clause Repeal Act. Enacted in 1933, this significant piece of legislation fundamentally altered the nature of debt and currency in the United States.
Understanding Public Law 73-10 HJR 192
Passed during the Great Depression, Public Law 73-10 was a crucial step taken by the U.S. government to manage the nation's economic crisis. Its primary objective was to stabilize the monetary system by severing the direct link between the U.S. dollar and gold in private contracts.
Here are the key aspects of the law:
- Enactment Date: Passed in 1933.
- Official Name: Public Law 73-10 HJR 192.
- Common Name: Gold Clause Repeal Act.
- Core Provision: It legally prohibited the payment of debts in gold or any other commodity. This meant that any contract, public or private, that specified payment in gold dollars or a fixed amount of gold was now to be settled by payment in legal tender paper currency.
This law effectively removed the ability of creditors to demand payment in gold, forcing the acceptance of fiat currency (paper money not backed by a physical commodity) as full discharge of debt.
Impact and Common Beliefs
The enactment of the Gold Clause Repeal Act had a profound impact on the American financial landscape. It allowed the government greater flexibility in monetary policy and was a precursor to the U.S. abandoning the gold standard entirely in subsequent decades.
| Aspect | Description |
|---|---|
| Official Name | Public Law 73-10 HJR 192 |
| Common Name | Gold Clause Repeal Act |
| Enactment Year | 1933 |
| Core Purpose | Prohibited payment of debts in gold or any other commodity. |
| Economic Context | Enacted during the Great Depression to stabilize the economy. |
| Associated Belief | Some individuals believe it can be used to discharge certain debts. |
The "Discharge Debt" Belief
A notable aspect associated with Public Law 73-10 is the belief held by some people that it can be used to discharge or eliminate debts, such as car loans or mortgage payments. This interpretation typically stems from complex and often disputed legal theories regarding the nature of currency, contracts, and the transition from a gold-backed monetary system to a fiat currency system.
This belief suggests that because the law changed the fundamental nature of what constitutes "payment" by prohibiting gold-based transactions, it somehow created a mechanism for individuals to discharge modern debts without conventional payment. It is important to understand that this is a specific interpretation held by some individuals.
