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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD X-7417 A p r i l 20, 1933. Dear S i r : In confirmation of the telegram sent you t o day, t h e r e i s inclosed herewith a copy of the Execut i v e Order i s s u e d "by the P r e s i d e n t of the United S t a t e s r e l a t i n g t o f o r e i g n exchange and t h e earmarki n g and export of gold coin or b u l l i o n or currency. Very t r u l y yours, Chester M o r r i l l , Secretary. Inclosure. TO CHAIRMEN OF ALL P. R. BAMS. c 6 k * i ft e 1 1 t a i x-yUib EXECUTIVE ORDER R e l a t i n g to Foreign Exchange and t h e Earmarking and Export of Gold Coin or B u l l i o n or Currency By v i r t u e of the a u t h o r i t y vested i n me "by Section 5(h) of t h e Act of October 6, 1917, as amended "by Section 2 of t h e Act of March 9, 1933, e n t i t l e d "An Act t o provide r e l i e f i n t h e e x i s t i n g n a t i o n a l emergency i n banking, and f o r other p u r p o s e s , " i n which amendatory Act Congress d e c l a r e d t h a t a s e r i o u s emergency e x i s t s , I , F r a n k l i n D. Roosevelt, P r e s i d e n t of the United S t a t e s of America, do d e c l a r e t h a t s a i d n a t i o n a l emergency s t i l l continues to e x i s t and pursuant t o s a i d s e c t i o n and "by v i r t u e of a l l other a u t h o r i t y vested i n me, do hereby i s s u e the following executive o r d e r : 1. U n t i l f u r t h e r o r d e r , the earmarking f o r f o r e i g n account and t h e export of gold coin, gold b u l l i o n or gold c e r t i f i c a t e s from the United S t a t e s or any p l a c e s u b j e c t to t h e j u r i s d i c t i o n thereof a r e hereby p r o h i b i t e d , except t h a t t h e Secretary of the Treasury, i n h i s d i s c r e t i o n and s u b j e c t to such r e g u l a t i o n s a s he may p r e s c r i b e , may i s s u e l i c e n s e s a u t h o r i z i n g the export of gold coin and b u l l i o n (a) earmarked or h e l d i n t r u s t f o r a recognized f o r e i g n government or f o r e i g n c e n t r a l bank or the Bank 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 , (b) imported f o r reexport or gold i n reasonable amounts f o r u s u a l t r a d e requirements of r e f i n e r s importing gold b e a r i n g m a t e r i a l s under agreement t o export gold, (c) a c t u a l l y r e q u i r e d f o r the f u l f i l m e n t of any c o n t r a c t entered i n t o p r i o r to the http://fraser.stlouisfed.org/ d a t e of Federal Reserve Bank of St. Louis t h i s o r d e r , by an a p p l i c a n t who i n obedience t o t h e —2— x-7iiio Executive Order of April 5, 1933 has d e l i v e r e d gold coin, gold "bullion or gold c e r t i f i c a t e s , and (d) with the approval of t h e P r e s i d e n t , f o r t r a n s a c t i o n s which he may deem necessary t o promote the p u b l i c i n t e r e s t . 2. U n t i l f u r t h e r o r d e r , the Secretary of t h e Treasury i s a u t h o r i z e d , through any agency t h a t he may d e s i g n a t e , to i n v e s t i g a t e , r e g u l a t e , or p r o h i b i t , under such r u l e s and r e g u l a t i o n s as he may p r e s c r i b e , by means of l i c e n s e s or o t h e r w i s e , any t r a n s a c t i o n s i n f o r e i g n exchange, t r a n s f e r s of c r e d i t from any banking i n s t i t u t i o n w i t h i n the United S t a t e s or any p l a c e s u b j e c t to t h e j u r i s d i c t i o n thereof to any f o r e i g n branch or o f f i c e of such banking i n s t i t u t i o n or to any f o r e i g n bank or banker, and t h e export or withdrawal of currency from the United S t a t e s or any p l a c e subject to t h e j u r i s d i c t i o n of t h e United S t a t e s , by any i n d i v i d u a l , p a r t n e r s h i p , a s s o c i a t i o n , or corporat i o n w i t h i n t h e United S t a t e s or any p l a c e s u b j e c t to t h e j u r i s d i c t i o n t h e r e o f ; and the Secretary of the Treasury may r e q u i r e any i n d i v i d u a l , p a r t n e r s h i p , a s s o c i a t i o n , or c o r p o r a t i o n engaged i n any t r a n s a c t i o n r e f e r r e d to h e r e i n t o f u r n i s h under oath, complete information r e l a t i v e t h e r e t o , i n c l u d i n g t h e production of any books of account, c o n t r a c t s , l e t t e r s or other p a p e r s , i n connection t h e r e w i t h i n the custody or c o n t r o l of such i n d i v i d u a l , p a r t n e r s h i p , a s s o c i a t i o n , or c o r p o r a t i o n e i t h e r b e f o r e or a f t e r such t r a n s a c t i o n i s completed. 3. The p r o v i s i o n s r e l a t i n g to f o r e i g n exchange t r a n s a c t i o n s contained i n the Executive Order of March 10, 1933, s h a l l remain i n f u l l f o r c e and e f f e c t except a s amended or supplemented by t h i s order and by r e g u l a t i o n s i s s u e d h e r e u n d e r . 1 7 8 x-jhie3 3 4. Applicants who have gold coin, gold "bullion or gold c e r t i f i c a t e s i n t h e i r p o s s e s s i o n , or who i n obedience t o t h e Executive Order of April 5, 1933 have d e l i v e r e d gold coin, gold "bullion or gold c e r t i f i c a t e s s h a l l be e n t i t l e d to l i c e n s e s as provided i n Section 8 of said Executive Order f o r amounts not exceeding t h e equivalent of such coin, b u l l i o n or c e r t i f i c a t e s h e l d or d e l i v e r e d . The Secretary may i n h i s d i s c r e t i o n i s s u e or d e c l i n e to i s s u e any other l i c e n s e s under s a i d Executive Order, which s h a l l i n a l l other r e s p e c t s remain i n f u l l f o r c e and e f f e c t . 5. Whoever w i l l f u l l y v i o l a t e s any p r o v i s i o n of t h i s Executive Order or of any r u l e , r e g u l a t i o n or l i c e n s e i s s u e d thereunder may be f i n e d not more than $10,000, o r , i f a n a t u r a l p e r s o n , may be imprisoned f o r not more than t e n y e a r s , or b o t h ; and any o f f i c e r , d i r e c t o r , or agent of any c o r p o r a t i o n who knowingly p a r t i c i p a t e s i n any such v i o l a t i o n may be punished by a l i k e f i n e , imprisonment, or b o t h . This order may be modified or revoked a t any time. I'RAHKI IN D. ROOSr-lVTCIT. THE WHITE HOUSE A p r i l 20, 1933. ^
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