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X-7362 TREASURY DEPARTMENT TELEGRAM March 12, 1933. To Governors, Federal Heserve Banks. Boston, Mass. New York, IT. Y. P h i l a d e l p h i a , Pa. Cleveland, Ohio. Richmond, Va. A t l a n t a , Ga. Chicago, 111. S t . Louis, Mcu Minneapolis, Minn. Kansas City, Mo. D a l l a s , Tex. San Francisoo, C a l i f . Licenses to member "banks to reopen should be issued as f o l l o w s ; 1. Member Banks of the Federal Reserve System l o c a t e d i n each of the twelve Federal Reserve Bank c i t i e s whose a p p l i c a t i o n s to reopen have "been approved should be l i c e n s e d to reopen on Monday morning March 13, 1933. 2. Member Banks of the Federal Reserve System l o c a t e d i n any c i t y having an a c t i v e recognized Clearing House A s s o c i a t i o n , whose a p p l i c a t i o n s to reopen have been approved should be l i c e n s e d to reopen on Tuesday morning March 14, 1933. 3. A l l other Member Banks of the Federal Reserve System whose a p p l i c a t i o n s to reopen have been approved s h a l l be l i c e n s e d to reopen on Wednesday morning March 15, 1933. 4. Care must be taken in the case of banks having branches, that the branches are not permitted to open except i n p l a c e s and a t times designated above. A l i c e n s e i n the f o l l o w i n g form should be d e l i v e r e d ; QUOTE The of blank blank i s hereby permitted to open on following places except; LICENSE blank blank 1933 i t s o f f i c e s i n the and to perform i t s usual banking f u n c t i o n s X-7362 - 67 2 - (1) To.the e x t e n t p r o h i b i t e d in the Executive Order of the P r e s i d e n t of the United S t a t e s issued on March 10, 1933 (an e x t r a c t from which i s printed hereon): (2) To the e x t e n t l i m i t e d or prohibited by any Executive Order of the President or by r e g u l a t i o n s of the Secretary of the Treasury. This l i c e n s e may be revoked i n whole or i n part by the Secretary of the Treasury at any time. Issued by d i r e c t i o n of W. H. Woodin, Secretary of the Treasury. blank Federal Reserve Bank of By blank Governor UNQUOTE Extract to be p r i n t e d on l i c e n s e form. QUOTE Extract from Executive Order of the P r e s i d e n t of the United S t a t e s , Issued on March 10, 1933. U n t i l f u r t h e r order, no i n d i v i d u a l , partnership, a s s o c i a t i o n , or corporation, i n c l u d i n g any banking i n s t i t u t i o n , s h a l l export or o t h e r wise remove or permit to be withdrawn from the United S t a t e s or any p l a c e subject t o the j u r i s d i c t i o n thereof any gold c o i n , gold b u l l i o n , or gold c e r t i f i c a t e s , except i n accordance with r e g u l a t i o n s prescribed by or under l i c e n s e i s s u e d by the Secretary of the Treasury. ITo permission to any banking i n s t i t u t i o n to perform any banking f u n c t i o n s s h a l l authorize such i n s t i t u t i o n to pay out any gold c o i n , gold b u l l i o n or gold c e r t i f i c a t e s except as authorized by the Secretary of the Treasury, nor to a l l o w withdrawal of any currency f o r hoarding, nor to engage i n any t r a n s a c t i o n i n f o r e i g n exchange except such a s may be undertaken f o r l e g i t i m a t e and normal b u s i n e s s requirements, f o r reasonable t r a v e l i n g and other personal requirements, and f o r the f u l f i U z t e n t of c o n t r a c t s entered i n t o p r i o r to March 6, 1933. X - 7 3 6 2 -3- Every Federal Reserve Bank i s authorized and i n s t r u c t e d to keep i t s e l f currently informed as to transactions i n f o r e i g n exchange entered i n t o or consummated r i t h i n i t s d i s t r i c t and s h a l l report to the Secretary of the Treasury a l l transactions i n f o r e i g n exchange vrhich are prohibited. UNQUOTE. The fol-lo^i'if; should a l s o be printed on the l i c e n s e form: QUOTE Subdivision b of Section 5 of the Act of October 6, 1917, as amended, and S e c t i o n 4 of the Act of March 9, 1933, p r e s c r i b e a p e n a l t y of a f i n e of not more than $10,000 and/or an imprisonment f o r not more than t e n y e a r s , f o r v i o l a t i o n of the terms of the s a i d sections. UNQUOTE. 17. E, WOOD IN Secretary of the Treasury.
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