Box 2160, Folder 1: Gold Withdrawals, Banking Holiday · DECLASSIFIED Authority £P *)&\ _ Reproduced from the Unclassified II

$Page 1: Box 2160, Folder 1: Gold Withdrawals, Banking Holiday · DECLASSIFIED Authority £P *)&\ _ Reproduced from the Unclassified II$
DECLASSIFIED

Authority £P *)& \ _

Reproduced from the Unclassified I Declassified Holdings of the National Archives

(CONFIDM'TTIAL — Revisecl draft of April 5 , 1953.)

FXECITTIVE ORDER

Forbidding the Hoarding of Cold Coin, C-old Bullion

and Gold Certificates.

By virtue of the authority vested in me by Section 5(b) of the

Act of October 6, 1S17, as amended by Section 2 of the Act of March

9, 1935, entitled "An Act to provide relief in the existing national

emergency in banking, and for other purposes1'', in which amendatory

Act Congress declared that a serious emergency exists, I , Franklin D.

Roosevelt, President of the United States of America, do declare that

said national emergency still continues to exist and pursuant to said

section do hereby prohibit the hoarding of gold coin, gold bullion,

&nd gold certificates within the continental United States by individ

uals, partnerships, associations and corporations and hereby prescribe

the following regulations for carrying out the purposes of this order:

Section 1 . For the purposes of this regulation, the term "hoard

ings means the withdrawal and withholding of gold coin, gold bullion or

gold certificates from the recognized and customary channels of trade.

The term "person" means any individual, partnership, association or

corporation.

Section 2* All persons are hereby required to deliver on or be

fore May 1 , 1933, to a Federal reserve bank or a branch or agency '

thereof or to any member bank of the Federal Reserve System all gold

coin, gold bullion and gold certificates now owned by them or coming

into their ownership on or before April 28, 1933, except the following:

(a) Such amount of gold as may be required for legit

imate and customary use in industry, profession or art within a

reasonable time, including gold prior to refining and stocks of

gold in reasonable amounts for the usual trade requirements of

owners mining and refining such gold.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


DECLASSIFIED

Authority \Q f)Q \

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(b) Gold coin and gold certificates in an amount

not exceeding in the aggregate ^'100.00 belonging to any

one person; and gold coins having a recognized special

value to collectors of rare and unusual coins.

(c) Gold coin and bullion earmarked or held in

trust for a recognized foreign government or foreign

central bank or the Bank for International Settlements .

(d) Gold coin and bullion licensed for other

proper transactions (not involving hoarding) includ

ing gold coin and bullion imported for reexport or held

pending action on applications for export licenses.

Section 3 . Until otherwise ordered any person becoming the

owner of any gold coin, gold bullion, or gold certificates after April 28,

1933, shall, within three days after receipt thereof, deliver the same in

the manner prescribed in Section 2; unless such gold coin, gold bullion or

gold certificates are held for any of the purposes specified in paragraphs

(a ) , (b) or (c) of Section 2; or unflless such gold coin or gold bullion is

held for purposes specified in paragraph (d) of Section 2 and the person

holding it is , with respect to such gold coin or bullion, a licensee or

applicant for license pending action thereon.

Section 4 . Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3, the

rederal reserve bank or member bank will pay therefor an equivalent

amount of any other form of coin or currency coined or issued under

the laws of the United States.

Section 5. Member banks shall deliver all gold coin, gold

bullion and gold certificates owned or received by them (other than as

exempted under the provisions of Section 2) to the Federal reserve

banks of their respective districts and receive credit or payment

therefor.


DECLASSIFIED

Authority £P \<> f)&I


- 3 -

Section 6. The Secretaiy of the Treasury, out of the sum

made available to the President "by Section 501 of the Act of March 9,

1933, will in all proper cases pay the reasonable costs of transporta

tion of gold coin, gold bullion or gold certificates delivered to a

member bank or federal reserve bank in accordance with Sections 2, 3,

or 5 hereof, including the cost of insurance, protection, and such

other incidental costs as may be necessary, upon production of satis

factory evidence of such costs. Voucher forms for this purpose may

be procured from federal reserve banks.

Section 7. In cases where the delivery of gold coin, gold

bullion or gold certificates by the owners thereof within the time

set forth above will involve extraordinary hardship or difficulty,

the Secretary of the Treasury may, in his discretion, extend the time

within which such delivery must be made. Applications for such ex

tensions must be made in writing under oath, addressed to the Secre

tary of the Treasury and filed with a Federal reserve bank. Each

application must state the date to which the extension is desired,

the amount and location of the gold coin, gold bullion and gold cer

tificates in respect of which such application is made and the facts

showing extension to be necessary to avoid extraordinary hardship or

difficulty*

I


from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority \Q f)Q \

Section 8 , The Secretary of the Treasury is hereby authorized

and empowered to issue such further regulations as he may deem necessary

to carry out the purposes of this order and to issue licenses thereunder,

through such officers or agencies as he may designate, including licenses

permitting the I'ederal reserve banks and member banks of the Federal Re

serve System, in return for an equivalent amount of other coin, currency

or credit, to deliver, earmark or hold in trust gold coin and bullion to

or for persons showing the need for the same for any of the purposes

specified in paragraphs ( a ) , (c) and (d) of Soction 2 of these regulations,

Scction 9 . Whoever willfully violates any provision of this Executive

Order or of these regulations or of any rule, regulation or license issued

thereunder may be fined not more than f.10,000, or, if a natural person,

may be imprisoned for not more than ten years, or both; and any officer,

director, or agent of any corporation who knowingly participates in any

such violation may be punished by a like fine, imprisonment, or both.

This order and these regulations may be modified or revoked at any

time

TRimLIH D . ROOSEVELT

TEE r 'KITE "DUSE

April , 1S33*

MmTiB®



DECLASSIFIED

Authority \Q C)Q \

aio.

April 4 , 1953*

Memorandum for Mr. McClelland:

Attached hereto is a carbon copy of the pro

posed executive order forbidding the hoarding of gold coin,

gold bullion and gold certificates. Mr. Harlan brought

the proposed order to Mr. Wyatt and myself at 11:00 o’ clock

this morning and we compared it with the amended draft

which was approved at Board meeting yesterday afternoon.

At Mr. Harlan’ s request we initialled a carbon copy of the

order.

( U v J

Attachment.


R eproduced from the U nc lassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives , DECLASSIFIED

Authority £ 0 \0 \

w em m u oraa

TorU,AAXrn tfca iaardla* of Gold Jola. lalllaa

•al 4*14 Carttf faataa.

Hr ▼iriaa of th* aatfcorlVr tootod U a i)g r ftaattaft ${*} af tfeo

of Ooto*ar «, 1917, an owoartod Igr Soatloa 3 of tfca J*t of lfarck 9,

1W3, aatltlad *Aa Act to pra*tda rollof la tfca ailotl*« aatloaal

mrgoaar la ta*rla*, aai for otiur purpotttS in oaaadatory

Aat Ooftfraao doalarod tfcat * oorloao ja w n n y ox lota, I* Fnuiclla B*

Ioo»a*alt» Prmt&mt af tho Ifeltad Statoo of Aoarlaa, da 4 w U n thftl

Mid Mtlosftl «Mnv««gr •till w l f M i to «n«t aad pwmaat to tall

•ootloa 4o hcrofc? prohibit tfeo hoardlac of «9ll toll, galA M lloa ,

«al gold M r ilf iM N i « l % l l Iho ooftllMBtol IrtliA IlftU * Mr la ilfU ift l* ,

partaorohlpa, aavoaiatiaaa aad oarporatlow fcara r sjraaarifca tba

fallovlaft rai«UllM« for wrvjrtai ««ft U t parpaaot of this ordart

Soatioa 1. for tho parpooao of thu ragalatiaa, tho tova

"hoard! a** »«aao tho withdrawal and withhold la* of cold «aia, «ol*

b»lllo* or gold aarttfla*t«* f « » tfca roao«aiiod aad ffntiwry ohanaola

of trada. th* tav* •p#r»o«* m k w aa? la d iv lM , pArtotnlilp, a«oo«ta~

t l M ar o o r p m U t it

Soatioa 2. All ?m tai art fcaralr raqfalrad to dalivor oa or

fcafara May 1, 19&9, to a fodoral raaorr* task or a hraaoh or agoaaj

thoroof or to aaf i —lir b*afc of tfca /odaral S««rr* Sjrotoi all gald

oolo, «old laillaa aad gold aartiftaataa mow oaaad by tiM ar s m Im

into thodr owaorohlp «a or W ora April 28, 1939, oxeopt tfca follovlaft

(a) Saoh «n*at of gold at aay fca roqalrod for lo*lt- ImIo aad aaatf aiy aaa ta 1 ado* try, profoosloa or art withla a *aaaoaafcla ttaa, l/utladliyc gold prior ta roflala« and otook* of fold la raasoaafcla mmmts fat tfca aaaal trado raqtalraaaata of amami wlaiag ant raf UdJMt aaah gold.

(*) Oold aota aad «old oartifloatoo ia aa aaawat aat oxoaodlac ia tfca ajHprajrta IWO.OO talao^taf to a«r oaa paraaa; aad cold aolaa iM rta# a roaofaltod «v«olal valmo to aallaatava of rtaro aad aMMMaal aotaa*

old oota aad klllai oamarttod or bold la traat far a Isod forolfa g»T<r—mt or foroldta ooatral baik orth far latoraatloaal Sattlaaoata.


R eproduced from the Unclassified I D eclassified H old ings o f the N ational A rch ivesDECLASSIFIED

Authority £t? r)C |

~ HI «*-

(&) Oold « « U *a4 llooaood for athor properti***«*ttaat (aot irnmlvim i m t w b #old. o**mmj& feallloa fm raooport or hold poaAfag. aillia©a far o»$«rfc XI (W M M .

Sootloa flat 11 athor»i*o ordorart aajr fco«o«laf

owaor of «*y $»X4 ooin, cold bttliloi, or <p>ld oarttfioato# aftar April

ti, 1953, oh* IX, withla thrao dayo aftor r««lnt tharoof, ioltvor tho

m m in tho WRMir p r w r l W Is taotto* ?; mints iraoh gold oola+ gold

M X iO H or *old oort itlitttt aro hold for an/ t&* -pwpmm ■

i* paragraphs (& ). (h) ar <c) of Soetioa 2j of' « l » « s *km#i *£oM eoia

or fold W llioa li hold for opoctflot lm fa*i«|grapl> (d) of

Sootlon f *ad iht pwm m holdla* It is, with r«^.oot to »»ofc #olA

eota or VaUioa, & llc«ot«o or o^plloatit for Uao&ao poadia* aatloa

tfeorooa.

Soetlon 4. Qpon roo*t$t of #ol€ «ot»* *old tmlUoa or $»ld

aortlfloatoo dollvarod to It l» ««coH tM « with Soctloao $ or $ i

Fo4«rftl rooorro or aaafc«r fcaak will f«y thorafor «in o^ptlvaloat

matm% *# «aj othor fona of oola or oorrowejr oolsad or lotmod wdor tho

lavo of tho Uattod StAto*.

Sm Uok 5. Wanfcar %n«te» ohall dolW«r oil *old oola, iijold

hall tan and gtt%& oarMflaata* ovaod or roeotvod by thoa (othor than a*

«xoaptod aador tho ?roTl*loa* of Rootloa 2) to tho J*adaf»l roaorra

fcajkt of thalr impotftlv# dUtriets and rooatvo erodlt or para>oat

thorofor.

Soot loo 6. Tho Sowrotttfy of tho Troaimry, m % tho ova

«*d« «miX*l»lo to tho Pr#*ld«t Igr Sootloo 0)1 of tho Act of lotah »,

193S, will la *11 j**op«r «t««s $«gr tho roaaooahlo coot* af traeo^rta-

tioa }f irold «o U ( gold hulllon or ôld oortlfloato* dollvorod to a

m«ehor Wide or ?od*r*l rooorro boak. ia *«o©rdft*o* with tiootloa« f t 3,

or 6 hVraof, ic.clwil3s« tho ooot of U v w u M t , rrot«otl»t*, aad »«Bh

othor lnolôfital ooot« ao mg to aotaooarjr, ^»oa ^rodaatloa of ootlo-

orlôaoo #f raoh o&cta. Vo*ach«r fortio for thlo p w ^ n o aogr

%o 'pôoarot fraoi JTodor»l roaorvo hnalro.


R eproduced from the Unclassified / D eclassified H o ld ings of the National A rchivd e c l a s s if ie d

Authority 5 0 |

* % «*

3«ttloa 7* In ***** itoor* tH# d*llt«7 ©f «*1A « 1 a ,

tolllo* or ,9014 *«rtlfl*ft*** th* o*o«Ni tit*r*of witfclm t&* lint

**t fortk **cr* will Urrnlti f ld m H t M iy tordfthip «r difft<roUjr,

th* 3**r*t»ry of tfc* 7r****f7 » • / , in tolo dlMrtilMi, *xtin& fit* XXmm

vlthlm *tfct*fe rtwto. d«llT«ry M »t fc* imm|*» Jtopli*aUon» for mm&k «*»

t*B*ioam prMt t» vad« In **d*r o*tkf a&dr****! I* tit*

t**7 o# %fc* fr*****y *ad f ll*d with * 7*&o«*l r«»«rr* 2**b

•fpU ftilts ***t f U i * th* d*t* to *fttl«b «** oxton*ion is d*«lr*i,

lb* m om t *»4 lo**tion of th* *ol4 o*la, gold k llio a *nd ©old o«r»

ttfio«%*o 1* r**D«*% of vfetoh reek «ppH6*U*a i* »«d* w A th* farto

showing extoutloa to b* M M sM ty to #r*ld *xtr*ordiMtiry h*rd*fctp or

diffi**i%y #

3o«tloa •. »s* i**r*t**7 of tbo frwutwrjr 1* fc*r*% «utfeorltod

**4 —pow*r»d to !*«** M il fvrthor ro*ml»tlon« a* bo w*jr A*aa »***o**vy

t o **rnr vat tfe* pwpoaM of ftfcl* ort«r *ad to U«w* llctct««o IKoto—dor,

wn* offiooro or a«*oti** *t %m Mgr 4o*tr*»to, laolvdlai! U*o»*oo

P«VBtttii»* tho ?*4*r*i r*»*r*o lufci *gd M«fc*r tau*o of ftfc# ¥mAm.l it*-

**rv* Sytm , in r*t*r» for a» o?ul*n.laKt ewovnt of slkir d«U , owrroay

or erodlt, to d*lW«r « •>!■»* «r hold im (m l #old *oi* «i4 tallica

t* or for ?«r**a* nUowism tho a**d for IlM *«*»* for of tfeo r*rpoo**

ot>*olfi*d la pftfttcreplui <*). (*) *»<* <d) of 3«otioa 2 of thooo r*c*l*ti*ao.

3*otl*a 9. «fco*v*r viilfttUjr Yiolat** ugr prrviolon of till*

1 Ord*r $r of tfe*** r*«r*I»ti*a« or of ugr m i*, r«gftl*tl«* *r

llaw i* loomod tkoroK»d«r «gr 1»* fl**d not M r * tfefta $10,000, or, if *

**MtT9l ;>*r*o*, n*y % • i*$rt****d for »ot «oro tiM* Da* jriart. or Voth;

•aA *iyr »ffl*«r, llr**tor, or *c*«t of uqr *orpormtloa #»* k»owi»<lj parii*-

ll9*t«s la ftjgr *«o^ rloU-tio* noj ^* pvsiAiA by * 11M* fin*. i«prl»oi o*tt

or v»tk.

fbl* ord*r «mA ^ * * * r*g*l*ti*a* **y H* «odlf 1«* or rar*k«A

tlWi.

r a ^ i r a m boos*

Aprtl . 1 «W .Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED

Authority £Q K> $Q \

HX-7383

(dONFIDMriAi Revised draft of April 3 , 1933.) Îfttrafeu

EXECUTIVE ORDER

Forbidding the Hoarding of Gold Coin, Gold Bullion

and Gold Certificates*

By virtue of the authority vested in me by Section 5(b) of the

Act of October 6, 1S17, as amended by Section 2 of the Act of March

9, 1933, entitled "An Act to provide relief in the existing national

emergency in banking, and for other purposes” , in which amendatory

Act Congress declared that a serious emergency exists, I , Franklin D*

Roosevelt, President of the United States of America, do declare that

said national emergency still continues to exist and pursuant to said

section do hereby prohibit the hoarding of gold coin, gold bullion,

and gold certificates T/ithin the continental United States by individ

uals r partnerships, associations and corporations and hereby prescribe

the following regulations for carrying out the purposes of this order:

Section 1 . For the purposes of this regulation, the term "hoard

ing’’ means the withdrawal and withholding of gold coin, gold bullion or

gold certificates from the recognized and customary channels a£ trade*

The term "person" means any individual, partnership, association or

corporat ion.

Section 2, All persons are hereby required to deliver on or be

fore May 1, 1933, to a Federal reserve bank or a branch or agency


coin, gold bullion and gold certificates now owned by them or coming

into their ownership on or before April 28, 1933, except the following:

| (a) Such amount of gold as may be required for legit


reasonable time, including gold prior to refining and stocks of

goli in reasonable amounts far the usual trade requirements of

owners mining and refining such gold*


Reproduced from the Unclassified I Declassified Holdings of the National Archives --------------______ • — >—DECLASSIFIED

Authority £fc>K> 6 0 1

X-7383

- 2 -


not exceeding in the aggregate C100*00 belonging to anyone person; and gold coins having a recognized special

value to collectors of rare and unusual coins,

(c) Gold coin and bullion earmarked or held in

trust for a recognized foreign government or foreign

central bank or the Bank for International Settlements.

(d) Gold coin and bullion licensed for other proper transactions (not involving hoarding) includ

ing gold coin and bullion imported for reexport or held pending action on applications for export licenses*

Section 3. Until otherwise ordered any person becoming the




gold certificates are held for any of the purposes specified in paragraphs

(a ) , (b) or (c) of Section 2; or unless such gold coin or gold bullion is

held for purposes specified in paragraph (d) of Section 2 and the person

holding it is, with respect to such gold coin or bullion, a licensee or

applicant for license pending action thereon.



Federal reserve bank or member bank will pay therefor an equivalent

amount of any other form of coin or currency coined or issued under

the laws of the United States.





therefor.


Reproduced from the Unclassified I Declassified Holdings of the National Archives D E C L A S S I F I E D

I A u t h o r i t y £ Q < Q C)Q 1

- 3 -

Section 6 . The Secretaxy of the Treasury, out of the sum

made available to the President by Section 501 of the Act of March 9,














tary of the Treasury and filed with a federal reserve bank* Each

application mast state the date to which the extension is desired,




difficulty.


Reproduced from the Unclassified I Declassified Holdings of the National ArchivesDECLASSIFIED

Authority £PK> 5 0 1

X-7383

- 4 -

Section 8 . The Secretary of the Treasury is hereby authorized




permitting the I’ederal reserve banks and member banks of the Federal Re


or credit, to deliver, earmark or hold in trust gold coin and bullion to

or for persons showing the need for the same for any of the purposes

specified in paragraphs (a), (c) and (d) of Soction 2 of these regulations*

Scction 9, 7/hoevor willfully violates any provision of this Executive

Order or of these regulations or of any rule, regulation or license issued

thereunder may be fined not more than 010,000, or, if a natural person,

may be imprisoned 1'or not more than ten years, or both; and any officer,

director, or agent of any corporation who knowingly participates in any

such violation may be punished by a like fine, imprisonment, or both.

This order and these regulations may be modified or revoked at any

time*

FRAMLIN D. ROOSEVELT.

TEE V'HITE "'OUSE

April , 1933*


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9 BC9B. NO . 131i FEDERAL RESERVE

U i l i c e C o r r e s p o n d e n c e K,4RD

To______For files________________________ __ Subject:

From ______ Mr. Carpenter#_____________ ____________________

J T

The attached transcript of notes taken at the meeting

of the Executive Committee of the Board on March 30, 1933, was

prepared at the request of Mr* James, The notes were taken dur

ing the discussions of the executive order prohibiting the hoard

ing of gold, now under consideration by the Board*

m o

Date___ March 31 f 1955

s p o 2— 8495



Authority £D \o c) O \

(NOTES TAKEN BY MR. OAHP3SNTER AT liEETING OF EIOCCUTIVE COMMITTEEi!

ON MARCH 30, 1933)

(Not a verbatim record)

At the afternoon meeting of the Executive Commit tee of the Fed

eral Reserve Board on March 30, 1933, Mr. James moved "that at the proper

time the information conveyed orally by Mr. Morrill regarding the conver

sation between Mr. Goldens? eiser and Mr. Burgess be reduced to writing and

made a part of the record of this meeting.”

Later Mr* Goldenweiser joined the meeting and Mr. James requested

that "the matter which Mr. Morrill reported separately to the meui>ers of

the Board be reported by Mr. Goldenweiser as a part of the record of this

meeting.”

Mr. Goldeisreiser stated "I assume that you refer to the conversa

tion about the fact that Dr. Burgess said that they thought that no export

licenses should be granted for gold until after some arrangement had been

made with the Bank of England as to how they were going to act in

connection with stabilizing the pound;until same arrangement had been

arrived at with England as to what course of action they would pursue as

to stabilizing the pound. He said that it would probably be some time

this week n&ien an arrangement might be reached. He and Governor Harrison

feel strongly that way." Mr. Goldenwe iser also stated that the matter

came up twice and that Assistant Secretary Douglas was present at one time

and Under Secretary of the Treasury Ballantine at another.

Mr. Goldenweiser also stated "I believe it would be very desirable

to make a recommendation to the Secretary of the Treasury that licenses for

the export of gold in legitimate transactions should be granted very freely.

I would like the Board to consider the advisability of such a recommendation.



Authority £D {O f) Q )

- 2 -

Mr, James then stated that "to inject an international question

in a matter that is purely an endeavor to stop hoarding in the United

States and release all restrictions at the earliest possible moment, and

to do it in the way it was done behind the back of this Board, is

certainly reprehensible and entitles the Board to an explanation from

the Federal Reserve Bank of New York* I think the Federal Reserve Board

is entitled to an explanation from the officers of the Federal Reserve

Bank of Hew York as to why they should assume responsibility of handling

these matters without reference to the Board,"

Mir. Goldenweiser stated "Mr* Burgess’ statement did not refer to

gold already earmarked but to future exports. I feel strongly that this

is an emergency matter and it hasn't anything to do with the international

gold standard, that we want to go back on that standard as soon as possible

and that that situation cannot properly be used as a leverage in an inter

national situation,”

The members of the Board present appeared to agree with Mr.

Golden? eiser*s statement.

Mr. James then said "the point I want to make is the propriety of

negotiations of that kind on the part of the officers of the Federal Re

serve Bank of Hew York without taking the Federal Reserve Board into con

sideration. It is going to make a great difference some time if we are

going to inject this international situation into this hoarding order.”

Lie. Goldenpreiser stated that the attitude of the New York bank in

the matter of the granting of licenses could have an effect on the

Executive Order notwithstanding that -they have no authority themselves to


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-5-

grant suck licenses.

Mr. Hamlin said "could we ask: New York what negotiations the New

York bank has had with the Bank of England?”

Hr. Janies stated that "the information conveyed privately lays

someone open to an embarrassing situation. The New York bank conveyed

information that is not in any place in our record.”

Governor Meyer stated that "the question is whether Hr. Burgess

merely expressed an opinion or what he would advise. I do not know that

such a remark could be interpreted as a negotiation.”

Mr. James stated "Mr. Ballantine referred to the confidentially

communicated idea that there would be no difficulty about getting ear

marked gold. Vlhere do our records show iiiat authority was given the New

York bank to mak3 that communication?"

Governor Meyer stated that "it went from the Treasury Department

on March 6 or 7. Everybody knew about it ."

Mr. James stated that "the point I am making is what is the

Boardrs relation to the Government and the public?"

Governor Meyer referred to the fiscal agency relationship between

the Federal reserve bank and the Treasury Department 7/hieh brings the two

into rather close relationship.

Mr. James stated that "that relationship if exercised can nullify

any policy that may be developed in the Federal Reserve Board."

Governor Meyer stated thathe had felt far some time that both the

Treasury and the Federal reserve bank had gone beyond the necessity arising

out of the fiscal agency relationship, leading to discussion of policy in

which the Board should have been more fully advised, but unless you take


BHIiaiMHgjMR eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives

DECLASSIFIEDAuthority £t~ \Q f)Q 1

/j.—

the position that the banks cannot call on the telephone for infonna tion

and reports, you to some extent have to rely on their sense of propriety.

Mr. James stated that in considering Federal reserve bank

policies all writers put the responsibility on the Board.

The Governor stated that "this is not an action but a remark of

Mr* Burgess'.”



Authority £ Q \Q 6 0 i



By virtue of the authority vested in me "by

9# Section &jof the Act of October 6, 1917, as amended by Section 2 Aof the Act of March 9 , 1933, entitled nAn Act to provide relief in

the existing national emergency in banking, and for other purposes” ,

in which amendatory Act Congress declared that a serious emergency

exists, I , Franklin D. Roosevelt, President of the United States of

America, do declare that said national emergency still continues to

exist and pursuant to said section do hereby prohibit the hoarding of

gold coin, gold bullion, and gold certificates within the continental

United States by individuals, partnerships, associations and corporations

and hereby prescribe the following regulations for carrying out the

purposes of this order:

Section 1. For the purposes of this regulation, the term

"hoarding11 means the withdrawal and withholding of gold coin, gold

bullion or gold certificates from the recognized and customary channels

of trade. The term "person" means any individual, partnership, associa

tion or corporation.

Section 2. All persons are hereby required to deliver on or

before April'IS^ 1933, to a Federal reserve bank or a branch or agency

thereof or to any -member bank of the Federal Reserve System all golcL

coin, gold bullion and gold certificat#âxcrept the followings *



reasonable time, including gold prior to refining and stocks of go14 in reasonable amounts for the usual trade requirements of

owndrs mining and refining such gold*


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives — _ --— — -UiiCLASiSIFIED

I Authority £CMO 5 0 1

- 2 ~

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate (;100.00 belonging to any one person; and gold coins having a recognized special


(c) Gold coin and bullion earirarked or hold in trust for a recognized foreign government or foreign

central bank or the Bank for International Settlements.

4 (d) Gold coin and bullion licensed for othertransactions (not involving hoarding) includ-(/ 4r '

m g gold coin and bullion imported for reexport or held

ponding action on applications for export licenses.

Section 3. Until otlicraise ordered any person becoming the

owner of any gold coin, gold-bullion, or gold certificates after April


the manner prescribed in Section tîless such gold coin, gold bullion or

gold certificates are held fq^pJcrposcs specified in paragraphs (a), (b)

<rt/ . v(c) of Section 2; or unless such gold coin or gold bullion is held for

purposes specified in paragraph (d) of Section 2 and the person holding it

is, with rcspcct to such gold coin or bullion, a licensee or applicant for

mKsmqmmk license ponding action thereon.


certificates delivered to it in accordance with Sections 2 or 3, the-

Federal reserve bank or member bank will pay therefor a*-.aquivaloi±.

asaoun.'t of any other form of coin or currency coined or issued under the

laws of the United States.

Section 5. Humber banks shall deliver all gold coin, gold



banks of thoir respective districts aiii receive credit or payment

therefor;.



Authority £D \Q 5 0 1

- 3 -

Section 6. The Secretary of the Treasury, out of the sum

made available to the president by Section 501 of the Act of March 9,



member bank or jfPederal reserve bank in accordance with Sections 2, 3,















difficulty.


a t iiXBODTivii


Reproduced from the Unclassified I Declassified Holdings of the National Archives ------ -DECLASSIFIED

Authority £Q IQ 5 0 1

-4 -

Scction 8. Tho Secretary of the Treasury is hereby authorized

and empowered to issue such further regulations as he m y deem necessary

to carry out the purposes 'of this order arid to issue licenses thereunder,


permitting the Federal reserve batiks and meiiber banks of the Federal Re

serve System, in return J?or an equivalent,amount of other coin, currency

j** 'fro*or credit-, to dellve^gold c0!11 a1- bullion (feai'iiurte w-ftcflMt."An trust

cnlrt ooiiffi nnrl hiilTIrm frrr) prr-inrin showing the need for, the same for any

of the purposes specified in paragraphs (a ), (c) and (d) of Section 2 of

these regulations.

Section 9. Whoever willfully violates any provision of this

Executive Order or of these regulations or of any xula, regulation or

license issued thereunder may be fined not more than $10,000, or, if a

natural person, may be impriooned for not more than ten years, or both;

and any officer, director, or agent of any corporation who knowingly

participates in any such violation may be punished by a like fine,

imprisonment, or both.

This order and these regulations may be modified or revoked

at any time,

FRANKLIN D. ROOSEVELT

THE WHITE HOUSE

March , 1933,


Reproduced from the Unclassified I Declassified Holdings of the National Archives ~DECLASSIFIED

Authority £ Q \Q 5 0 1

H i C l - 1

(C01OTDEISJTIAL - Hevised Draft of March 31, 1933.)

sn .m m m

In the past weeks the country lias given a remarkable

demonstration of confidence. With the reopening of a majority

of the "banks of the country, currency in excess of

$1,000,000,000, of which $600,000,000 was in the form of gold

and gold certificates, has been returned to the federal reserve

banks.

Many persons throughout the Uiiited States have hastened to

turn in gold in their possession as an expression of their

faith, in the (Jovernment and as a result of their desire to be

helpful in the emergency. There are others, however, who have

waited for the Government to issue a formal order for the return

of gold in their possession. Such an order is being issued

by the President today.

The order authorizes the Secretary of the Treasury

to issue licenses for obtaining gold for industrial require

ments, exportation pf gold for trade purposes, and other

legitimate needs not involving hoarding. With these exceptions,

the order requires all persons to deliver to one of the fed

eral reserve banks, branches or agencies, or to a member bank,

in exch&nge for other currency, their gold coin, gold bullion

and gol|L certificates other than gold coin and gold certificates^

not exceeding $100 and gold coin having a recognized special

ivalue t> collectors of rare and unusual coins. While the

order la in effect persons who come into possession of gold not covered by


Reproduced from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIEDAuthority £Q \€> 5 0 \

the exceptions set forth in the order, will also "be required to

exchange it for other currency* The order is limited to the

period of the emergency.

The chief purpose of the order is to restore to the

country*s reserves gold held for hoarding and the withholding

of which under existing conditions does not promote the public

interest.


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N ationa l A rch ives DECLASSIFIED

Authority £fcMO 6 0 \

Hio.

3/3'Tb* IiwtiIhi j o£ thi

W 1 m m lim m *— to r tv # taduotrial Im**-

«nl»» & t '&&& im tm fa puarj*©**©* ot&rr

Iftgltlmta »»«4« net tnralrlm inlying* w*tli Ittftft** *3g#§fii***i»f

th# «r4*r r*quijr*» *11 fwr»«* to M l H f to an* of the J*&*

•ral

m •Xtfompjt for <rtkr tinir $0&& eoi*# gol£ bullion

flOtd e«rtineai«a othar thim gpU mtm ton* gold wtlfifm t##

*ot $U3tt asia gg&& m im tt «p*cl*X

**Iu* t# ooU*«teF« <rf num m € wnu^wa «alBUS. tb»

artior I t in « !& * * tffoa m » imt# pmmm/Am # f $&i*£

not lovwni *y

1 ®33-£ff



Authority £ Q \Q 5 0 j

U 1 0 < ' I

(COTODMTIAL - Draft of March 31, 1933.)

STATEMENT

In the past weeks the country has given a remarkable


of the hanks of the country, currency in excess of


and gold certificates, has been returned to the Federal reserve

banks•

Many persons throughout the United States have hastened to


faith in the Government and as a result of their desire to be

helpful in the emergency. There are others, however, who have




order authorizes tha Secretary of

issue license£\for obtaining gold

not involving hoaNîng, industrial requirements

the Treasury t o ^ /^

exportation of gold fciK trade

the order requires all pers

oses. With -these exceptions,

ls wli> have in theii

gold coin, not having special vftlue to collectcrs, gold certificates,

/ \or golfl. bullion, in excess of 1100 ,x $o return tais gold to one of

I \the IFelLeral reserve banks, or/a member b&sjk. tSiile the order is

j / ' \ in effect persons who come iiito possession o f q l d not exempted by

for all legitimate needs-* BXBKJDTIVB (X)MMBraDI

, and the

possession


R eproduced from the U nc lass ified I D ec lassified H o ld ings o f the N a tiona l A rch ives — ---------— — =— ------------- ---------- -DECLASSIFIED

Authority £Q \Q 5 0 1

- 2 ~

the exceptions set forth in the order, will also he required to

exchange it for other currency. The order is limited to the

period bf the emergency.

The chief purpose of the order is to restore to the

country’s reserves gold held for hoarding and the withholding

of which under existing conditions does not promote the public

interest.


iw ne11'Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIEDAuthority £Q jO 5 0 I

(CONJ’IDEffllAI - Draft of March 1933.)

H i 0 , I

statemeut

In the past J^T^weeks the country has given a remarkable


of the banks of the country, currency in excess of


and gold certificates, has been returned to the Federal reserve

banks.

Many persons throughout the United States have hastened to


faith in the Government and as a result of their desire to be

helpful in "Sêmergency. There are others, however, who have




The order authorizes the Secretary of the Treasury to

issue licenses for obtaining gold for all legitimate needs

not involving hoarding, industrial requirements, and the

exportation of gold for trade purposes. With these exceptions,

the order requires all persons who have in their possession

gold coin,*££0Id certificates, or gold bullion, in excess of

$100, aa&fftot having special value to collectors^ to return this



Authority £ t > \o 5 0 |

- 2 -

gold to one of the Federal reserve banks, or a member bank. While

the order is in effect persons who come into possession of gold not

exenrpted by the exceptions'no4^4 in the order, will also be required

to exchange it for other currency. The order is limited to the

period of the emergency.

The chief purpose of the order is to restore to the country's

reserves gold w h for hoarding and the with-

oUtholding of which under existing conditions agaiifrisV the public

interest.

unction-of gold in modern '•banfctns'-and--e»«dlt,,.......

systems is tor serve basic bank reserves and, as a means of settle

ment between countries. , Under present conditions its -tse for hand

to han^/currency or as a store of value in hoarding is not consistent

/with/building up the nation1 s finaneial structure to its maximum

/ \S'strength for the furtherance of economic recovery.

(The present orde^ relates on^- to gold coin akd bullion and

gold certificates, and d$es not include other forms oX;currency.

It is believed\hat a continuation of tfye voluntary retWn of currency

will make a more inclusive fcrder unnecessary.)


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ives - — — ------------ -— — — ---------- -DECLASSIFIED

I Authority £ p \Q 6 0 1

(COiJFIDEHTIAL — Revised draft of March 31, 1933.)

EXECUTIVE OEDER



By virtue of the authority vested in me by subsection (b)

of Section 5 of the Act of October 6, 1917, as amended by Section 2

of the Act of March 9, 1933, entitled MAn Act to provide relief in

the existing national emergency in banking, and for other purposes",








purposes of this orders


^hoarding1’ means the withdrawal and withholding of gold coin, gold


of trade. The term f,person,f means any individual, partnership, associa



before April 15, 1933, to a Federal reserve bank or a branch or agency


coin, gold bullion and gold certificates except the following!

(a) Such amount of gold as may be required for legit-

imat£ and customary use in industry, profession or art witMn a v J reasonable time, including gold prior to refining and stocks oftgold

owners mining and refining such gold.

in reasonable amounts for the usual trade requirements of /



j Authority £Q \Q 601

- 2 -


not exceeding in the aggregate (,*100.00 belonging to anyone person; and gold coins having a recognized spocial value to collectors of rare and unusual coins.

(c) Gold coin and bullion earmarked or hold in trust for a recognized foreign govemmeirfc or foreign

central bank or the Bank far International Settlements.

(d) Gold coin and bullion licensed for other legitimate transactions (not involving hoarding) including gold coin and bullion imported for reexport or hold

ponding action on applications for export licenses.

Section 3. Until otherwise ordered any person becoming the




gold certificates are held for purposes specified in paragraphs (a), (b)

and (c) of Section 2; or unless such gold coin or gold bullion is held for

purposes specified in paragraph (d) of Section 2 and .the person holding it

is, with respect to such gold coin or bullion, a licensee or applicant far

an export license ponding action thereon.

Section 4 . Upon receipt of gpld coin, gold bullion or gold

certificates delivered to it in accordance uith Sections 2 or 3, the


amount of any other form of coin or currency coined or issued under the


Section 5. Member banks shall deliver all gold coin, gDld

bullion and ©Did certificates owned or recoived by them (other than, as


banks of thoir respective districts and receive credit or payment

therefor.



Authority £ p SO f) C j

- 3 -









8








tary of the Treasury and filed with a federal reserve bank. Each





difficulty.



Authority £D \Q 6 0 1

Scction 8. The Secretary of the Treasury is hereby authorized

and empowered to issue such further regulations as he m y deem necessary


through such officers or agencies as ho may designate, including licenses

permitting the Federal reserve banks and meiiber bonks of the Federal Re


gold coin and bullion for) persons showing the need for the same for any

of the purposes specified in paragraphs (a ), (c) and (d) of Section 2 of

the s e regula ti ons .

Executive Order or of these regulations or of any iu Io , regulation or

license issued thereunder may bo fined not more than $10,000, or, if a

natural person, maybe impriooned for not more than ten years, or both;




r t /or credit, to deliver



at any time


THE WilTE HOUSE

March , 1933.



Authority £ Q IQ SO 1

■ Ot q i

(CO*!FimTIAL — Revised draft- of Mardli 2 ^ 1933a)

MCttflVB ORDER

Forbidding the Hoarding of G-old Coin, G-old Bullion

and G-old Certificates,

3y virtue of the authority vested in me by subsection (b)


of the Act of March 9, 1933, entitled "An Act to provide relief in









purposes of this order!


^hoarding11 means the withdrawal and withholding of gold coin, gold


of trade. fhe term HpersonH means any individual, partnership, associa-’



Ibefore April 15, 1933, to a Federal reserve bank or a branch or agency


coin, gold:bullion and gold certificates except the followings

[a) Such amount of gold as may be required for legit

imate and customary use in industry, profession or art within a reaso:siable time, including gold prior to refining and

gold :.n reasonable amounts for the usual trade requiremei

owners; mining and refining such gold.

; within a \j stocks

saents of


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ives — ---------— — — — ----------------- -d e c l a s s if ie d

I Authority £ p \0 5 0 1

- 2

(b) G-old coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any

one person; and gold coins having a recognized special


(c) Gold coin and bullion earaarlced flr held *»

trust for a recognized foreign ggireirnnent or^fore. m v«mv « • the Bank far International Settlements.

r fd) Gold coin and bullion licensed for

legitinate transactions (not involving hoard^ p h ld W goS coin end bullion imported ^ r f ^ t ^ heM p^jfng action on applications top eaqpor* licenses.

S6ct£cHi 3• oistosrifis© ordered, any p e rs o n\ V

the

owner of anygold coi*, g^ld bullion, or gom.oertificates after

April 1A 1933 (except for ^W - r ,p eo ifie d » W . : M

and (c) of\ction 2, or exceptfrarpurposes 3Pecj j H ^ ln Paragraph ^

(d) of aectiraiNj; fit th~respect to S *^ gold coin_ or

an export liceHf® pending

ttorebC. deliver

% 'f iVf such person is [,censeeyor

action ther«c^ 3hal)^wittifi days a i^ r e c a

the saoe In the m a n n e r ^resffirifeed in iection 2 .



therefor.



Authority £ Q \Q *)€>)

- 3 ~

Section 6 . The Secretary of the Treasury, out of the sum

made available to the President "by Section 501 of the Act of March 9,



•member bank or Federal reserve bank in accordance with Sections 2, 3,




be procured from Federal reserve banks.












difficulty.


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives * — — DECLASSIFIED

I Authority £ P \Q 5 0 1

- 4 -

Section 8* The Secretary of the Treasury is hereby authorized


to carry out the purposes of this order and to issue^thereunder, through * >*

such officers or agencies as he may designate^ licenses permitting the

Federal reserve banks and member banks of the Federal Reserve System, in

return for an equivalent amount of other coin, currency or credit, to . ** * I \

deliver gold coin and bullion to. persons showing the ne$d for the same I J

K ' W < 0for any of the purposes specified in paragraphs (a)} tfA (e) of Section

A

2 of these regulations,*

Section 9* 7/hoever willfully violates any provision of this

Executive Order or of these regulations or of any rule, regulation or

license issued thereunder may be fined not more th&a C10,000, or, if

a natural person, may be imprisoned for not more than ten years, or

both* and any officer, director* or agent of any corporation Who knowing

ly participates in any such violation may be punished by a like fine,



at any time*

FRAMLIN D. ROOSEVELTI

THE !HI3jE HOUSE

March , 1933*


•"■■BHSBWSSReproduced from the Unclassified I Declassified Holdings of the National Archives

d e c l a s s if ie d

Authority £ p \0 5 0 |

m o ,

3 / 2

Section 3 , Until otherwise ordered, any

person becoming the owner of any gold coin, gold

bullion, or gold certificates after April 13, 1935

(except for purposes specified in paragraphs (a),

(b) and (c) of section 2, or except for purposes

specified in paragraph (d) of section 2 if with

respect to the gold coin or bullion involved such

person is a licensee or applicant for an export

license pending action thereon) shall, within three

days after receipt thereof, deliver the same in the

manner prescribed in section 2#


Reproduced from the Unclassified I Declassified Holdings of the National Archives — —DECLASSIFIED


(COi'DTIDEl'TTXAL — Revised draft of March 29, 1933.)

EXECUTIVE ORDER



3y virtue of the authority vested in me by subsection (b)











purposes of this order;


’'hoarding11 means the withdrawal and withholding of gold coin, gold


of trade. The term ’’person11 means any individual, partnership, associa

tion or corporation*


before Aptfil 15, 1933, to a Federal reserve bank or a branch or agency


coin, golct bullion and gold certificates except the following;

imate

reascgoldowner!

(a) Such amount of gold as may be required for legit-

and customary use in industry, profession or art within a nablc time, including gold prior to refining and stocks of

in reasonable amounts for the usual trade requirements of s mining and refining such gold.


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives — £ LAS SI FI ED

I Authority £Q \Q SO 1

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any

one person; and gold coins having a recognized special value to collectors of rare and unusual coins.

(c) Gold coin and bullion licensed for legitimate j *

transactions (not involving hoarding), including gold J mJ

action on applications for export licenses or held in /

coin and bullion imported for reexport or held pending

trust or earmarked for a recognized foreign government/ O v

or foreign central bank or the Bank for International' n . I

Settlements.

Section 3. Until otherwise ordered, any person becoming the

owner of any gold coin, gold bullion or gold certificates after April

12, 1933, (except as exempted by the provisions of Section 2) shall,

within three days after receipt thereof, deliver the same in the manner

prescribed in Section 2.










therefor.



Authority £D \o f )Q j

- 3 -

Section 6. Die Secretaiy of the Treasury, out of the sum




member bank or Federal reserve bank in accordance with Sections 2, 3,
















difficulty.




- 4 -

Section 8 , The Secretary of the Treasury is hereby authorized


to carry out the purposes of this order and to issue thereunder, through

such officers or agencies as he may designate, licenses permitting the

// Federal reserve banks and member banks of the Federal Reserve System, in

return for an equivalent amount of other coin, currency or credit, to

deliver gold coin and bullion to persons showing the need for the same

for any of the purposes specified in paragraphs (a) and (c) of Section

Z of these regulations.

Section 9, Whoever willfully violates any provision of this


license issued thereunder may be fined not more than ^10,000, or, if

a natural person, may be imprisoned for not more than ten years, or

both; and any officer, director, or agent of any corporation who knowing

ly participates in any such violation m y be punished by a like fine,



at any time.


THE 1H2T1 HOUSE

March , 1933,


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ives j — ■ -- - ■,f d e c l a s s if ie d

I Authority £D |Q 6 0 1

m o . ~ i

■ p t

Mr. Oeorge U Sewrt*#®* Ooterndr, lidfnl Beaerre Bemk of lev fork,Im York, Hew York*

Dear Oofemor Harriaom

She Board apprealatee wry wm% reeelTin# ywir

lette w o f _Marsh i4|*8d »?* 19S3, to downier HiTir, In-

aiming eopie* of the letters addx»*a*d fcy you to Uader

Secretary of the Treaaury Ballaatiae with ragard to the

propoaed exeemtiv* order hy the President of the United

statea prohibiting the hoardla* of gold.

It la motet .twm your eeoond letter to Mr*

Belleatiae that you ha*e reoelyed a oopy of the order ae

approved hy the Board em Hareh IS, 1939 m i it 1« under*

atood that Hr* Bttxt**a haa acquainted you el Hi the polnta

ralaed duriuf the dl»cu*.<ion of the order at the s*atings

ehloh lie attended on Jriday and Saturday of l«*t **#k and

other di aeuaelftne of th* natter In which he pertiolpated.

Tory truly your**


Reproduced from the Unclassified I Declassified Holdings of the National Archives ------ -DECLASSIFIED

Authority £CMO 5 0 1

«

mo, iFe d e r a l R e s e r v e B a n k

o f N e w Y o r k

March 27, 1953.

Dear Governor Meyer:This morning Mr. Ballantine telephoned me

to talk about the proposed gold order as I understand it now to be drafted. I gave him my reactions on the telephone, and told him I would write him. For your information I am enclosing a copy of my letter.

Faithfully yours,

Governor.

Hon. Eugene Meyer,Governor, Federal Reserve Board, Washington, D. C.

Enc.i. v ■ aJ

MAR 28 1933



Authority £ p IQ SO 1

COPY

FEDERAL RESERVE BASK.

OF NEW YORK

March 27, 1933.

Dear Mr. Ballantine:

Mr. Burgess has just returned from Washington with

the latest revision of the proposed order relative to gold.

I think it is a great improvement over the tentative draft

which you sent roe on March 22.

In view of the large return flow of gold which has

already taken place, an order against hoarding may seem much

less necessary than a few weeks ago, but assuming that it is

advisable or necessary because of various other factors, I think

the proposal in its present form is a consistent and workable

one. As now written, I think that it overcomes many of the prac

tical difficulties which concerned me before, and there is no

doubt that by permitting obligors on gold contracts to obtain gold

for payment when demanded, the order as now drawn has the important

advantage of unequivocally preserving the integrity of gold con

tracts in form, even though section 3 provides for the immediate

recapture of gold paid out for purposes not specifically excepted

by the order itself. On the whole, this procedure has the merit

of dealing with the matter of hoarding as contemplated by the law,

and while legally protecting gold contracts in the interim, it

leaves for future and more mature determination the broader and


R eproduced from the U nclassified / D ec lass ified H o ld ings o f the N a tiona l A rch ives --------— ‘


I Authority J p \o 5 0 |

more substantial problems involved in unrestricted gold payments

I think this, of course, is most important.

Faithfully yours,

George L* Harrison

Governor.

Hon. A. A* Ballantine,

Undersecretary of the Treasury,

Treasury Department,ISashington, D. C.




( CONFIDENTIAL — Revised draft of March 25, 1933.)

EXECUTIVE ORDER






the existing national emergency in banking, and for other purposes’1, I

Franklin D. Roosevelt, President of the United States of America, do

hereby prohibit the hoarding of gold coin, gold bullion, and gold

certificates within the continental United. States by individuals,

partnerships, associations and corporations and hereby prescribe

the following regulations for carrying out the purposes ofthis order:


"hoarding*1 means the withdrawal and withholding of gold coin, gold

bullion or gold certificates from the recognized and customary chan

nels of trade. The term ^person11 means any individual, partnership,

association or corporation.


before April 15, 1933, to a Federal reserve bank or a branch or agen<

thereof dr to any member bank of the Federal Reserve System all gold

coin, goj.d bullion and gold certificates except the following?



reasonable time, including gold prior to refining and stocks of golcj. in reasonable amounts for the usual trade requirements of owners mining and refining such gold*


__________ . ____ ____ . ■ii|ii m ljwwi8*»|

R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ivesDECLASSIFIED

Authority £0^0 5 0 1

2 -

( I d ) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 "belonging to any one person;

and gold coins having a recognized special value to collectors of rare .and unusual coins.

(Cl) Gold coin and bullion licensed for^ legitimate ifc transactions (not involving hoarding in

cluding gold coin and bullion imported for reexport or held

pending action on applications for export licenses/''

(d) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the

lank for International Settlements.

^(e) Gold coin and bullion actually needed to meet maturing obligations payable in gold coin or bullion in any case where

payment in gold coin or bullion actually has been demanded by the obligee; provided that, in order to facilitate the enforcement

of Section 3 hereof, the obligor shall furnish to the Federal

reserve bank of the district in which such payment is made a

written statement showing the name and address of each person to whom or for whose account such a payment is made and the amount

paid to each such person.



12,. 1933, (except as exempted by the provisions of Section 2) shall,








; Section 5. Member banks shall deliver all gold coin, gold

bullion ,nd gold certificates owned or received by them (other than as

exempted under the provisions of Section 2) to the Jtederal reserve




3 -


therefor.








be procured from Itederal reserve banks.











difficulty.





v,, - »J

- 4 -

Section 8. The Secretary of the Treasury is hereby authorized



such officers or agencies-as he may designate, licenses permitting the

Federal reserve banks and member banks of the Federal Reserve System, in



for any of the purposes specified in paragraphs (a ), (c)

of Section 2 of these regulations.

Section 9. Hilhoever willfully violates aiiy provision of this


license issued thereunder may be fined not more than $10,000, or, if

a natural person, may be imprisoned for not more than ten years, or both;




This order and these regulations may be revoked at any time.

FRAHKLIiT D. ROOSEVELT

DECLASSIFIED

Authority $ p \ Q j

THE WHlt?E HOUSE

March , 1933.


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ivesDECLASSIFIED

Authority £ 0 ^ 0 $Q j

b

Fe d e r a l R e s e r v e B a n k

o f N e w Y o r k

March 24, 1333

Dear Governor Meyer:Yesterday I received from Undersecretary Ballantine

a letter with which he enclosed a copy of the proposed draft of executive order relating to the recapture of gold. He asked certain questions of policy and invited my suggestions. Some of our reactions I have attempted to give him over the telephone; but it was only this morning that I realized, after talking with Mr. Burgess, that many of the questions of policy and much of the detail have already been agreed upon. That being so, I have today written to Mr. Ballantine in response to his inquiry on the basis of those decisions as to policy. I do not want to cross wires nor do I want unnecessarily i its comment? might be he] problem, 1

Hon. Eugene ,Governor, Federal Reserve Board, Washington, D. C.



Authority £C?\P 5 O |

FEDERAL RrSPRVF sank

COrYOF NEW YOUK

March 84, 103S.

Pear Mr* Sallantines

1 have received your letter of lurch 2£, with which you

Mat sm two copies of a tentative statement and draft of executive

order which have been prepared relative to the hoarding of gold*

Ton ask certain specific questions relative to these doeunents and

invite discussion of other questions that s&ght he involved*

Sr» Burgess, who has hem in Washington yesterday and

today, is entirely familiar with our point of view regarding this

prospective gold order and we have kept his currently informed of

oitr suggestions as they have ocoured to us in studying the drafts

which you sent *e»

However, there are certain comments I would like to

sake concerning the three specific questions contained in your

let tear i

1* fe have felt that it eould’have hem preferable to

except gold bullion fro* the proposed order* partly because there

is an insignificant aswont of gold bullion now hoarded, and partly

beeause we have felt that the fever the restrictions that nay heI

made now the eaaler it will he later to determine the country's

gold policy* I understand, however, that it is pretty well

settled that the regulation is to ifeclude bullion (and we appre-

el*U> that there are good reasons for doing so), so that our


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I Authority £Q \Q 6 0 i

#ft« Ion* A 4 . lal itist, 3/24/Sa

comments regal*ding the pro{>os»d order are predicated upon the assumption

that It will relate to bullion as wall as to fold cola and certificates*

i* fou ask whether the order should except gold owned before

a particular data* la feel very definitely that at long as the order

la to he Issued oft the theory that it Is to prevent hoarding, there

should be no exception baaed upon the date of acquisition*

3* Ton ask how gold contracts are to be handled* Our theory

has hem that the simplest and most certain metho^bf protecting exist

ing gold contracts would be to continue the present executive order

against* the payment of gold, and by a new order to retire the surrender

of gold outstanding in exchange for other money* these two orders will,

we think, afford the best protection to obligors against suits either

for specific performances or for damages* and we hawe felt that it

would be preferable to handle gold contracts in this fashion than to

permit obligors to get gold with which to m ke payment to creditors,

who would be required immediately to return it to the treasury or the

Federal resenre tanks* Furthermore, there are certain practical diffi

culties that sight well arise if the proposed order is to permit of

payments in cases alters the gold Is demanded by creditors, and then to

require the creditors to surrender the gold* lut even if , as I under

stand, it has beam determined as a matter of policy to permit of gold

payments by obligors and then to recapture the gold from the payees.

It would seem necessary to make some amendments to the proposed order,

which wei have taken the liberty of suggesting on the draft which I am\

returning herewith for your consideration*

| I think that each of these suggestions will speak for itself,

but in Considering them it is important to point out t&at section 0 of

the profjosed order clearly relates to gold mow outstanding and actuallyDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Authority £OjO 5 0 1

1 an* JUA* Ba M ti&m , Z/BA/ZM

held outside the Federal reserve banks end the treasury* It purports

to be an order to those now holding gold to return It before April IS

unless it can be shorn that it falls within any one of the five cate

goric* listed as exceptions in paragraphs (a) to (e) inclusive* that

being so, paragraphs (a) to (e) should be clearly drafted to relate

theaselves solely to gold now outstanding and should not be designed

to cover eases of licenses for the payment of gold in the future, sueh

as Indicated in paragraph (c), for Instance* *e have, therefore,

suggested certain modifications in paragraphs (a) &n& (e ), hairing in

aind that they relate to gold now outstanding, and have proposed the

elimination of paragraph (c) frost section 2*

cover only eases of gold now outstanding, section § should be revised

so as unequivocally to cover the question of licensing the payment and

a revision of section 8 on this theory, setting forth in that section

the three different classes of cases for which licenses night be granted,

that is, cases of future transactions of the kinds described in para

graphs (a ), (c ), and (e) of section ft*

effect as a cris&nal statute, it is our opinion that it requires the

aost careful and expert drafEasaanship Quite apart fro* the questions of

policy. Consequently, I hope that yon will accept our suggestions not

as final suggestions as to draftnanship but rather as indications of

points which we think are important to be considered in preparing the

order*

But if section 2 and Its exceptions are redrafted so as to

ownership of gold in j transactions. Accordingly, we have suggested

But since this executive order will have the sane force and

Tery tmlt yours,

(Jeorge L* Harrison Governor.

■»


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I Authority £ p )Q 5 0 1

(CmWimmiML — Tentative draft of March SEt 1011.)

EXECUTIVE ORDER

Forbidding the Hoarding af Gold Coin, Gold Bullion and

Sold Certificates*

By virtue of the authority seated In ne by subsection (b)

of Section 5 of tho let of October 6, 1917, at amended by Seetion £

of the Act of March 9f 1953, entitled *A» Act to provide relief in

the existing national emergency in banking, and for other purposes,*

approved March 0 , 19£S, I t Franklin D* Boosevelt, President of the

United State* of America, do hereby prohibit the hoarding of gold

coin, gold bullion, and gold certificates by individuals, partner**

ships, associations and corporations within the continental United

States, and 1 hereby prescribe the following regulations for carry-

lag out the purposes of this ordert

Section 1* For the purpose* of this regulation, the tenA^ûvvvyvf -C-'i- S ■*-•*>- .* - w>

•hoarding* geaasA$he withdfr wel end wftthh elding of goldL coin, gold64h*£iM^r ^ Xte flA AVU **** Of ^ .e W U > c & U IM / ..

bullion or gold certiflcateaA £v*n eeogniewd.mêuvtrmary ehan

fee.-goli! j»#vfyi a r . gn ld bq ] 11 nn gfwirn h r t h i niTnmr '^hnrrrrf “In fHTirtminn

aotttfel3^hel4^4ay, him xta The ten •person*

Beans any individual, partnership, association or corporation within

the continental United States*

Section £* All persona are hereby required to deliver on

or before April IS, IM S , to a Federal reserve bank or a branch or

agency thereof or to any member bank of the Federal Reserve By ate*

all gold coin, gold bullion and gold certificates except the follow**

ingi |


spasaag '-"R eproduced from the U nc lassified / D ec lass ified H o ld ings o f the N a tiona l A rch ives = — — — — — — — . — _____

DECLASSIFIED I Authority £ 0 \0 5 0 )

(a) Such amount of gold as may be required for legitimate

and customary use in fr»a<y% profession or art within a reason

able time, including gold prior to refining and stocks of gold

In reasonable amounta for the usual trade requirements of owners

(b) Gold coins m <I gold certificate* 1b an amount not ex

ceeding in the aggregate $100*00 belonging to any one personj

and gold coins having a recognised special value to collectors

of rare and unusual coins*

4e) Gold sola and bullpen lloensed for—leglMaaê^ ejepgrrt

transactions not1 lavolyiftg hoa*dlag-*ir»”aj»eeulet tony lncltidlftg

g o ld eein-wnd bullion importod fea> re«^>orfc or heldândlncÊC^

(d) Sold coin, gold bullion and gold certificates which

were owed by a reeognised foreign government or foreign central

bank or the Bank J&r International Settlements on March 6f 2Mft«

(e) Gold coin 01* bullion actually needed to met waturtaig obligationaApayable 1& gold^ coin or bullion, ihen payment In gold coin or bullion has actually been demanded, regardless of whether the obligee Is at hose or abroad*

Section Zm Wntll otherwise ordered, any person becom

ing the owner of any gold coin, gold bullion or gold certificates m

or after April 11, 19BB, et *y

ieeîen#-!1.end & hereof) shall, within three days after receipt thereof, deliver the same In the manner prescribed in Section £*

Section 4« Open receipt of such gold coin,/gold bul

lion or gold certificates, the Federal reserve bank or isember bank

yiArp<e&l4*Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

' . ... .....1111 " " ' 1 .. 1 '">»■' " 11!

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I Authority £ P \€> 5 0 1

m szm x

Provided, however, that this shall not apply to any person becoming the owner of gold coins and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person, and gold coins having a recognised special ▼slue to collectors of rare and unusual coins, and provided further that it shall not apply to any person who has received gold for any of the purposes specifically set forth in Section 8 hereof.



I


Authority £ 0 \0 5 0 |

will pay therefor «» equivalent amount of any other form of coin or

currency coined or issued under the lavs of the Baited States*

Section 5* Mesiber banks shall deliver all gold coin, gold

bullion and gold certificates owned or received by thea (other than

than exempted under the provisions of Section^ V ro I E) to the federal

reserve batiks of their respective districts and receive credit or pay

ment therefor.

Section 6* the Secretary of the treasury* out of the sum

wide available to the President by Sectioa_501^ of the Act of March 9f

1$$S, will pay all reasonable costa »nnni m such gold

coin, gold bullion or gold certificates, including the cost of insur

ance* protection, and such other incidental costs as may be reasonably4

necessary, upon production of satisfactory .evidence of such costs* d e £ u K &*f n m (<L

Forms of Toucher/ ftfr this purpose aa#' be procured frop federal reserve

jfajiJtf pWXti&ViFb* (1~ a .

Section ¥ * In easel where the delivery of gold coin, gold

bullion or gold certificates by the osiers thereof within the tine set

forth above will involve extraordinary hardship or difficulty, the

Secretary of the treasury nay, In his discretion, extend the time with

in which sueti delivery must be mde* Applications fir such extension*

Must be made in writing under oath, addressed to the Secretary of the

Treasury and filed with a federal reserve bank within the time set

forth above* Such applications must state the date to which the ex**

tension is desired, the amount and location of the gold coin, gold

bullion and gold certificates In respect of which such application^

. . - d « . r . c t . — « - , ! « w . » - - > *extraordinary hardship or difficulty*


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I Authority £ p jO SO )

«•» «•»

Section 8* the Secretary of the treasury Is hereby author*

ised and empowered to issue such regulations not inconsistent with

these regulations as he nay dees necessary to carry ot*t the purposes

of this order and to issue licenses thereunder permitting the Federal

reserve banks and meatber ban** of the Federal Reserve Syates to de

liver gold w in and bullion to p m rso n * shoeing the need for the sane

for any of th^purposesrspeelfled itt-psregraphs ■{*■) »e--(s)» lnsaneiv»|

of geotlenB of these »e|aliill»titr

Section 9* Whoever violates any provision of this Executive

Order or of these regulations or of any rule or regulation Issued

thereunder may he fined net mre than $10,0OOf ©r# if a natural per

son, nay be imprisoned for not sort than ten years, or #othf and any

officer, director or agent of any corporation who knowingly partici

pates in any such violation M f Ini vanished by s like fine, Imprison-

sent or both*

This order and these regulations may be revoked at any time*

Ffiiimi 0« BOOBWWUJ

THE mXSM H008B March f 1 *W *


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I Authority_£0 ) 0 SO |

TVCVM i irIHbMbuSjE- JL

(a) Such amount or gold as may be required for a

reasonable period for legitimate and customary

use in manufacture, profession or art, includ

ing gold prior to refining and stocks of gold

in reasonable amounts for the usual trade re-

Lrements of owners mining and refining such

gold,

(b) Gold bullion required for legitimate export or

earmarking transactions not involving hoarding

or speculation, including gold bullion imported

for reexport or held pending action on applica

tions for export licenses*

(c) Gold coin or bullion actually needed to meet

maturing obligations payable in gold coin or

bullion, when payment in gold coin or bullion

has actually been demanded, regardless of

whether the obligee is at home or abroad.


Reproduced from the Unclassified I D eclassified H o ld ings of the N ational A rch ivesDECLASSIFIED

Authority £t~ \o c) O |

m ? f

JPedoral M m w m Bank

o f Hew York

March 3 t f 1933 .

Dear Mr* Ballmtinoi

1 bare rooeivod yoxir tetter o f March witii vfafafa ytm

*#nt rae two oopiec o f * tentative statement and draft o f executive

order which b o m boon prepared to the hoarding o f gold*

Term aak certain apcoiflc (pLe^tlone p s 1a tire to t h e w doccnentrs and

invite dlacusaion o f other qaeetion# that rai&ht bo involved.

Mr. Bargeoo, who has boen in Washington yesterday and

today, eniiraly fa«ill«r *i1b o$ur point #£ viow tt®$rdiiig this

prospective gold ordor and wo have k»pt M b currently inf owned of

#*wr rafigeetiane as thoy haw* ocroxred to tig in *tiij%tng Hit draft#

which you oottt 'HO#

Howowwr, thorw ar* cortain entrant* I would t$ M to

make ooaeoraing the three wpeoific questions oant&inod in your

tettar*

X* le have felt that it would have boon preferable to

except $oM bullion from the proposed order# partly beoauae there

ie an insignificant anotxat of gold bullion now boarded* and partly

beoanee wo haw® felt that the fewer the rootriction* that bo

Made now tha wufimv It will bo later $o detoBntno tbo

gold policy. I mdorataad, however, that 11 le prwttf well

eottled that the regulation is to inolnda botllion («id wo upfrt**

oiato that there are good reaeona for doing *o ), eo that oar


Reproduced from the Unclassified / D eclassified H o ld ings of the N ational A rch ivesDECLASSIFIED

Authority ££MO>5 0 |

#&* ilon. A .A* 3a lla n tln e , V jM /8 8

consent# regarding the proposed order « n predicated upon the assumption

that it w ill relate to M U i o m as w ell as to gold ©ola m &

2 . Tom a«k whether the order should exoopt gold owasd before

a partim iiar dAte. tf§ fool i?e*y defin itely that long as the ordar

is to be issued on the thaoiy that It t * to p m r m k hoarding, there

should be no excerption baead upcm the date o f acqu isitio n .

3 . You ask how gold contract* a i « t# be handled. Our theory

h&a been that the slaplest and most certain method o f protecting e x ist

ing sold oontracts would be to oontlnue the present executive order

agal&at the payraent o f 6 0 & & , as*& V % new order to require the mmmtftm?

o f gold outstanding | » esohcuê for other seney . Ihe*e two < &&»#* w il l ,

w# thinly affo rd th» b « *t fw tetttioa to obligors against salts either

fbr sp ecific perfOHBonces « * f & r d jm g e s , and we 3msm» f t l i that It

m i l be |*refierable to hssidle gold contract* In this faahlon than to

permit obligor* to to creditors,

who w w O d be required inwedtately to return it to th * Ureasuiy or 'the

fedar&l rw serve banks. there t m ©#jftai» jafactical d l f f l *

-iuitles that mi^ht w ell arise I f the proposed order 1 * to penult # f

payment* In canes where the gold Is denaadad by creditors, end then to

require the creditors to surrender the go ld . la t even, I f , as I tmder^

stand, It has been deteialned as a a » t t *r o f policy to peiralt o f gold

payment* by obligors and D m to reoapture the gold fxtitt the gMtf***,

It m m M m m naoessaiy to make sooe amen&aents to the proposed order,

which we haws taken the liberty o f suggesting on the draft which 1 m

herewith fo r your consideration.

I think that each of these {raggeBtlo&s w ill for it s e lf ,

t »t in ao&sldertng thera It. 1 * important to point out that section 2 o f

p r o p e l ontor oKwutly m lrtM *0 gold now outatandlsg ^ aotewa^


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives ~ .. ......... .....IiiiiLLASSIFiED

Authority £& \Q fjO j

lion. .4.A* 3a3'’ ntlae, 3/94/33

held outside the federal reserve banks and the ftreastny* It purports

to be an order to those now bolding gold to retarn it before IS

unless it can be shown that It falls within any one of Hie five cate

gories listed as exceptions in para&r&phe (a) to {«) inclusive, Shat

being so* paragraphs (a) to (e) should be clearly drafted to relate

themselves solely to gold now outstanding and should not be desired

to cover oases of lioeases for the payoent of gold in the future. such

as Indicated in paragraph (e), for instance, f# h&vw, therefore,

suggested certain nodifications In paragraphs (a) to (e), having in

sdnd that they relate to ©old now outstanding, and have proposed the

elimination of paana&raph (c) section 2*

Bat if section 3 and its exceptions art redrafted so as to

cover only oases of gold now outstanding* section 8 should he revised

so as ‘unequivocally to cover the question of licensing the payment and

ownership of gold in fntnara transactions, Accordingly, we have suggested

a revision of section 3 on this theosy, setting forth in that section

the three different classes of oases fbr which licenses might be granted,

that ls» oases of futurs transactions of the kinds described in para-

graphs (a), (c), and (e) of saction 3*

Bat sinoe this executive order will have the sans fores and

effect as a criminal statute, it Is our opinion that it requires the

nost car©fed and expert draftsmanship qolte s p o rt from the questions of

policy* Consequently* I hope that you will accept our suggestions not

as final suggestions as to draftgaanship but rather as indications of

points which we think are important to be considered in preparing the

ostier#

Yeiy truly ycrers,

Hon.A,A. 'Ballsntin*. Georg© L. Harrison,Undersecretary of the Tre&suxy, Oovesnor.Washington, B*C*



Authority \Q f)Q |

<301*

(00m asam .& — Ton^tive draft of March 22, 1933.)

m m w m om m

the Boarding of Gold Cto*»# Oold Bullion and

Gold OitUfltttM*

W virtue of the authority minted in m subsection (b)

of Seotloa 5 of tbs &ot of Ootober 6, 191?t as amended by Section 2 of tho M t of Matoh 9, 1933, entitled *.** Jilt to provide xtUof In

the nisU ag national lit bonking, for other purposes, *

e^fpTeved Ifareh 9, 1933* Xf franklin D. B&oeevelt, President of the

United States of Aaerioa, do hereby prohibit tho hcarding of gold

coin* gold bullion, and gold certificates Tap Individuals, partner*

ships* assoai&tlons and ooipomtSoaa within tho continental Unitod

States, and I hereby prescribe tho fbllowli^ xw&ilatieiis for oa**y»

lug omt tho purposes of this ordert

Section 1* Jbr tt» purposes of this regulation, tho tom retaining posMnloa « f control

"hoarding* meana/tha wlfrbftsswaiil m & irtllil—m4mg of gold coin, $oldcontrary to tho provisions of this txecatiw Order,

bullion or $oM oert ifIcates/ iSesi the »noi|piotd mA esst- asy thaw

to oo4» o» polA- imJLllpn ahew by the n mmm theaoqg-4o.ha*» boom

e» mm befbps $mm » | W . The tom "person*

means any individual, partnership* association or corporation within

tho continental Uni tod States*

motion 2m MX persona are hereby required to deliver on

or before .April IS, 1333, to a Ibderal reeerve bank or a br&nch or

agsnoy thereof or to aqy Masker bank of the Sbderal Im rve Cretan

all gold coin, ^ ld bullioii and sold certificates except the follow*

iagt



Authority £ 0 \0 5 0 1

*»«§#»

(n) such m&m% of sold m m f* b« fern XogltiasAtA

a n d < r a « t o n a r y I a I p * * * , p r o f u s i o n or « r t w i t h i n a r o A » « * »

afcl# tiiat, lnolMifiC isoXA p*i«r to ?Af|?llfl4£ and. Stftodci of

Ia r«Afto»able a s j o i m t a f o r tho v m m X t r a & A r o q u l r m e a t s s f a « m t «

Aiitlug aad roflnlag ouoh goftfi.*

(b) Halt coin* and gold o«rtifi<JAto& In a® mmm% not oss*

th« fioo.oo ho loî^ to- «ngr » » t»«r«H»A»

and «*oi& m &M * roooâisoa opoci&X v*Xu* to oollAetor*

ttf fWUTA OOlOO*

(4) GoM cola, ML lion ^ £d!4 oortifiOAtot which

w lay a r«cogal*«d foreign £ov*n»»ont w foreign o«atr*&

fc&iiE or tli@ aufe tm iatonmioaol sottlemoata on m ra h G, 1933*

(«} Gold m tm nr bullion AOtmUjf noodAd to ai«| wAdw iAfis ,

obligation* / pAjpAblo 1b §olt& oelft or bullion* *lwa payiaAist |m

cold coia or tralllOA hat ae*a*U3r b««n d**ndod# rogiirdlo«» of

vbotier th§ ®fell«*o I* At ham or abroad.

<UO(l VJkUPU (S« uWS*m» OlAATWJfcOA OTA ATOft# WBgr p iflO n INPOAA*

Iaa tho ormor of aaar xolA Mil* &old toftHoA or gold eortifioAtAo oa

•r oftor t&fiX X -'\ 1983# tpiwwptriA. Awwjiioa fey. t*^ôrtaliMMu*i>

t—Until I iwrt t h*—<f) »h*U* *ithin throo day* after ro«*lpt th*r*»

*f* d * U w thA ft&tn* la tho mmmm proo«rlfcod i» Section f« /isttri f Att»eb«d*

Sootio* 4* Upoo receipt of ouch ô!4 eoln* goH h«l»

iliSA or fsM eeartl£i€Kktse, the vaAanijI jaii iff a tMuak or moftiiAr IhhAc


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N ationa l A rch ives * — - — -— - — =—i DECLASSIFIEDI Authority £ 0 \0 6 0 |

* 3 •

«1U pagr t&#r*f*r m *$stval*at anmsxtt «f «ucqt other form of cola oar

aarrswoy ©oiaad oar 1sound waAar tha Iam of th* tfedtad Slat***

Mootloa 8# Monfear feaaldi shall d*U v*r *11 i) U cola* g & i

bullion m»<£ isold oartifleatoe owaad «r roealrad % tha* (other thaa

•xaaptad taa&sr tha provisions of Ih u S 2) t« tha F*ft«ral

r****?'* hanks of that* m p w U ft d istricts and roe*!** « n i i l or py**-

SKKBtt tb*r*f*5P*

8**tlaa 6* fh* 3aor*tary «f th* Tt*mmxry$ °f th# ma

nad* available to th* I*r**id*»t Bastion 601 of th* Act of Naroli l»

1933* sill pay nil rsasoaahl* costs of /t>*a*ps»%**i <» *f snail #&&

eoia* gold ^ I U gb or *pld oortifi«at*s» inelt*ding tbs cost of tiurar*

an**f i*rot*#iloa, and msdh other Incidental costs as ®x«r 1* rsasonaifljr

M a****?, T*poa ^rodoctlon of satisfactory «rld«BM of such costs # la aafciag imMvm? of stiah gold coin, £*ld bullioa or gold e*rtifl©at** frnm of roaskaar for this nay fc* proewad fro# f*d*r*l m ary*to a ***d*rsl r***rr* haute, or a hraacth or agamor tharaaft or to *»&r awtehsr

»#hank aadar th* f»r»fi*laa* of $*etioa* a and 3*

station f * im oas*s mm tha delivery of gold ooia, tfold

bullion «xr fold osrtlfic*tss V ths w w tfcaaNKif wItMa th* tie* ••*

forth afco** will inroiro axtraordlnai? fc»rd*&ip or diffioiilty, th*

Saarotary of tha 5Jr«Muiy m pv in M s diaorotioa, oxtand tha tin* witfe*

la nhi<5h msfo, d*liveiy swat h* wad*. Applications for suet* extansioqi

a&at h* lands la isrltlng wliflp oath* adrfroaaod to th* Saorotary of tha

fraemiry nnd fiisd wltii a fadsr&l rossarv-s 'bmek. witMa ths tlna s#t

forth afeoff* * M b applieatioiis wnst state th# dat* to ni&efe Hi* «*»

»sn*losa m &*sir*of aiMy iat aaa looattos o» yus foifi ooi,nt g*«a

oaiuoa siao p ia Qsriinoniss ia r**p*ei o* iô a cracwi apputoationp

I* aado a^d tfe* faots shoving astaastoa t* } * nooassary to «r«idI

âtraordl iupy hard fcdp or dlffloal^r#


R eproduced from the Unclassified / D eclassified H o ld ings of the N ational A rch ivesDECLASSIFIED

Authority £C? \Q $Q \

fNwtfittt i# W m of item frm m at# I * I i « n %

l i « l mat e-ôwerod to I m i regulation* net u ltt

thM * ft# M oay <Mn#» n«OMMjry to mr»jr pat $!&» purpo*««

arf this to Is tut i j n n i t thMrAmdar jMK*r:4.ttlng; tho Vidtrfll

r«o«rr* feasloi and snrab«r totftat of M U m l *W Hir*# % t $ * »

I f f « e $$&& ooin wm£ Im & lsft %# p m w m m # & tor m m

m s t & m 9* n o la t « a w y p t m iv k m of t M «

Ord«r # of th»«« regulation* or of mb? rul* 4# ragolatloa istm*d

tfc*r r a d a r *»gr \m ft m A not wor« thou *1 0 *0 0 0 , or, i f a m M p«r-

Ittlf nagr ^ ls^rl»o »»d far not saw# thna * « & y m *K , or fcotfci mid aagr

of floor, direct car m «|«al of «jr oarporatioa who te H N d f

p » U » la v io latio n zwjr b« puai iliad l§r a like fin # , lap rlso »*

M 8 t or both.

a TIa fl W U T MB JSInP® r4£CUU&*10AV fMJT ww * wf Om U jhh fioy tUM*

following Ina«rt X atUchM

THS fflm feOQKIM*roh ...... . ; .. « 1933,


i . . j iw a n ii-ia s s a :-R eproduced from the Unclassified I D eclassified H o ld ings o f the N ational A rch ives

D ECLASSIFIED

Authority £t> K> C)Q

' T

(*) amowX of gald ink m? to# rtqolrod tm H

MAODfcbU period for l«*t%ia*t* and <m*too»arjr

W * 1a y tm tm iim W «rt*

ln« «oW prloir to r«finln< and »to<3tai of gold

la r«Mon*bl# aoo-unt# fir ffei uvual trad* #*»

quirewmt* of <Hm«n wte&m «wt r«flnii^

sold.

(1 ) Oold trullio* f«r x««ltia*t* «p©rl or

••arnwrfcin* tmaftAoUcma not itrroXvinc !&»«*&&£

** Imitating f-«34 fct&X|#S lapeHti

or Yh&A pmALxc notion on ap.-;Uop

tion# for UMliMI.

(•) 0«ld o«U m feullloa actually at#d«d to m*#t

naturlng obligation* p&jrafclt im *$&& «oin g#

M ila ** pwmmfc I* cola «r bullion

fc»» atftmlXy b»oa te«nl«d# **§mN&§** df

»to*th«r th# obligee 1* at hmtm $P *baro«wJ .


ipmmasmm.Reproduced from the Unclassified I Declassified Holdings of the National Archives ~

DECLASSIFIEDAuthority £t?\O 5 0 I

DR K BY f

toowmm, Ibat tM a «)» U art apply to

p#rs*m, low ing cnsnar oolna »»t «oXd certificataa

la m m&mit not ««MM*£lag la Hi* atfNUPl* $100 belonging to

a*T om« parson, and g*ld sots* tawrlag & r®eogjii*#d apodal

ro& m ts eollaetort # raar* a»d uru**&1 caiao, «**& provided

furtlwr that It #haU aoi a»ply I© say ?-«r*ea 1m received

@oM foar acqt of Its® pMpomm n p m e ifim lly ©«t fortfc in

JSMKttaft $ h«r«of.



Authority £fc>|P 5 0 \

a mJfedexal M m vm Bank

Ilf Toxk

Mawfe at, 1,933*

Dear Mr* Tm llantinai

I haw reocived ymat letter of ii&roh 33# «ith whioh y m

seat m tuo copies of m teatative statetmnt and draft of executive

order whioh torn fceea prepared relativ© to the boarding of gold.

Ton ask certain apeolflo questions relative to theee doowaeate m &

invito diaoaeeion of otto? qaoatloao that id^st he involved.

itr# 3or®eee, who had hem In lashing ton yootorday and

today, ie entirely familiar with <ror point of r im t r&gaidlng this

prospective gold ©rdor and mi have iwpt him currently infoaaed of

our troogeetioas a* they have oomirred to us In st®dyin& the drafts

shloh you sent ai«

ifooevsr, there are certain cooaenia I mild lika to

isafc® concerning the three specific questions contained ia your

lot ton

1. $e have felt that it would him been preferable to

except gold hullioa fro© the proposed order, partly boosuee there

la m inssl<3Hificant saoml of ^>ld bullion war hoarded, and partly

booaneo wo haw felt that the fewer the reotrictions that nor to

nado now the easier* it will he later to detesalae the ooHatiy1*

sold policy* I Tinderstand, however, that it is pretty well

settled that the regulation le to ineit*ia Tmlllon (and we appro-

elate that there are good raaeona for doing so), eo that ow


Reproduced from the Unclassified I Declassified Holdings of the National Archives “ ~DECLASSIFIED

Authority £ 0 \ 0 6 0 |

#3. iton. A.A. 3kUaatlna, \fatfSi

aoroaeate recording the proposed order are predicated v%*m the aeeuK&tlon

that It will relate to fcollioa as m i l m to $ol& cola m & oertlfloatee*

J|» Tou &ak whether the outer tfumld exoopt gold oaaed helfcx*

a partioiaiar date* He feel taxgr definitely that m Vmg m the order

it to he iseoed on the theoxy that it is to pm m m * hoaxdia&» thex*

#hoal& he no exaaptloii haeed apon the date of acquieition.

3* To*a arfe how gold contract* are to he hsadlad* 0«r theory

has heea that the efcapleet asad taoet oertaia aethod of protecting exlefr*

ifi/y rmid contracts wotild he to continue the t>ree&tt e?r«wmtiv# order

egalaet the payaaot of £$old# ^ & new order to racjnir* the earxaafler

of &old outstanding la eaohaflga for other mcmqt* Shaaa tea orders will*

we thlale, afford the heat protection to chillers against salts either

for speelfle perfbnaemoes a# for &ma@ee, and we have felt that it

wooM. ha preferable to handle {gold aoatxaata la thie faahioa than to

pesndt obligors to ®et gild with which to states payaaat to aradltota*

who aaald he xaqoirad inraedi&tely to retain it to tha ©reasaxy or the

federal reserve banks. furthexiaore, thexa are certain practical difffc*

mil tie e that rni it a l l ariaa If tha proposed oxter le to pexialt of

|fi eeaes shore thfr gyy-M la desuin&ed hy creditors* and than to

re$alre the creditors to lauprsaAer' t$ie ifrst afaat if# aa 1 indax >

stand, It has he«» determined aa a natter of policy to penult of gold

pajmate % obligors then to recaptare tha gold fxaa tha peyeeat

it neoossoxy 'to fwtwe .a®oado*ata to th# proposed order*

which aa have taken the liberty of suggesting oa tha dxaft ehleii 1 m

retoxaiag herewith for yonst aoaatdWRatiiai*

X thiak that eaflh of theae a^gaatloaa will apeak for itself,

hat la acaiaideriag thaa It la Iss ortaat to point aat that eeotlon 2 of

tht proôeed order oleaxly relataa to ôM aov oatata»di^ aad aataallgr



Authority £ p f) Q \

19* w m . A J k . Ba atlas* 3/34/33

held out3 ids tho M dsrnX reserve hanks and the fraaaoxy* It purports

to he m order to those now holding &ol& to ret»*» it fcefore 4ptftl 10

m X&m it aan he shown that it falls within aay one of the five cate

gories listed as exaeptiona la paragraphs (a) to (a) inclusive. rlhat

being no, paragraphs (a) to (a) should he clearly drafted to relate

themselves solely to gold now outstanding and should not be desi&aad

to aover oases of licensee for tho pxgmmt of gold In tho future. suoh

a# indicated In par»gr*#h (e)t for instance. m hsive* therefore*

suggested certain modifications In para&mpha (a) to (e)* having in

fflind that they relate to gold mm outstanding, and have proposed the

elimination of paragraph (a) freei section 2*

Bat if eeotien a and its exceptions are redrafted so as to

cover only oases of gold now outstanding, eeotien 8 should Ini revised

so aa unequivocally to cover the question of licensing the payment and

ownership of $old in transactions. Accordingly# we have suggested

a revision of section 3 on this theory* setting forth In that section

the three different classes of eases fbr i»hieh licensee might he .granted*

that is , oases of future transactions of the Idn&s described In par»~

graphs (a), (c), and (a) of seatlon 2m

Bat slnoe this executive aider will have the saiae force and

effect as a criminal statute* it In oar opinion that It retires the

most oarefai and expert draft snsnship <pite aârt t r m the questions of

polley. Ommquently* X hope that you will aooept mat suggestions not

ae final suggestions as to djaftasaanahip hat rather as indications of

points which we think are Important to ha considered .In preparing the

order*

Tory truly yours*

uSmraeavsiasy oftne iraaemy, Washington, B.C.

George I*. Harrison* Oovemor*



Authority £ Q \€> 5 0 1

OGPI

(comasraAL — of March 22, 1933.)

KXIOTIYI OEDIE

JbrMdding the Boarding of Sold Oota, Oold Bullion and

Geld Oartifleatae*

Bgr vtrtm of the authority woatad Im no Igr subsection (h)

of Section $ of Ha# JUst of Oetofcar 6, 191?, as attended hy Soetlon 3

of the Jyet of Horcfc 9f 1933, entitled *M Mt to provide relief i&

tim ejdlating national aaMHgeacgr is iMSkiitgi fgy other pnrpoaee, #

ajipwed Uaitii 9, 1933, lt InaAdift B. Bioeevelt, Preaidont of th*

United Statea of Jntriea, do hereby prohibit the hoarding of gold

ooia, gold fotllloa, and gold oertlfioatea Iqr iadiwidnala, partaer-

ships, aasoelation* ooipomtlo&i within the continental United

State*, and I hereby prescribe tha tfollowii regulation* fhr earrr-

lag oat the pnrpoaea of lldi ordert

Section !• Iir the purposes of this regulation, tha tem retaining possession oaf control

•hoarding ttoaiti/She elthftsanal aad pUhhaMEdaa of gold ooin, fold mafamaty to the provisions of this Wmmtim Order,

bollion or gold cart ifloataa/ fi— tin >i<t(pi>i4 and natawaiy all

aete’of-tmdot-..%al>.th4e o»io# aa<l thoeo pegaAnMiw rinH aat apfUfr

to gold «o*» or geld hollAon A w » ly tha eaaer thm al to hawe Taw

baM byht» e*«P heftae flaw 30 i M l . fho term #peri©a»

means any individual, partnership, association or corporation within

tha continental United Statea#

Section 3, All person* ara barely required to deliver on

or before iipni IS, 1933, to a Moral retort* hank or a branch or

agenqy thereof or to any member hank of tha Ifrderal Baeerve Syste©

all sold eoin, gold bullion and gold certificates except tha follow-.

i&gt


_______________________________________ _ , gfegaWBBBR eproduced from the U nc lassified I D ec lassified H o ld ings o f the N a tiona l A rch ives

DECLASSIFIEDAuthority £ t> \0 5 0 1

• 2 -

( a ) a m o u n t o f g e l d a s m a y b e r e < 3f o i r « d f o r l e g i t i m a t e

a t a x s u f a o t n r e ,

a n d e u s t o i a a r y u s e i n p r o f e s s i o n o r a r t w i t h i n a r e a e e a -

a b l e t i m e , i n a l n d i n ^ g o l d i » r i o r t o r e f i n i n * a n d , s t o c k s o f g o l d

i n r e a s o n a b l e a r a o x m t s f o r t h e u s u a l t r a d a r e < 3U l r * m e n t s t > f o w n e r s

M i n i n * a n d r e f i n i n g s n o h ^ o l d .

( b ) G o l d c o i n s a n d g o l d o s r t i f i c a t e a I n a ® « a o n n t n o t e * *

e e e d l a g I n t h e a g g r e g a t e $ 100*00 b e l o n g ! t o a ? j y o n e p e r s o n *

a n d f * o l d c o i n s h a v i n g a r e o o g n i s e d s n e c i a l v a l u e t o c o l l e c t o r e

i i r a r e a n d t m w m a l c o i n * .

g o M e o & n a n d 1 b a m o * t a p o r + a d f o r r e e q p e H t - o r h e l d ...

H o t * e n o p p t i a a t i o w e f o r p a y e r * l i s s n e e o i

( d ) G o l d c o i n , g o l d b u l l i o n a n d g e l d c e r t i f i c a t e s w h i c h

v a r a o w n e d b y & r e c o g n i s e d f o r e i g n g o v e r n m e n t o r f o r e i g n c e n t r a l

b a n k o r t h e B a n k f o r I n t e r n a t i o n a l s e t t l e m e n t s o n M a r c h 6 , 1 9 7 5 3 *

( a ) O o l d c o i n o r b u l l i o n a c t u a l l y n e e d e d t o a e e t a a f r s r l a g

M a t u r i n g b e f o r e j ^ r l l 1 8 , 1 9 3 3

o b U ^ f c i o n a / p a y a b l e i n f o l d o o i n o r b u l l i o n * w i u m p a y m e n t i s

g o l d c o i n o r b u l l i o n h a e a c t u a l l y b e e n d a r ^ - n d e d , r e g a r d l e s s o f

n ^ a t h e r t h e o b l i g e e i s a t h o r n s o r a b r o a d ,

* S e c t io n 3 . U n t i l o th e r w is e o r d e r e d , an y p e re o n becom

i n g th e ow ner o f a n y :o ld c o in , ^ o ld bu$& ion o r « o ld c e r t i f i c a t e s m

o r a f t e r % r r i l 1~* 19~3 , frw nw pt"** e g aa p t afl, by. th e itrisafd a j iana a g

t s h a l l , w i t h i n t h r e e d a y s a f t e r r e e e i p t t h s r a *

o f , d e l i v e r t h a e a m e I n t h e n a n n e r p r e s c r i b e d I n S e c t i o n ? ? • / i n s e r t T a t t a c h e d .

S e c t i o n 4 . U p o n r e e e i p t o f s u c h 150I d c o i n , g o l d b n l -


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N a tiona l A rch ives | ' n i r , A C O ” r r -— "’ JJtCLAISSIFIEDI Authority \Q 5 0 1

• S -w i l l pay therefor m e«F*liralsnt amount of any other fom of coin or

onrriat coined oar issued under the In i of the Waited SU Im .

&sotion 5. Ifenber banks shall deliver all gold cola, gold

bullion and gold eartificates owned or received by thm (other ttes

•soapted nader the provisions of fteotionjl 3Hw* 2) to the M «r»l

reserv* basks of their respective district* and reosive credit or pay~

neat therefor.

Section 6. 9km Secretary of the freasnry, out of the aw

Mod* aval lab It to the President by Section 601 of the tat of Mturoh 11transporting

1933, will pay all reasonable costs of /tret>spor»s*4s* rtf sroch gold

coin, gold 'sullloa or gold certificates, laelxidlng the coot of intur*

ance, protection, and mush other incidental eosts as laey bo reasonably

aeces asry# m*oa production of satisfactory evidence of suoh eosts, im vakiag delivery of such geld coin, gdd bullion or gold certificates ronw of voaeher for this jnarpooo a»y Ini procured from yedeml reserve to a fedoral reserve bank, or a branch or A nflsr thereof, or to any macaber banks*baak under the provisions of Sections 3 aod 3.

Section f « la capos shears tbs delivery of gold coin, j old

bullion or sold certificates by tbs owners thereof within the time set

forth above will lxxreiv* extraordinary hardship or difficulty, the

Secretary of the ©reeeafy may, la Ms discretion, extend the time witfe*

Im which snch delivery vast be nade. Applications for smch extension^

m il be tm&m la writing nader oath, addressed to the Secretary of the

Treasury and filed nith a federal reserve back within the time set

forth shove* Such applications mast state the date to which the ex-

tendon is desired, the amount and location of the gold cola, gold

bullion a*d gold certificates la reepect of which such application^

is aede an* the faote shoving extension to be necessary to avoid.

«rtraerdin*ry hardship or difficulty.


Reproduced from the Unclassified I Declassified Holdings of the National Archives * ^ — — =-* DECLASSIFIED

I Authority £fc> |Q 5 0 1

m 4 »

Station 8. Storttary ©f tho Trtawary it fcorobj author-

istd a**d eeipoirertd to ittna tntfe rtgulationt no! inaontltttx* witk

tfcatt rtgoXa tioii* at hi nay Amm ntoattary to oarry out tho p>arpo»tt

tf this ordar and to la cut liotntat th*rt«ndtr parmitting tDt Vtdarai

rootrvt to&nfct and wmribmt Imnkt of tha Ifedaral Boaerve Syotam to dt*»

livtr gold coin and 'bullion to ptrtant tbovin^ tiki natd fox* tfet taat follovlng Ina«rt 1 attached

far tar of tha/ ifnrpatatj,, jpatiflii In ya#wtgiia (i ).4a <»), latl»itl,*ai

of Sttllon 3 af tht i atgnlatiU aa *

Station 9# Uteaartr viol&toa aay ^rorlaion of tbit tawmtiv®

Ordtr of af tbott rtgulatlona or af any rnla or risolation Isautd

tharoundor saty fet flntd not mora than $10,000, or, if a natural pm ~

tan# way 1mi inprittatd for not m m than tan yttrn, or bothj aad any

tffloor, dlrootor or agwt of tny corporation who knowingly partiol-

p«l*» In any tntfe violation a*y ba punlihod fey a IHgb fint, tapriton-

Mint or both,

Ibit ardor tod tfeatt rqpOatlona aty %• roraktd at any tin§>

jm m m ». rooothji

SHS 8BISS SOUS® Karefc . , 1933.


R eproduced from the Unclassified / D eclassified H o ld ings o f the N ational A rch ivesDECLASSIFIED

Authority £t> \Q 5 0 1

TWtiUIHP V MMmmmS A

(a) Suak laocoat £»Xd at njfcy %# fo r m

r«*uionfrtIo |NWi«ft for X#fiU*a&%# ani auM toaxrr

mm. la incXtau

l&tf g ild prior I©' r^&tis£ *»J finite* «£ geld

in mmmfas far Hi* mm>l vm*

qfulr «&«■£» of ananc^ nael POt|t

|1) Ooid bttXUwi rûlr#d £$* X##|iJU**lMt «Xp®Ft «f

w w rtAng trwMMwiUcma not lurolTliog hoar ding

*r inoXuding gold tmllloc tmpori*d

fw r#«qwrt tr h«U aotioa $$ *ppXica

tion* f#r wgpttr# xio«n»«*.

( © ) 0 « X d o « l m « t f c u X X i o a * < r t t t * U y B * # i * d i n * 4 # %

■ft tearing o b X i**U o n * p ^ ^ X * in g»|& or

IwUittft# * & m pagrn»at l a goXd ooin or

bNUi MtiMaigr b » « * d w a A e a , rtgnrtXlM*# odT

w h * t f a « r % fe « o f c X i * * * £ * h o m e o r t b f o f t d t


R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ives * — .. ^« d e c l a s s if ie d

I Authority £Q |Q 50 1

H w i& *d# bawmmr, that tM » ftbe.ll not «ppiy to w

p*r»«a Um oiM r of gold aoin* and cold e« rtiflo a t**

la an mmm% m % «zM«aiag l» aggregate $100 boiongin* i t

aay on* p«r»aa, sad gold *cola* tm im * r«#®0ds#& tpecial

v«Xu» to eoXlMtori i f rara and w i l l coin®, and proridti

further that I t ftfeaU not «fP*T **& P « k » wbo fciui reoalTad

gold tor way of tk» jntfpoaa* apaoifloally i« t im U* in

1#VW*»91I 9 BmrwQm*


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N ationa l A rch ivesDECLASSIFIED

Authority £t> |Q 5 0 1

Harch 28f 1933

On the asemption that (e) Secttm 2 of the pnopoaed order nast

b® olinlm.tad, I would suggest*

(a) that an annouacecient bo oade that llcanooo duringthe life of the order will be issued under(c) Section 2 to provide gold for specific performance «f gpld contracts heM % foreiser®*

(b) fhat a declaration be oade by the Secretary of theTroasuty that all (k)vc«iaten4 obligations peya&lft In gold will be so paid at E tttrity* ^hothar principal or interest, iftten held abroad bp foraiîara#

Without sudi an aimomLceraant and ruling the Hal tad States would

be off the gold standard at home and abroad, and foreign Oorensaonts

a i ^ t dafca that they wero releaaod froa any obLlâtloi to pay g&Id an

the debts owed by th*» to the United States because of the repudiation

by the milted States Govoraaent of its goM obligation**

ji-i' ram ™ u m m m


Reproduced from the Unclassified I Declassified Holdings of the National Archivesd e c l a s s if ie d

Authority £ O jo 5 0 |

(CONF3DEHTIAL — Draft of March 25, 1933)

STATEMENT

The country has responded patriotically to the President’ s proclamation

of March 6 and to his radio speech of March 32# Between March 4 and March 22,

$250,000,000 of gold coin and $310,000,000 of gold certificates were returned

to the Federal reserve banks, in addition to more than $320,000,000 of other

kinds of currency.

Many persons throughout the United States have hastened to turn in gold

in their possession as an expression of their faith in the Government, and as

a result of their desire to be helpful in an emergency. There are others,

however, who have waited for the Government to issue a formal order for the re

turn of gold in their possession* Such an order is being issued by the Presi

dent today.

The order provides adequate opportunity for obtaining gold for all

legitimate needs. It makes available gold for the purpose of meeting gold

obligations and permits the exportation of gold for trade purposes.

With these exceptions the order requires all persons who have in their

possession gold coin, gold certificates* or gold bullion, in excess of $100

and not having a recognized special value to collectors of rare and unusual

coins, to exchange this gold for other currency at one of the Federal reserve

banks, branches or agencies, or at a member bank* While the order is in ef

fect persons who come into possession of gold not exempted by the exceptions

noted in the order, will also be required to exchange it for other currency.

The chief purpose of the order is to restore to the country's reserves

gold which has been withdrawn for hoarding and the withholding of which under

existing conditions does not promote the public interest. The order is

limited to the period of this emergency

containing further suggestions made ing of Executive Committee on March


.. "" ........ . , ■ "R eproduced from the U nclassified I D ec lassified H o ld ings o f the N a tiona l A rch ives — —— --------— ■— — —- — ------------

DECLASSIFIEDAuthority £DjO SO \

<i5>

(c — «wrtnitw np»ft of m m * m $

fn# ooufttiar Mm * pmri&t imXty t# ifeo iM»i4kNii*s pmmbmm*

M m of Stanfe f «.«* to fcl« opMMtii of i 9 # IS* .iotoooR i&fc*ofe 4 o*fi

m *4& it* w & 9<»o90ao t f ooia oat » tt#tt» 9<m of &»M oomfiootoo

MKtiiiMiMi itoi '4ktM» ifli ||» inn 1 iMMukiMMlit frwflalfH im 1 fcl&a Ities idteun

tflMfflOMQO ®f • « * * Ifia i* of im i« r « - jup r ^ W ^ ’W

\mt

**uqr Uso UteitoA $t*too Inert# booto**# to tv * * in

#»ii la UMir i&m m m im m m m p m m lm of tfeolr fstitis. In tho

%o& m * *oou&t of i®»i* & to m autlsM, Im m Wmm mm

ot oim* liooover, «fco tmm ooitoA for tfe* Gwrnvmmmt to tm m a foivati. mr mt

tm tfeo m tw m or goU la ifctir po»oo#*i«m* $iufe os onior to too In# immm®.

3^v<pSwJp wMBnOi p ti

*Q m m * 0# i w ? o n f i 4 o » *s $ * $ « * * t ® o p p o r t u n i t y f o r o n t o t n i o e § i » ' M f o r t :

noofcu I t M iw i mmtMtotm ®»i& for t l* pmwmm of **otia$ «ol&

0t&lf»ti30» «nA i*smt*o tli# onporiNittion of gpiA fot t*m#*s jmrpoooo*e

#3£$*»itteo tfefeLoal** noqoi*** nil ptkV'tmm novo is

m #(»ia M U i » » t 1»

#f >I<X3 imi m& mm%m. » «#oo#iIjm»4 ofool^l mlm to ® i,lo«t#»ii @f -mm

Ottll ’ffillfttlP'tiftl OOlWO# tO *|f* |p|jLA fOV OtlMiV’ memm$ «t m «?f %l»

fotem! f«iw»ro# littRii oo or ^P%olo&v or »% it imô# oal1* $ww«mio

«|RO Hi# c ar is h m w M l i l Into pdOOOOaii^ ^goU nnf

"Vv*ta* oifeoofttowi in tiMi oiNh«*f idll »loo %o wsplwi ^ «xolMNi» it foip ft oir

A

tho iftiiof i«apfowi of tm* or^r l« to *»»%«§ to tlio oos tify*# lo^tîooumA» ^

noli, «Ail4li Wm »ilNSw«i. (or o»A tho of if Auttftoa

Mmm mt pimto toiiiwii* lojffirm’mmmvrnMm- Oi» iHMiii*tor" «HMf—OwnlOf w#


R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N ationa l A rch ives — -------- — — ■— — ----------------- -DECLASSIFIED

Authority £ 0 \0 5 0 1

/Third draft presented by Mr* Goldenweiaer containing further suggestions made at meeting of Executive Committee on March 25, 1933j

' .. .................. -



Authority £ Q \£> 5 0 1

(CONFIDENTIAL — Tentative draft of March 23, 1933)

6-t* © p -P H +» O *Hfl e

•h a. °fc o©to ©

•H ►(D *H£ +>rt 3© o5 8r

Vi • o

S $0M

tO -P(D

*3 ©® APi 4» © cd »© ©

«d

B Ifl '-PV t __g fl CJ

*d «h A +> o

tj » h

§ | So to © 0

o

The country has responded patriotically to the President’ s proclama

tion of March 6 and to his radio speech of March 12* Between March 4 and

March 22, $250,000,000 of gold coin and #310,000,000 of gold certificates

were returned to the Federal reserve banks, in addition to more than

#380,000,000 of other kinds of currency* As a result, the deposits of the

banks have been increased and the strength of the reserve position of the

Federal reserve banks has been restored*

Many persons throughout the United States have hastened to turn in

the gold in their possession as an expression of their- faith in the Government,

and as a result of their desire te be helpful in an emergency© There are

others, however, who have waited for the Government to issue a formal order

for the return of gold in their possession* Such an order is being issued by

the President today*

This order requires all persons who have in their possession gold coin,

gold certificates, or gold bullion, in excess of #100 and not having a recog

nized special value to collectors of rare and unusual coins, to exchange this

trr\o-gold for other currency at oa-co of the Federal reserve banks, branches or

agencies, or at a member bank# Persons who after the order is issued come into

possession of gold not exempted by the exceptions in the order, shall also b

required to exchange it for other currency.



obligations and permits the exportation of gold for trade purposes.

• n t r t m m i u a m i U E n m E m n m x p tn a p n r

ittTvtaK The chief purpose of this order is to restgp j-lB

the country*s reserves gold which has been withdrawn for hoarding andâerves no

public purpose while it is held by individuals* The order is definitely

lim ited tc the period of this emergency and may be revoked at any time.

IDigitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Authority £ p \o f)0 |

(COfrnraraiAL - fsntatlvs draft of March S3, 1933)

tom comity has rsspondud patriotically to tha prssldsnt’s p v m Im *

tion of Ilawk 6 and to hit radio aposoh of ilarcfe 13. Bstwson Maroh 4 and

March 22, $260,000,000 of gold coin and $310,000,000 of gold esrtlflcatas

wore rsturned to the Federal n u m banks, la addition to novo than

$390,000,000 of othsr kinds of onrrsasy. As a result, tbs ratio of the

reserves bold lay tbs ifederal reserve banks to thsir liabllitlss on deposits

aad on federal reserve notes swift inert, m o from 45 par cant on Marsh 4 to

60*5 per o«nt on March 23*

Many persons throughout tbo United States baft hastened to taxn in

tbs gold in their possossion as an expression of thsir faith in tbs Oovsm»

aient, and as a rosalt of their desire to be helpful in sa anergency. &sr»

are others, bowsver, she bars waited for tbs Oovsraneat to issue a foraal

ordsr for tbs return of gold in their possession* Such an order is being

Issued by tbs President today.

Ihis ordsr requires all psrsons who have in thsir possossion gold

ooln, gold osrtifloatss, or gold bullion to exchange this gold for other

currency at one of tbs federal reserve banka, branches or agm lss, or at

a maafeer bank.

She ordsr provides adequate opportunity for obtaining gold for all

logitinats needs* Zt mkas available gold for tbs purpose of ■Mtias gold

ofcllâtlon* aad p*m ta the exportation of gold to r Into porpofaa.

First draft presented by Mr.

Goldenweiser at meeting of Executive Committee on March | $ f

MAR


Reproduced from the Unclassified / Declassified Holdings of the National Archives

d e c l a s s i f i e d

j Authority _£D jO $O l

The country has patriotically responded to the sucrestlon

of the President in his radio speech of Inarch 12 th, in regard

to hoarding which had so much to do with bringing on the backing

crieis.

< - flC

’£{ J* ^


R eproduced from the U nc lass ified I D ec lass ified H o ld ings o f th e N ationa l A rch ivesDECLASSIFIED

Authority £ p \Q 5 0 1

L p 0 .- I

X-7383

(COOTIDENTIAL — Revised draft of March 25, 1933.) Ga™

EXECUTIVE OHDER





of the Act of March .9, 1933, entitled "An Act to provide relief in

the existing national emergency in banking, and for other purposes", I,

franklin D. Roosevelt, President of the United States of America, do

hereby prohibit the hoarding of gold coin, gold bullion, and gold

certificates within the continental United States by individuals,

partnerships, associations and corporations and hereby prescribe

the following regulations for carrying out the purposes ofthis order:


^carding*' means the withdrawal and withholding of gold coin, gold


nels of trade. The term npersonu means any individual, partnership,



before ^pril 15, 1933, to a Federal reserve bank or a branch or age^cy^j


coin, gold bullion and gold certificates except the following:

(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a

reasonable time, including gold prior to refining and stocks of goljd in reasonable amounts for the usual trade requirements of ownjers mining and refining such gold.


UtLLASalflED

I Authority £Q )Q 50 )

Reproduced from the Unclassified / Declassified Holdings of the National Archives —

- 2 - X-7383

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person;

and gold coins having a recognized special value to collectors

of rare and unusual coins,

(c) Gold coin and bullion licensed for legitimate export transactions (not involving hoarding or speculation) in

cluding gold coin and bullion imported for reexport or held


(d) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the

Bank for International Settlements.

(e) Gold coin and bullion actually needed to meet maturing obligations payable in gold coin or bullion in any case where

payment in gold coin or bullion actually has been demanded by the

obligee; provided that, in order to facilitate the enforcementof Section 3 hereof, the obligor shall furnish to the Federal

reserve bank of the district in which such payment is made a

written statement showing the name and address of each person to whom or for whose account such a payment is made and the amount

paid to each such person.






Section 4. Upon receipt of gold coin, gold bullion or gold





; Section 5. Member banks shall deliver all gold coin, gold

bullion ajid gold certificates owned or received by them (other than as

exempted imder the provisions of Section 2) to the Federal reserve


Reproduced from the Unclassified / Declassified Holdings of the National Archives DECLASSIFIED

Authority £D \Q 6 0 \

----------------------- ------- ------------ - - —

- 3 ~ X-7383


therefor.






or 5 hereof, including the cost of insurance* protection, and such

other incidental costs as may be necessary,- upon production of satis









tary of the Treasury and filed with a Federal reserve bank. Bach




showing: extension to be necessary to avoid extraordinary hardship or

difficulty.



Authority £ Q jo 5 0 i

X-7383

-b i

section 8. The Secretary of the Treasury is hereby authorized



such officers or agencies as he may designate, licenses permitting the

Federal reserve "banks and member banks of the Federal Reserve System, in



for any of the purposes specified in paragraphs (a ), (c ), (d ) , and (e)

of Section 2 of these regulations.


license issued thereunder may be fined not more than $10,000, or, if

a natural person, may be imprisoned for not more than ten years, or both;






FEAITKLIIT D. ROOSEVELT

TES WHITE HOUSE

March , 1933


^ ■

R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N ationa l A rch ives DECLASSIFIED

Authority £p \Q $Q j

* 4 t o '*■

" m m m m * (mum

Forbidding tbs Hoarding of Sold Coin, W Bullion

fcnd ©old

% virtu* »f tii* Author4% wftid in m by (b)

of S»oti«m $ of the AOt of Ctotobor a* m a:,.*Rd#d fay Sootian 2

of tit# A«t ©f feguroh &9&$# «ntitl«k‘ *is» /*ot to prori&o reliof in

tho *x i*titt£ ttntiooftl msmrgMty In Wnlci**#;* and for otteor atrposoo” , 1#

Frttii'klin £** koo*oVttlt# Fr*#ido*st of the Unit** £»t*t«s of i.jaorioa.# do

horoby prohibit tfco hoarding of gold ooin* gold bullion, *nd gold ©©rtifi-

Ofeto* within tho a©2rtin*tttfti itodted $t*t** by individuals, portnortalpi,

Maociuton* and oorporst. on* «nd horoby $ro»«rlbo tho fo}l«Nlng regula

tions fur oiftrryisg out tli# f***rf*o*«o of tills ordort

Sootton Xm For tho puryoooo of this rogalatiott# tho tors

"hoordins** li-xmm tho withdrawal amt ’ritftih< Idlng of fjold coin, ;old bullion

or gold oortifioatoo fpo« tho rooo^lsod *ni ©uotoftjr».ry ohanfttlo of

trado. th* tona *p#roon* iioon# individual, pm rtsm rnhip, association

or corporation*

ôotion t , All. poroon* aro horoby roquirod to doltvor on or

boforo April lb# 103ft, to * fod-.rd ro*«rr© 'bosk or a br*mii or agon^y

tlioroof or to any mmtomr bmk at th# JM*r«l &y«t«* oil gold

ooln, gold Huliitm «md gold o rtifie too « o« >t tho fv Having*

(n) &uoh amount of gjoid as my bo roaoirod. for legit*«iwA ou»to®»ry u#o Ia Industry, profoas n® or art within a

t im , iifeo|.ift0.|»g gold prior to refining find stock* of gold in rooaoonblo mM&mt* for the uouaX trmdo roqulraawit* of ^ s *r « lining and rofiniag stiah gold*

At axiotmvis ooMMm^FTSTr?

M A R s 5



Authority £ p \Q 6 0 )

(b) OolA oola &ad ®eld eortifio*to* im m teoviit aot •***odin|; la tiso og*gr'»®*te $1-:O*90 belong**#; t* «W »*ao iiaft gold oo&ae haviag « roca$al#o •pooibl ma«® to e©ll«ot©re of r*re *a& uiai*i!t&l ooia**

(o) M i oola «a& bullion lleoaeert far lecltlaato o&port trousoootloao (aot Im&viag koordiag w *pooiti*tleii} ia» oludlag §»-*4 o»ia on* bullion taperM fir rooxport or hold poafliag ootloa on ofpilo*tiesie for export UotDKt««

(4) ©ol* ooiA «n6 bullion oonsarkod or 1*16 In truet for a rooogaisei foretfci govorna at or foroiga ooatrfcrl te*ait or th»Beak fm Jtofcornetioael Sottleiaeato#

(o) eola nad yvHlim ootuol! iwodod to oot satsirlagobligations pogreblo ia geld ©la or bullion la *sp eo«o *-horo gayaae* la g^li eola or balliea eotnellf bm* boea doraoaded by the obllgjoot pnrriAe* tfeot, la order to ffcoilitoto the oaferoojtoott of &ooti.oa a horoof, the obligor efcoll fwralob to the FOd*srol roeerto boafc ot tfee iiotrlot la vfcioli e&ob im saeat lo sade o witten ototoât ofeoiriag tho noae oad oddrooo of ooeb poroea to irhoa or for whooo ooommt o poyaeot is ôde oad the waoittfc

Qtftih gMMlt jieroen#

Soot -oa 3# IMil otfte»rwieo ordorod* poreaa boooaiai; tho

•ftaer of fts$r gold ooia# geld bullion or gold oortifieotoe after April

l£« l$a&# (o oopt m o*e«fftod by tho provision* of $«ot:oa ft) »hoil#

withia %b- oo d*yo «J%er reoolpt thereof* d#Ur*r the e*:ae im the mmm

prooerlbod la ôotioa ft*

Sootio* 4* 8?*a reoeipt of gaud e®ia* go*d bullion or gold

eortifie&teo dolivoro to It la oooorteaeo with aootione * m $# tlao

Fod^r^l rooorvo. bmk or iiMribor bank will p*y tl orofor oa oq tlv«tl#«t

mmm* tlsor f&m of e ia or ourroiM oola»4 or uaior tho

iKOO Of tMitoa IstOt' O*

i#otioa i« tmito&T twmk* shall ioliTor oil sola coin* gold

traiiiea oat g®l4 oortlfiootoo oe»»<i or roeolvea % tltew (otor them oo

oxoiupto wm*r tho iHrenrieioao of s»otioa ft) to tho ¥*■ -trol rooorro


Reproduced from the Unclassified I Declassified Holdings of the National Archives " - DECLASSIFIED

Authority £ Q \Q c) O \

M o t of thair roopoofeivo district* «ad rooolvo orodit w ym&ismtt

tlnr«f«r«

Eootioa €m Uio &oor«t*ry of tht Trooioury, oat «f tho warn

mdo «voil*bio to tine Prooidoot l r Sootlom »01 tho M t of Moroh 9*

!Ht> will la all propor ooooo j»ojr tho roooonohl# eooto of tnusojrorto*

tioa of fold cola, sold halllc* or gplA oortif lootoo do I ivored to *

■»«feir ho»k or fo&orol rooorvo fco&k in with f#otld»o t« S#

or & Iw rM f, iiwlvdlsg; tho «w t of loottrottoo* pro6ooti<*n# o*d «uoh

other inotdotttol ooots &o isoy W AM«««ti7# upoxx ruroduotioti of »ttl«*

fiotwy tvidoiM of ^ Ytfceteor f n w for W o purpooo nay

to ^m ur«4 fro* NmIorod rooorvo bosh**

Saotism t* la ««i « i whcro tho oolivory of toia, sold

hul Li->a or &ol«J eortlfiootoo by tho ownor* tli#ro«f within tho tin*

oot forfeit *&«vo will l&volvo oattrmordiaory hardship or difficulty*

tho Sooroiary of tho Im s v i? asuy* la hi* ooctoftd tlio tiao

within >;hi«fc ouoh 4*1 ivory m ot uo Mtodo* Apj&ioocleao for ssaO «m*

toaoiono mot too iwu$* la tnriUo^ wodor eoth, oddrooood to tho *ooro»

t*ry qt tit* Zr+tkswry and filed with a *"odoro.l r#s*rvo hoafe* -&oh

«j^llootle& mot ototo tho d*to to whioh tfeo oxtoooioa io dooirod,

tho mamxut wm& loootian. ©f tho cold ooi»f gold bullion «ad $»ld oor*

tifiofctoo la roop««t of whlok oueh ftfpilootlof* 1* ;m£o oad tSui foofco

otMmiXkj ojEtoaoi«m to ho noooooor^ to ovoid ortraordiaory hardohip or

diffioolty*



Authority £Q \Q $Q \

2|>OOt ■> On UlSO &OOTOt3MPy of th# frofeoury It &*>rofcy tentiioriooa

•ad oapororod to l«u * «u«h rvrth»r r#p»X*tlc«w »« Is* s*y tiosta mmmmwry

to murry out ill# piarpoM* of t i» ora r aM to iBmm through

•uah offio*r» or ftgor.oi*« mm Iso imy dooig&i.fco, lto*&«oo porstii tfcing th§

J-O rtd r#wrw fe*nko ana jM ifeor tank* of tfco Fodorol f-ooorvo %#t«% in

rofwrn for m oqpivnloBt mmmt of othrr eelxi* ourronqr or orotflt, to

4oiiv#r gold ot>in «tid talUcn to porooM showing t*a» no** for tho tats*

for may of ifc® puriKMNWi •jwotflo* in pwrftgrftptMi (o)# (o)f (d}# and (o)

of ^tie® 2 of tlMNMi rogulotioMt*

^howr r i i U M l | *iol*too »ny jMrWviftlai of trd»

; jewsutii-e Oriar or of tlwoo r^jpiiU tie®* or of *ny rui*# rogultttlon or

lioonoo ioouo*" tôrowator my feo fino?" not mrm thu* #l&«0Ou>» or* if

« a^taral 9»r«eftf ©* i^wiittaod for not nor* tt** ton y*or## or both)

moA ony offloor* dircotor* or *@mt of oorpcrntlfl* who incmlagly

p*rtlelp*tt*« in *aqr s^ti vioi Uon s&ty few ->«nl*k «l % a I tic# fin»#

■■j f'»prlo«nMM»t,# or both* -C

v

ffelo onu ti*ooo rtgu|jifci«*» my bo rovokoA at auagr tiao#

\ \

fk M U M P* »0 *V t \

till tBJfli M Jt i

kmrofc | , IMS,




L ^ * J L* t r / 9 3 3

(CONFIDENTIAL — Revised draft of March 24, 1933)

EXECUTIVE ORDER

Forbidding the Hoarding of Gold Coin, G-old Bullion





the existing national emergency in banking, and for other purposes”,

I, Franklin D. Roosevelt, President of the United States of ianerica,

do hereby prohibit the hoarding of gold coin, gold bullion, and gold


partnerships, associations and corporations and hereby prescribe the

following regulations for carrying out the purposes of this order:


“hoarding" means the withdrawal and withholding of gold coin, gold


nels of trade. The term ’’person11 means any individual, partnership,


Section 2. All persons are hereby required to deliver on

or before April 15, 1933, to a Federal reserve bank or a branch or

agency thereof or to any member bank of the Federal Reserve System

all gold coin, gold bullion and gold certificates except the following:

(a) Such amount of gold as may be required for legitimate and customary use in^toada-r profession or art within a reaspnable time, includingjgold prior to refining and stocks of

gold in reasonable amounts/for the usual trade requirements of

owners mining and refinin


R eproduced from the U nc lassified I D ec lass ified H o ld ings o f th e N ationa l A rch ivesDECLASSIFIED

Authority £D jO 5 0 1

- 2

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 "belonging to any one person;

and gold coins having a recognized special value to collectors of rare and unusual coins,

(c) Gold coin and bullion licensed for legitimate / export transactions (not involving hoarding or speculation in-

eluding gold coin and bullion imported for reexport or held pending action on applications for export licenses.

oo- y(d) Gold coin and bullion^ which we-ra held in trust -e»~

■undoy "cawgagle for a recognized foreign government or foreign central bank or the 3ank for International Settlements on Maye-3a-"€,r\rrn

(e) Gold coin and bullion actually needed to meet

maturing obligations payable in gold coin or bullion in any case where payment in gold coin or bullion actually has been demanded by the obligee; provided that, in order to facilitate the enforcement of Section 3 hereof, the obligor shall furnish to the

federal reserve bank of the district in which such payment is

made a written statement showing the name and address of each

person to whom^such a payment is made and the amount paid to each such person.

(><v f-JfX J

Section 3, Until otherwise ordered, any person becoming the











bullion land gold certificates owned or received by them (other than asf!

exempted, under the provisions of Section 2) to the Federal reserve


Reproduced from the Unclassified I Declassified Holdings of the National Archives D E C L A S S I F I E D

A u t h o r i t y £ P \Q 5 0 1

~ 3 ~

"banks of their respective districts and receive credit or payment

therefor.

Section 6. The Secretary of the Treasury, out cf the sum









Section 7. In fcases where the delivery of gold coin, gold






tary of the Treasury and filed with, a Federal reserve bank. Each





difficulty*


"tm


Authority £p \Q 50 1

/Section 8. The Secretary of the Treasury is hereby author-

ized and empowered to issue such/regulationsZflq\ i n antwadfth

the&cugogtttetfrfeMM as he may deem necessary to carry out the purposes

of this order and to issue thereunder, through such officers or

agencies as he may designate, licenses permitting the Federal reserve,

banks and member banks of the Federal Reserve System^to deliver gold

coin and bullion to persons showing the need for the same for any oft*)f CO, («0, (A)

the purposes specified in paragraphs (a) te -{e)-, itrelugiivoi of Section

2 of these regulations.

Section 9. Whoever willfully violates any provision of

this Executive Order or of these regulations or of any rule, regula

tion or license issued thereunder may be fined not more than $10,000,

or, if a natural person, may be imprisoned for not more than ten

years, or both; and any officer, director, or agent of any corporation

who kaowingly participates in any such violation may be punished by a

like fine, imprisonment, or both.


T H E W H IT E H O U S EM a r c h ____ , 1 9 3 3



Reproduced from the Unclassified I Declassified Holdings of the National Archives — ~DECLASSIFIED

Authority £D IQ 5 0 j

(CONFIDENTIAL — Revised draft of March 24, 1933)

EXECUTIVE ORDER







I, Franklin D. Roosevelt, President of the United States of ianerica,




following regulations for carrying out the purposes of this order:


"hoarding" means the withdrawal and withholding of gold coin, gold


nels of trade. Thb term "person" means any individual, partnership,


Section 2. All persons are hereby required to deliver on

or before April 15, 1933, to a Federal reserve bank or a branch or

agency thereof or to any member bank of the Federal Reserve System

all gold coin, gold bullion and gold certificates except the following:

(a) Such amount of gold as may be required for legitimate and customary use in trade, profession or art within a reasonable time, including gold prior to refining and stocks of

goljd in reasonable amounts for the usual trade requirements of

ownjers mining and refining such gold.


R eproduced from the U nc lassified I D ec lass ified H o ld ings o f th e N ationa l A rch ivesDECLASSIFIED

Authority £ p \Q SO \

- 2

(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person;

and gold coins having a recognized special value to collectors of rare and unusual coins.

(c) Gold coin and bullion licensed for legitimate export transactions not involving hoarding or speculation, in

cluding gold coin and bullion imported for reexport or held pending action on applications for export licenses.

(d) Gold coin and bullion which were held in trust or under earmark for a recognized foreign government or foreign cen~

tral bank or the Bank for International Settlements on March 6, 1933.

(e) Gold coin and bullion actually needed to meet maturing obligations payable in gold coin or bullion in any case where payment in gold coin or bullion actually has been demanded

by the obligee; provided that, in order to facilitate the en~ forcement of Section 3 hereof, the obligor shall furnish to the

Federal reserve bank of the district in which such payment is

made a written statement showing the name and address of each

person to whom such a payment is made and the amount paid to each such person.















Reproduced from the Unclassified I Declassified Holdings of the National Archives - d E C L A S S I M e D

I Authority £ Q \Q SO 1

- 3 -


/ therefor.

Section 6. The Secretary of the Treasury, out cf the sum






other incidental costs as may be necessary, upon production of satis*-

factory evidence of such costs* Toucher forms for this purpose may

be procured from Federal reserve banks*,

Section 7, In fcases where the delivery of gold coin, gold











difficulty.


Reproduced from the Unclassified I Declassified Holdings of the National Archives j DECLASSIFIED

I Authority fO \Q 5 0 1

~ 4 -

Section 8. The Secretary of the Treasury is hereby author

ized and empowered to issue such regulations not inconsistent with

these regulations as he may deem necessary to carry out the purposes


agencies as he may designate, licenses permitting the Federal reserve

banks and member banks of the Federal Heserve System to deliver gold

coin and bullion to persons showing the need for the same for any of

the purposes specified in paragraphs (a) to (e ), inclusive, of Section

2 of these regulations.






who knowingly participates in any such violation may be punished by a

like fine, imprisonment, or both.


THE T7HIEE HOUSEMarch , 1933.



R eproduced from the U nclassified I D ec lass ified H o ld ings o f the N ationa l A rch ivesI DECLASSIFIED

Authority £C?K> SO 1

X

(COHFIBBJ3PUL — Be vised draft of March 24, 1933)

suoksjuvs order

forbidding the Hoarding of Gold Coin, Gold Bullion




of the Apt of March 9 S 1933, entitled "An Act to provide relief in


I, franklin B. RooseveIt, President of the United States of America,




following regulations for carrying out the purposes of this order?

Section 1. for thg purposes of this regulation, th& term

"hoarding" means n'*ll #°ld coin, goldfgj oi mojlq. com, goia >5

bullion or gold certificates S»e»-4ibe-jaeedê&*eiaBi^b

The teim "person" means any individual, partnership,

association or corporation.i| Section 2. All persons are hereby required to deliver on

or beforfe April 15, 1933, to a jpfetasftl reserve bank or a branch or

agency tiereof or to any member bunk of the federal Reserve System

all gold! coin, gold bullion and gold certificates except the folXctfmg*

(a) Such amount of/go Id a s nay be required^for legit

imate and customary use in Itaii , profession or art wtttito> ■» pfrarcmnMnii itn», including gold prior to refining and stocks of

£ J lA.

goll in reasonable amounts for the usual trade requirements of

oymsrn mining and refining such gold.

{kA4.


Reproduced from the Unclassified / Declassified Holdings of the National ArchivesI DECLASSIFIED

Authority £t>\® 6O 1

. /

- 2 ~

(b) Gold coin and gold certificates in an amount not

exceeding in the aggregate. $100.00 "belonging to any one person;

and gold coins having a recognized special value to collectors of rare an4 unusual coins. _

* - * ? tr* £ck‘i Gold QMMP«M#Pbullion licensed for le g it im ate d ^ "*

export/[tra3isaStilns^not involving hoarding or speculatioi^Tn- eluding gold ailii — 4 bullion imported for reexport or held


(d) Gold coin and bullion which were held in trust or

under earmark for a recognized foreign government or foreign cen

tral bank or the Bank for International Settlements on March 6,

1933* O j U , t s w

(e) Gold cp fn and bullion actually needed to meet Maiwwiftg' obligations'payable in gold coin or bullion in any case

where payment in gold coin or bullion actually has been demanded by the obligee; provided that, in order to facilitate the enforcement of Section 3 hereof, the obligor sh&ll furnish to the

Ifederal reserve bank of the district in which such payment is

made a written statement showing the name and address of each person to whom,such a payment is made and the amount paid to each such person. ^ ^ )

Section 3* Until otherwise ordered, any person becoming the

owner of any gold coin, gold bullion or gold certificates after Jpril




• |

| Section 4. Upon receipt of gold coin, gold bullion or goldj


federal reserve bank or member bank will pay therefor an equivalent

amount cf any other form of coin or currency coined or issued under the

law® of

bullion

the United States.

Section 5. Member banks' shall deliver all gold coin, gold

and gold certificates owned or received by them (other than as

exempt®! under the provisions of Section 2) to the federal reserve


Reproduced from the Unclassified / Declassified Holdings of the National Archives DECLASSIFIED

Authority £ Q \ Q 5 0 i

- 3 -

■banks of their respective districts and receive credit or payment

therefor.



1933, will in all proper cases pay the reasonable costs of transport.®!

4*m*t of gold coin, gold bullion or gold certificates delivered to a


t>r 5 hereof, including the cost of insurance, protection, and such

other incidental costs as may be necessary, upon production of satis-

factory evidence of such costs* Voucher forms for this purpose may

be procured from Federal reserve banks#

Section 7. In dases where the delivery of gold coin, gold






tary of the Treasury and filed with a Federal reserve bank, Each





difficulty*


Reproduced from the Unclassified I Declassified Holdings of the National Archives d e c l a s s if ie d

Authority $P \® 5 0 1

~ 4 -

Section 8. The Secretary of the Treasury is hereby author

ized and empowered to issue such regulations not inconsistent with

these regulations as he may deem necessary to carry out the purposes


agencies as he may designate, licenses permitting the Federal reserve

banks and member banks of the Federal Heserve System to deliver gold

coin and bullion to persons showing the need for the same for any of

the purposes specified in paragraphs (a) to (e ), inclusive, of Section

2 of these regulations#






who knowingly participates in any such violation may be punished by a

like fine, impi-isonment, or both.



THE '.vriXTE HOXJSEMarch __, 1933.



Authority £ p \Q 6 0 1

t f '

(CONFIDENTIAL - Tentative draft of March 23, 1933)

The Country has responded patriotically to the President’ s proclama

tion of March 6 and to his radio speech of March 12. Between March 4 and

March 18, $230,000,000 of gold coin and $235,000,000 of gold certificates

were returned to the Federal reserve hanks, in addition to more than

$100,000,000 of other kinds of currency. As a result, the ratio of the

reserves held hy the Federal reserve banks to their liabilities on deposits

and on Federal reserve notes combined rose from a low point of 45 per cent

on. March 4 to 53 per cent on March 18.

Many persons throughout the United States have hastened to turn in

the gold in their possession as an expression of their faith in the Govern

ment, and as a result of their desire to be helpful in an emergency. There

are others, however, who have waited for the Government to issue a formal

order for the return of gold in their possession. Such an order is being

issued by the President today.

This order requires all persons who have in their possession gold

coin, gold certificates, or gold bullion to exchange this gold for other

currency at the Treasuxy of the United States, at one of the Federal reserve

banks or branches, or at a member bank.




Reproduced from the Unclassified / Declassified Holdings of the National Archivesf DECLASSIFIED

Authority 50 I

(COHFllMflAL — Tentative draft of March 32, 1933.)

4 1 0 . -/

EXECUTIVE OEDSE

forbidding the Hoarding of G-old Coin, G-old Bullion and

Gold Certificates*

By virtu© of the authority vested in me “by subsection (b) of

Section 5 of the Act of October 6, 1917, as amended by section 2 of

til© Act of March 9, 1933, entitled ,fAn Act to provide relief in the

existing national emergency in banking, and for other purposes” ,

approved March 9, 1933, I , franklin D. Roosevelt, president of the

United States of America, do hereby prohibit the hoarding of gold coin,

gold bullion, and gold certificates by individuals, partnerships,

associations and corporations within the continental United States, and

I hereby/prescribe the following regulations for carrying out the pur

poses of this order:

Section 1. for the purposes of this regulation, the term nhoard~

ingfl meiams the withdrawal and withholding of gold coin, gold bullion orI

gold certificates from the recognized and customary channels of trade;

but this order and these regulations shall not apply to gold coin or

gold bullion shown by the owner thereof to have been actually held by

or before June 30, 1931. The term ^person1* means any individual,

partnership, association or corporation within the continental United

States,

Section 2, All persons are hereby required to deliver on or be

fore April 15, 1933, to a federal reserve hank or a branch or ag ency

him on

'i a A

JEMiMocm nbeaaunamMBTBTOHSi

MAR 2 3 193? #

MAR 2

2


Reproduced from the Unclassified / Declassified Holdings of the National Archivesmill I............. ill ill I I I11 l l l i l l l l l l l l I I I I I I M — —

DECLASSIFIED

Authority £p \Q $ 0 \

- 2 -


coin, gold "bullion and gold certificates except the following:

(a) Such amount of gold as may be required for legitimate

and customary use in trade, profession or art within a reasonable

time, including gold prior to refining and stocks of gold in

reasonable amounts for the usual trade requirements of owners

mining and refining such gold.

(b) Gold coins and gold certificates in an amount not ex

ceeding in the aggregate $100.00 belonging to any one person; and

gold coins having a recognized special value to collectors of rare

and unusual coins.

(c) G-old coin and bullion licensed for legitimate export

transactions not involving hoarding or speculation, including gold

coin and bullion imported for reexport or held pending action on

applications for export licenses.

(d) G-old coin, gold bullion and gold certificates which were

owned by a recognized foreign government or foreign central bank or

the Bank for International Settlements on March 6, 1933.

(e) G-old coin or bullion actually needed to meet maturing

obligations payable in gold coin or bullion, when payment in gold

c<$in or bullion has actually been demanded, regardless of whether

the obligee is at home or abroad.



Authority £C> K> 501

- 3 -

Section 3. Until otherwise ordered, any person 'becoming the

owner of any gold coin, gold bullion or gold certificates on or after

April 12, 1933, (except as exempted by the provisions of Sections 1

and 2 hereof) shall, within three days after receipt thereof, deliver

the same in the manner prescribed in Section 2.

Section 4. Upon receipt of such gold coin, gold bullion or gold

certificates, the Federal reserve bank or member bank will pay therefor

an equivalent amount of any other form of coin or currency coined or

issued under the laws of the United States.

Section 5. Member banks shall deliver all gold coin, gold bullion

and gold certificates owned or received by them (other than that exempted

under the provisions of Sections 1 and 2) to the Federal reserve banks of

their respective districts and receive credit or payment therefor.

Section 6. The Secretary of the Treasury, out of the sum made avail

able to the President by Section 501 of the Act of March 9, 1933, will

pay all reasonable costs of transportation of such gold coin, gold bullion

or gold certificates, including the cost of insurance, protection, and

such other incidental costs as may be reasonably necessary, upon pro

duction of satisfactory evidence of such costs. Forms of voucher for,

this purpose may be procured from Federal reserve banks.

Section 7, In cases where the delivery of gold coin, gold bullion

or gold|certificates by the owners thereof within the time set forth

above will involve extraordinary hardship or difficulty, the Secretary of


**8*«Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority £ p \Q 5 0 \

- 4 -

the Treasury may, in his discretion, extend the time within which such

delivery mast he made. Applications for such extensions must be made in

writing under oath, addressed to the Secretary of the Treasury and filed

with a Federal reserve hank: within the time set forth above. Suph appli

cations must state the date to which the extension is desired, the amount

and location of the gold coin, gold bullion and gold certificates in

respect of which such application is made and the facts showing extension

to be necessary to avoid extraordinary hardship or difficulty.

Section 8. The Secretary of the Treasury is hereby authorized and

empowered to issue such regulations not inconsistent with these regula

tions as he may deem necessary to carry out the purposes of this order and

to issue licenses thereunder permitting the Federal reserve “banks and mem

ber banks of the Federal Reserve System to deliver gold coin and bullion

to persons showing the need for the same for any of the purposes specified

in paragraphs (a) to (e ), inclusive, of Section 2 .of these regulations.

Section 9. Whoever violates any provision of this Executive Order

or of these regulations or of any rule or regulation issued thereunder may

be fined not more than $10,000, or, if a natural person, may be imprisoned

for not more than ten years, or both; and any officer, director or agent

of any corporation who knowingly participates in any such violation may be

punished by a like fine, imprisonment or both.

This order and these regulations may be revoked at any time,

i FRANKLIN D. ROOSEVELT

THE WHITE HOUSE March ______ , 1933



Authority £OK> $Q \

4 1 0 . - I

( CONFIBS&TIAI. - Tentative draft of March 22, * L - I f

Hi© country has responded patriotically to the President1 s proclama

tion of March 6 and to his radio speech of March 12. Between March 4 and CoS*

March 18, $230,000,000 of gold coin and $235,000,000 of gold certificates

were returned to the Federal reserve “banks, in addition to more than t

1100,000,000 of other kinds of currency. As a result, the ratio of the

reserves held by the federal reserve banks to their liabilities on deposits

asjd on IM eral reserve notes cowbined rose from a low point of 45 per cant

on March 4 to 53 per cent on March IS.

Many persons thro-ughout the United States have hastened to turn in

the gold in their possession as an expression of their faith in the Govern

ment , and as a result of their desire to be helpfoaH in an emergency. User©

are others, however, who have waited for the Government to issue a formal

order for the return of gold in their possession. Such an order is %eis$

issued by the President today- ^

!®iis order requires all persons who have in their possession gold

coin, gold certificates, or gold bullion acquired subsequently to June 30,

1931, tf? exchange this gold for other currency at the Treasury of the United

States,! at on® of the Ifederal reserve banks or branches, or at a member

bank. fBi© amount of gold in circulation had not increased for a number of

years pfcior to the smm&T of 1931, and though there may have been individual

cases o £ hoarding, in general the volume of gold in circulation m s in

Confofiffiity with the usual habits and requirements of the American people.

©old thit is now hoarded has been withdraws for the most .part since that

Wm result of lack of confidence* The president now- requires that

Id, which serves na public p&rposein the hands* of individuals, be

___ / _ _ 4 . ___________mUi'Piv im nQMMuruttii

MAR 2 3AT’BOARD'MECTtNCa

MAR 2 2 1 9 3 3 ^ #Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

m m


Authority £ 0 \ 0 5 0 1

- 2 ~

returned to the Government or the Federal reserve "banks to become once more

a part of the country*s gold reserve,



obligations and permits the exportation of gold for trade purposes,



Authority £Q f)Q j

m m m m omm

fwUMtarn to* Ifeardiai if &#ld Cola, Sold m xiim aad

Gold Oortlfloatoa*

virtu* of tint authority w iM i ia s» tijr trohoootiaa (H) of

$oetlo& 5 of Hi* Act of Ootohor 6, 1917, as aa»adod fcy S*«tt«a M otf

th* Aot «T Mural! 9 , 19S3, t i l U M *Aa A«t to pro* 14* rollaf in tho

oxlstla* aatloaal «nir8»MQr la imating. aad far other i»arfOooo*,

a?pro**d Marah 9, l®S3g X, Jfraaklla a* H*o*o*olt, l?ro*id*at of tint

Ualtod itata* of AmtIm , do kwn^r prohibit tho hoarding of gold cola,

gold Vallioft, aad gold oortifioatao any ladlvi&uai # pCLrtaor ahiy ,

or oorporatioa vlthia tho Ualtod »tateo or as? place oafc-

J#et to th* jurlodiotloa tharoaf t aad X harofey pr**cribo th* followlag

r*galatl*a* ia rolatioa thorotot

.aoction 1* la ardor to proroat tho hoardiag of sold coin, gold

hallloa aad gold oortlf loatoa, all ladividaalo, jiartaarohlf* aad aaooci-

atioaa oaaing aa? M is, gold takllloa or cold eortlflcatoi bold

vltaia th* Ufcltod Statoo of Aaarloaîaolodixig ltd torritorioa aad la*

M . M - ] • » - » » • • -» - « u ~ - - W -

March 31, 1933, to tho fraoaarar of tho tfeltad Statas* to a yodoral

rotorvo feaak a* fl*oal agoat of tho Ualtod Statotj or to aajr othor

•imesr horolnaftor daolcnotod. all ittal cold cola, cold hullloa aad



Authority £& \Q f)Q \

(fc) Gold coin ar talllon actually aoadad ts aaat aatariag

obligations pa/aSlo la gold ooin «r ValMaa and wtitflm U IW »

^ M I aaatfri> ahaa payaaat la gold sola dr fcallloa lias actually

1laaa daaaadad* rogardloas of whothor tho ofeligoa la ai hoao ar afcaoad.

(a) Oold cola or fcallloa lioonaad f#r lagltiaata ixpoH

In a iM lU M M l iiWlvtog boarding ar speculation*

(d) (laid prior to refining and statics of gold la raaoeaafcle

—Wftti far tho usual trada r«fulr«B»ata af oaners mining aad ref in*

lag suah gold*

(a) Gold oolas having a resogalsad apeoial value is oolleetars

af rare aad unusual coins.UWCJUav Ou t w .

Cf) 3uoh aaouat af gold aa say )w soosoaafc&y required forA

legltlaate aad ouataaary uoo la trade, profesaion or art.

(t) dald coin* aad gold certificates la an amount not exceed

ing la tl*# aggregate $100*00 ht longing to any ooi person*

(h) &eld between suah tlas aa agpliaatlea far expert thereof

frca Ilia Ualtad States lo fllod with tho Secretary df the Treasury

aad three days aftor tho applicant la notlfiod of tho denial of such

affplloatloa*

(1) Gold iaparted into tho United statea far reexport ar for

tho purpose of being refined, provided suah gold is exported or ueed

la trade* prafessioa or art wlthia a reasonable tiae aftor tho re

fining thereof*

(J) Geld coin, gold bullion ar gold certificatea which were oaaad

V a rooognlsod forolga govoraaeat or faroiga aaatral bank or tha Beaka*vw

far Xntoraatioaal Sottloowats jalaae** Marsh 6, 1933*Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Authority \Q 6 O \

Section Until this Or&er and theee regulation* ntokad,

any individual* partnership, association or corporation ( including

all*** residing in th# (felted states) becoming the owner of any gold

coin, gold bullion or gold eartifioates on or after March 23. 1933,

(except that exengpted lay th* provisions of faction 1 hereof) shall, within

three days after ree*ipt thereof, deliver the sane to the treasurer of

the Halted itatee, to a Federal reserve hasste a* fiscal agent of the United

State* or to any ether agency authorised by this Order to receive such

delivery, and shall obtain, reiiafeurseigent thereSBr In the naaner provided

elsewhere In this order.

ie*tien 3* Ifpen receipt of such gold coin, geld bullion or gold

certificates, the secretary of the Treasury, or sudh Federal reserve

beak, will p*y therefor an equivalent anmmt of any ether fens of

coin or currency oolned or issued under the law* of th* United States*

.iection 4. the payment and delivery of such geld coin, gold

bullion end geld certif icates nay he effected (other than by nsnher hanks

of the federal reserve System) by delivery thereof to a hank which is

a neaber of the Federal reserve £ystesu Such beak shall pay therefor

an equivalent araunt of any other fom of coin or currency coined or

issued vndnr the law* of th* united states, and shall thereupon deliver

such gold coin* geld bullion and gold certificates to the treasurer

of the united states or to the federal reserve beak in it* district

aad receive credit or paynent therefor*


ed / D eclassified H o ld ings o f the National A rchives

DECLASSIFIED

Authority J p IO $ 0 j

•* 4 •

dttlita 0. III My tttt alMrt Ibt fcttatlta of m l «*U tslm,

l « U W i l l # * ir «tlA n r l t f M M l« m ill lh *l 4 * l l w j r !£ * * •« ? I t

tba ft«M«rir if lb* UaittA Slalss «r I I I ?#4irml rttarvt M l it it t

fettle ifcitfc It a o M ^ « r a f D m f i l i r i l Tfijii ti Syala® tatnat raasta*liXjr la

wmirn w lD ii* tfct t U » a p w l f l t * fetltw* Aallvtry fltgr * t ntftt I t • ACUstoro,

Q ffita or ^ t i i o ff lot «r D m I b l U d sta l*s tr t f nay *tf l it AtytaAaatilaa

tr l i i l l i r i m t f l i l f t l r pMfr OaM tm O ff lot ir f t t l O ffl it « 1 U P f

t l m f l i mi ataval i f m r o D m t f o m tdf ta in i r n r r f s q r atiaa l

tr l i m A ’M in r D m lajrs i f D m U &lltd U lttti or n a n r D m 1m m t# D m Aa*

ptfe&MMQr tr iaatlar aa trtttita I a st&tfe nttA m t la a t t f f lt t a? jttsl i f f iat

l i l m W i » « * & tkmll A iU v t r m i l £ *14 m U , *t l4 toO llta attd f * U itr-

t i f l M t M la anMli attiniv * a Mur i i f t iT fea iliift m l i l l fast tin m r t i i * ter

ifet £t*rtltry i f Dfi* f i i n i r y « * & t t la i* rsfenb^tfBtal In * * a f7 r«|riftt«

*•**■ *•

a *a lita * • Mtafctr to n** « b U M u r * U & % & — im , * •& & W 1 U «

MMl U r t t f t l l l l l tMMNl Iflf D M n ( * D M r iHwa fcXfl% tatafl)fli4 **A t r Ibt

yratttita i « f fttalita 1) I# D m 'E rttn rsr i f D m U *it *4 Stal#a tr It D m

F«4 *n U . rattrat t*afc la D m I t r t t $ i* | t f * d istric ts *a 4 rttaivt a ra til * r

ptjns*a* Uaaraftr*

$ * * t it « T . Sht ot«rtl«ry « f D m Tr+*mtary w ill pay a ll rtattaafclt

t a t l* l » * * ip *r l * * t *a tC tuak «o id ttlfi, i» 1 4 l^ Illtm tr * t U w l & f i *

taltt* t&ilwttwa D m otai tf iatw rM M t, p rtla tlita * tad t«aa iU m t I w i l f l *

aa t a ils at wgr I t r t a a w A l i tttttatry , i ^ t a |rt4atli«ai t f t a l i i fa t l ir f

ariataa* tf ««th a t i l t , ft ta t t f vtatbtr ft # %kla pwrytst asjr b * pr««urta


R eproduced from the U nclassified / D ec lass ified H o ld ings o f the N ationa l A rch ives — -------- — ■— — — ................ ,DECLASSIFIED

I Authority £t> K> |

«*&-

from Fedora1 rtitm banks*

Sfotleft 8* la e«Mi where the dillviry of gold cola, cold bullion

or sold, certificates by the owners thereof within tha tixa» sot forth

above will involve extraordinary hardship or difficulty, the Secretary

of the treasury Mgr, la hit discretion, sxtead tho tins within which

such delivery waot 1m aado. Applications for such extensions oast ho

aade ia writing under oath, addressed to tho 3ooretary of tho Treasury

end fllod vith a federal reserve baak within tha tin* set forth above.

Such applications mist stats tho date to ahleh tha extension is de

sired, tha aaount and location of tha fold coin, gold bullion and

gold oortlfioatoo ia reopaot of which such application is aade and

tho foots shoving extension to ho necessary to avoid sxtraordinary

hardship or difficulty*

Section 9* Tha secretary of tho Treasury lo hereby authorised

and eopowered to looiio licenses, under ouch regulations as ho say

prescribe, permitting tho Troaouror of tho {felted States, tho

federal reserve banks ao fiscal agents of tha United Statss and my

other agencies which he may designate, to pop and deliver gold coin

and bullion to may individual* partnership, association or corpora

tion actually neodlng tho scans for aay of the purposes specified in

paragraphs (b) to (4) of Section 1 of these regulations*

Section 10* Whoever violates any provision of this Kxocutiv©

Order or of those regulations or of aay rule or regulation issued

thereunder aoy bo fined not aore than $10,000, or, if a natural


mm

from the Unclassified I Declassified Holdings of the National Archives DECLASSIFIED

Authority £Q K> C)Q \

any itfprlMftd fm m m than jwara, or %*%&{ and.

uqr officer, director «ar ae«nt «f stay aojrparaUen *fe* par-

t ie ip a U * in Mjr fflMfe T ie U t io * nay * • pualtb** I f & lik * f las, l a .

prl tâan^ mt

fe tSM 7#£tklat iS&S SI'S tKir^Tthfy fTT*

Mgr r+Wmi at mqr tia**

M : u v » • m m m m

wm m m wmmMars* :i»3t.

Tentative draft prepared *y Mr* Ifcatt for consideration at

asetinf of 3fcce<mtive CoBaitteaôa March 21, 1933*


Reproduced from the Unclassified I Declassified Holdings of the National Archivesd e c l a s s if ie d

Authority £D \Q fjQ 1

u a c . ..i

Tim m m &?$ tom m npniii to tim

%tm of w®'T$h e to lit* lotffo rnprnm of ttwNI* Mi# m fcm m m vttk 4

&ft*oti ia, of g«&& oota wwi &#s&*60ot<K>& or o»r%tflo*t«o

«o** m tsm m i to tb» Mtexol fonono *mm®, im *4611%m to m m tfo&a

*2£M)t0Q$t9G0 of ttlir nisi# of ?*« * tomtit* tuo » * iu of ttm

m m rm s tm%& $>jf tlM fa lm m t m m m m festes* to thoir ItmiailAttoa oa gopoolt*

uwA m foiowsl m m rm m m t r m a Um $$iat of 4-i jwr mn%

m IfeftVfH 4 t« t& por aom* oa §feurttii 1$.

l^ny tn rm ^m % m # f:t*too iwmt* &»%#**#& to totta ia

tfe* gol# Im tooir ft«MM*a*lo% «• $a mgmm&tmm of ttoair Ifeita In tbo ootora*

m*at9 £*a# $a si roowdtt ef tlKir $o*»l» to ftolpftil -In o* tfcmfo-

otfeor#* 1m*hovo?9 «d« feet* o»lto& Mr tn# I mm a f$rraal

ov&ftr to* Hi# iwlsaini of jp&6 in tfctir paooMUiloa* «» o»6or l» M u g

iMMMt by tl*» fsî&oat to&ty*

mi# &*4*r toqoixo* m il mm tmm la tuolr pmmmim ml&

oola* &»!& or $ o li tatHioa oofuivt^ wvfom on tly to »

i m , to oxttftfuigi t&t* gaM fsw tftHwr *s*r»*s*r a lta o r **t t l» * f

t&o mttsNt # n t w or «t o f «ih» h m tim m - i& w tim B * f h »

mmm% #f &*%& la ^KrailatitMi m% tm m wmfo%r «tf p r t o

to mm mt #f JL«iXv Umic* m y h » w m m * «f

iKMurA&af 9 ia aMa.r«a 1*a af «&1# la w im

«rlHi tint utml lMblt« ^^«w «»at« mt %im tm-%

is n©# iKk# fc*«a 4 ^ i t a fur H» aairt p*rt nixtm tabt timn m tim

fm w & t 0 t 1 » f Mafl^MRMa* ^r*«i<UMit ao« t l i i t ii#Mt

m m m m m to th» mw»s« o f Im j w s t w l In


R eproduced from the Unclassified I D eclassified H o ld ings o f the N ational A rch ives DECLASSIFIED

Authority £t> 5 0

%lw> flKWBHtcy* # ipilll

i» orfWr p i M i t e vp&rtm &ty im f M i U i « « ,$sli ftw t il

M, Jtu, A f. JUto-^.-^ldi'fctA:^,

Statement prepared “by Mr. Ooldenweiser and Mr. Eiefler for

! consideration at meeting of Executive CoKmittee on March 21, 1933*


I Authority £ 0 \0 5 0 |

Reproduced from the Unclassified I Declassified Holdings of the National Archives — — ------ -— ■— — __ ________DECLASSIFIED

' ' c . a* mmrnm

mmrn u §

t«) m m 0 »M wilt to U m m m & l * r .n^ttuwi^- mm* •%

-M -MaA' '%'Jt A ,| y | flfttlhbAiAk-tit 4K|“ # WaJtJi SW IJpMRRPw' v6f |pU^

9&I£L$0MI Sfl •% 1MNI ®9P fttfyfjffMtt

lit fu lm m I Us** «i«i)r jt t im i «r I *

'Him M M 1&ktm (immzMm A*Mf t* it «*mht pemXmm%lm w m ^M m iffjmbsppp 'ipm

f (A) mmmmm Wm% Hat* In 0* 39* xml. t M| %i» M p *» iteni|r ^ M » #1.1^ m m M m

*MDcm^doioiB$8S r ^MBBSTIN0

MAR 2 1


Reproduced from the Unclassified I Declassified Holdings of the National Archives < DECLASSIFIED

I Authority £t? \Q 5 0 1

u a m m c m c m j a i m M m m ckw aix m m shock. — szlxctxd d a tis , 1933

(In Billion* of dollar*)

Mar. k H«r. 13 Iter. 18Mar. ^

to Ear. ...li

TtfllllflMar. 13

to' Mar. IB

Mar. i to

Ma* . IS

l w » *» ctregUtloB

Total 7 M 5 7.5*1* 6.859 ♦9* -722 -626

3old cola 50? 395 -119 -112 -&$h

Gold cortificato* ?39p* 637* 503 -102 -13 . 23S

floral rotorra aoto* M * 2 H.H05* H,oo6 ♦263 -399 -1$

All otbar X.9?*P 2.032 1.955 ♦ 5H - 77 - ±$'y.

total k .& 7 *.25? ♦ 5 ♦ 10 * 15

Forolgi Kovaao&t* — — ♦ 1 * 1

Otkar — ♦ 5*a * 9 + I*

t r BX1OTTIVB OOMMKCTi

V 'a

#♦o

Fvolladaarjr: rofcjact to correction.

Foak f » 1 9 3 3 .Lo» for 1 9 3 3 .Ihcludos $3,300,000 bullion delivored to Fadoxml

rtMivi bank* fron do«o»tic soorco*.

MAR 211933

Statement presented by Mr. Goldenweiser at meeting of

Executive Committee on March 211 1933#


Reproduced from the Unclassified I Declassified Holdings of the National Archives 4 — - " .............* DECLASSIFIEDI Authority ££> |Q 5 0 1

Marah 18, 1999*

Th* Honorable,

The Seeretary of State*

Dear Hr* Secretary:

Receipt it acknowledged ©f yoor letter of Mareh 16,

1989 with reference to the treats*at to be accorded to gold

hold, under earmark or otharviee, in thia country by fbreigs

•astral banka and other foreign banking inetitutione*

It la sy understand!ng that thia aiattar haa bees

dieatieeed with Mr* Fata of yoor Dfpartaent, and that ha ia

fasillar*vith all tha de'telopsents la connection therewith*

the Treasury nm haa irndar consideration the issuance of oar*

tala ordara or regulations relating to gold, and Z m advised

that, before any notion ia taken tharaon, th*y id 11 ba fartherI

disonssed with representatives of your Department*



Authority 6 0 1

r

• S'y-

The Honorable,

The Secretary of fyate.

S I R :

I beg to acknowledge recoipt of yomr lot tor of March

16, 1933 making Inquiry with rospoet to tho propoood regul^.

tlons governing tho treatment to ho accorded to gold hold

under earmark or otherwise in this country by foreign control

banks and other foreign banking initiations.

Tho proposed regulations, Jhich are in the form of an

order by the Secretary of the frMsury, have been discussed

with Mr. Fois of your Department, W it is contemplated that

before any orders and regulations are issued regarding these

matters they will be furthe/ discussed with representatives

of your Department. /

/ Respectfully,

ftogene Moyer,Governor.





Reproduced from the Unclassified / Declassified Holdings of the National Archivesd e c l a s s if ie d

Authority £ t> \o f} 0 {

OOPTl m w in m & B iiu /

TREASURY DEPARTMENT TELEGRAMWHERE WRITTEN

Washington

March 17, 1933*

Harrisob*Hew York.

Application for the export of seventeen million fifty three thousand nine hundred eighty nine dollars sixty five cents gold for Banco d* Italia eight million five hundred seven thousand four hundred eighty five dollars per S/S Conti Di Savoie, on March eighteen eight million five hundred forty six thousand five hundred four dollars sixty five cents per S«S« Augustus on March twenty five and six hmdffed one thousand eight hundred seventy five dollars forty cents for Banco de Portugal, Lisbon per S. S. Yulcania from ITew Tork on March twenty four in accordance your telegram to Federal Seserve Board March fifteenth may he approved hy you on

"behalf of Secretary of Treasury•WOODIE

OFFICIAL BU8INESSCOMMERCIAL RATES

COLLECT

2— 4347 wrmnram pamtsn ornin Departmental Stock Form 2139Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Reproduced from the Unclassified I Declassified Holdings of the National ArchivesI DECLASSIFIEDI Authority £ Q \Q 5 0 1

Ik a . M i- y iw y a W y y r u n n

I

Attached hereto are copies of the letter of March 15, 1935,

from Hr. Ballantine to Ur* Crane oat lining tho policy which v&s

adopted by tho Treasury Department regarding earmarked gold for

foreign central banka, which was not made public, as well as a

oopy of telegraa of March 17, 1935 to Governor Harrison regarding

shipment to the oentral bank of Italy*

I aa also returning to jm herewith the draft of letter to

tho Secretary of State, In view of the fact that tha policy

disclosed in the above letter of March 15 has not been made

public, and in Tiew of the fact that Mr, Feis has been advised

as to all these matters it would sees advisable not to put

more in the letter, at this tine, than Is necessary*

O '*


Reproduced from the Unclassified I Declassified Holdings of the National Archives § — ~- ~- ~-f DECLASSIFIED

Authority £D|0 6 0 1

ADDRESS OFFICIAL COMMUNICATIONS TO

T H E S E C R E T A R Y O F S T A T E

WASHINGTON, D . C .

m o

DEPARTM ENT OF STA TEWASHINGTON

In reply refex to Maroh 16 1933EA

l|y dear Hr* Meyers

I am Informed that the Federal Reserve Board

vill proceed in the near future to the formulating

of decisions and the making of regulations govern

ing the treatment to be accorded to gold that may

be held) under earmark or otherwise, in this coun

try by foreign central banks, foreign semi-official

banks of different varieties, and ordinary foreign

banking institutions*

Since these decisions may become matters

affecting the general relations between this govern

ment and foreign governments, and since this Depart

ment is likely to be approached by foreign govern

ments in regard to them, may I respectfully request,

ifI

The Honorable

Eugene Meyer,

Governor, Federal Reserve Board,

Washington, D. 0*



Authority £p\P 6 0 1

-2-

if it is proper, that this Department be informed

in advance of the main lines of decision to be

taken so that it may have an opportunity to con

sider them*

Sincerely yours,

BECEIVED

MAR 16 1933OFFICE OF THE OOv5RNORFederal RcstRvg board


Reproduced from the Unclassified I Declassified Holdings of the National Archives ™ DECLASSIFIED

Authority £p \Q $Q \______

L\ I .. (OOPT

March 15, 1933*

Federal Reserve Bank of Hew York,

New York, N. Y.

Attentions Mr. J. E. Crane#

liri

X find that apparently there has been no acknowledgment by the Treasury of your telegram of March 7th, reading as follows*

"In accordance with the authorization which you gave us last night by telephone and which we understand is to be confirmed today by wire we have sent the following cable to the bank for International Settlements and to those foreign central banks and foreign Governments which had gold under eaimaxk with us prior to March 61

1,1 The Secretary of the Treasury has advised us that we may assure you privately that it will be the policy of the Secretary of the Treasury daring any gold embargo to permit by license the exportation of gold earmarked with us prior to March 6 for account of foreign central banks, the Bank for International Settlements and foreign governments.1n

Your telegram was authorized by me in accordance with instructions from the Secretary of the Treasury, and correctly expresses the policy of the Secretary of the Treasury.

Sincerely yours,

(Signed) A* A. Ball ant ine

Under Secretary of the Treasury*

cab


Reproduced from the Unclassified I Declassified Holdings of the National Archivesf DECLASSIFIED

j Authority £Q )Q S O 1

JOIHT pSOIiUSIOl*

Declaring a bank holiday in the United States

and for other purposes.

y

MAY 1 4 1 9 5 8

V 7 D , — I

I l ' S y

WHEREAS the lationrf hanging institutions are feelog subjected

to heavy withdimwals of currency for hoarding; and Carded

WHMffiAS there is increasing- speculative activity in foreign

exchanges; and

' f M m # these conditions have created a nat ional emergency

in which it is in the best interest of all bank depositors that a period

of. respite be provided with a view to pr©v©mting further holding of

coin, bullion ©* eurreney or speculation in foreign exchange, ani

permitting the application of appropriate measures for dealing with

the emergency in order to protect the interests of all the people;

and

a i t o * s t t m s m A tk asd sduse of snassKftATivis o f i s

UHIIBD STATES OF AMERICA IH C0»a8ESS AS31UBOT, That, frao%

________ _ the day of -March, to ________________the

&ay of torch, Nineteen Hundred and Thirty Three, both

dates inelusive» there shall be maintained and observed throughout

the United Slates of America a teak holiday for all of the purposes

hereinafter set forth;

Sec. 2. During said holiday, no banking institution as

herein4fter defined shall pay out, ©report, earmark, or -permit the

withdrawal or transfer in any manner or by any device whatsoever of


______________________________________ •mmReproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority £ Q jO 5 0 j

j .

-2- L-21

any gold or silver coin or ‘bullion or currency or tal® any other ac

tion which might facilitate the hoarding thereof; nor shall any such

tanking institution pay out deposits, make loans or discounts, deal

in foreign exchange, or transact any other banking business whatsoever.

Sec. 3. Upon the expiration of said holiday and until otherwise

ordered by the President of the United States, such banking institutions

may pay out, export, earmark or permit the withdrawal or transfer of

gold or silver coin or bullion or currency, or deal in foreign exchange

to such extent as may be permitted by license or otherwise under

regulations issued by the Secretai*y of the Treasury with the approval

of the President.

Sec. 4. The Secretary of the Treasury, with the approval of

the President, is authorized arid empowered to prescribe such regulations

as he may find necessary to carry out the purposes of this resolution.

Sec. 5. The term ’’banking institution" as herein used shall

include all Federal reserve banks, national banking associations, banks,

trust companies, savings banks, building and loan asss cia tio ns, credit

unions, or other corporations, partnerships, associations or persons

engaged in the business of receiving deposits, making loans, discount

ing business paper, or transacting any other form of banking business.



Authority £p \Q 6 0 1

-3- L-21

Sec. 6. Whoever shall willfully violate any of the provisions of

this resolution or of any license or regulation issued pursuant to its pro

visions shall, upon conviction, be fined not more than $10,000 or, if a

natural person, "be fined not more than $10,000 or imprisoned for not

more than 10 years, or both, in the discretion of tte court.



Authority £ Q \Q 6 0 i

^ \ d ' \

EXECUTIVE ORDER

WHEREAS the Nation*s Banking institutions are being subjected to

heavy withdrawals of currency for hoarding? and ^ J ~

WHEREAS there is increasing speculative activity in foreign j ^

exchanges; and

WHEREAS these conditions have created a national emergency

ia which it is in thebest interest of all bank depositors that a

period of respite be provided with a view to preventing further hoarcU

ing of coin, bullion or currency or speculation in foreign exchange,

and permitting the application of appropriate measures for dealing with

the emergency in order to protect the interests of all the People; and

WHEREAS it is provided in Section 5(b) of the- Act of October

6* 1917, as amended, that MThe President may investigate, regulate, or

prohibit* under such rules and regulations as he may prescribe, by means

of licenses or otherwise, any transactions in foreign exchange and the

export* hoarding, melting, or earmarkings of gold or silver coin or bullion

or currency * * **• and

WHEREAS it is provided in Section 16 of the said Act that

H Whoever shall willfully violate any of the provisions of this

Act or of any license, rule, or regulation issued thereunder, and

whoever shall willfully violate, neglect, or refuse to comply with

any order of the President issued in compliance with the provisions

of this Act shall, upon conviction, be fined not more than $10,000, or,

if a natural person, imprisoned for not more than ten years, or both * *


" WReproduced from the Unclassified I Declassified Holdings of the National Archives -

DECLASSIFIEDAuthority £CMO 5 0 |

3T0W, THEREFORE, pursuant to the authority granted by

said Act, I hereby order, direct and declare that£

1« From , , , the day of March, to

- the day of March, Nineteen

Hundred and Thirty Three, both dates inclusive, there shall be

maintained and observed throughout the United States of America

a bank holiday for all of the purposes hereinafter set forth;

2* During said holiday;* no banking institution as herein^

after defined shall pay outf^Pormdirk, or permit the withdrawal or

transfer in any manner or by any device whatsoever of any gold or

silver coin or bullion or currency or take any other action which

might facilitate the hoarding thereof ( nor shall any such banking

institution pay out deposits, make loans, or discounts, deal

in foreign exchange, or transact any other banking business what**

soever»

3» Upon the expiration of said holiday and until other

wise ordered by the President of the United States, no such

banking institution shall pay out, export, earmark or permit the

withdrawal or transfer in any manner or by any device whatsoever of any

gold or silver coin or bullion or currency or take any other action whiah

might facilitate the hoarding thereof, deal in foreign exchange, except

as : .ay be permitted by licerBe or otherwise under regulations issued

by the Federal Reserve Board with the approval of the President*

4. The Federal Reserve Board, with the approval of the President,

is authorized and empowered to prescribe such regulations as it may find

necessary to carry out the purposes of this order*



Authority £C? \Q C)Q \

5, The term ttbanking institution*1 as herein used shall include

all Federal reserve banks, national banking associations, banks,

trust companies, savings banks, building and loan associations, credit

unions, or other persons, partnerships, associations or corporations

engaged in the buiness of receiving deposits, making loans, discounting

i

business paper, or transacting any other form of banking business*


Documents

Box 2160, Folder 1: Gold Withdrawals, Banking Holiday · DECLASSIFIED Authority £P *)&\ _ Reproduced from the Unclassified II