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Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ P

* )& \ _

(CONFIDM'TTIAL — Revisecl draft of A p ril 5 , 1 9 5 3 .)
FXECITTIVE ORDER
Forbidding the Hoarding of Cold C oin, C-old Bullion
and Gold C e r t ific a t e s .
By virtue of the authority vested in me by Section 5(b)

of the

Act of October 6 , 1 S 1 7 , as amended by Section 2 of the Act o f March
9 , 1935, entitled "An Act to provide r e lie f in the existing national
emergency in banking, and for other purposes1 in which amendatory
'',
Act Congress declared that a serious emergency e x is t s , I , Fran klin D .
Roosevelt, President of the United States of America, do declare that
said national emergency s t i l l continues to exist and pursuant to said
section do hereby prohibit the hoarding of gold coin, gold b u llio n ,
&nd gold c e r tific a te s within the continental United States by ind ivid ­
u a l s , partnerships, associations and corporations and hereby prescribe
the following regulations for carrying out the purposes of this order:
Section 1 .

For the purposes of th is regulation, the term "hoard­

ings means the withdrawal and withholding of gold coin, gold b ullion or
gold c e rtific ate s from the recognized and customary channels of trade.
The term "person" means any in d ivid ual, partnership, association or
corporation.
Section 2*

A ll persons are hereby required to deliver on or be­

fore May 1 , 19 3 3 , to a Federal reserve bank or a branch or agency '
thereof or to any member

bank of the Federal Reserve System a ll gold

coin, gold bullion and gold c e rtific ate s now owned by them or coming
into their ownership on or before A p ril 2 8 , 1 9 3 3 , except the following:
(a)
Such amount
imate and customary use in
reasonable time, including
gold in reasonable amounts
owners mining and r e fin in g




of gold as may be required for l e g it ­
industry, profession or art w ithin a
gold prior to re fin in g and stocks of
for the usual trade requirements of
such gold.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

\Q f)Q \

-

2

-

(b)
Gold coin and gold c e rtificates 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 c o in s.
(c)
Gold coin and b ullion earmarked or held in
trust for a recognized foreign government or foreign
central bank or the Bank for International Settlement s .
(d)
Gold coin and b ullion licensed for other
proper transactions (not involving hoarding) includ­
ing gold coin and b ullio n imported for reexport or held
pending action on applications for export lic e n se s .
Section 3 .

U n til otherwise ordered any person becoming the

owner of any gold coin, gold b u llio n , or gold c e rtific ate s after A p ril 2 8 ,
1 9 3 3 , s h a ll, w ithin three days after receipt thereof, deliver the same in
the manner prescribed in Section 2; unless such gold coin, gold bullion or
gold c e rtific ate s are held for any of the purposes sp ecified 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 i s , w ith respect to such gold coin or b u llio n , a licensee or
applicant for license pending action thereon.
Section 4 .

Upon receipt of gold coin, gold b u llio n or gold

ce rtific ate s delivered to it in accordance with Sections 2 or 3 , the
rederal reserve bank or member bank w ill pay therefor an equivalent
amount of any other form of coin or currency coined or issued under
the laws of the United Sta te s .
Section 5 .

Member banks shall deliver a l l gold coin, gold

b ullio n and gold c e r tific a te s owned or received by them (other than as
exempted under the provisions of Section 2) to the Federal reserve
banks of their respective d istric ts and receive credit or payment
therefor.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

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, w ill in a ll 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 w ill 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

Section 8 ,

\Q f)Q \

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 o fficers 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 cre dit, to d e liv e r , earmark or hold in trust gold coin and bullion to
or for persons showing the need for the same for any o f the purposes
specified in paragraphs ( a ) ,
Scction 9 .

(c)

and (d)

of Soction 2 of these regulations,

Whoever w i l l f u l l y violates any provision of th is Executive

Order or of these regulations or of any ru le , 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 o ffic e r ,
director, or agent of any corporation who knowingly participates in any
such violation may be punished by a like f i n e ,

imprisonment, or both.

This order and these regulations may be m odified or revoked at any
time

TRimLIH
TEE r 'K IT E "DUSE
A p ril

, 1S33*




MmTiB®

D . ROOSEVELT

Reproduced from the Unclassified I Declassified Holdings of the National Archives

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 1 1:00 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

Attachment.




v

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R ep rod uced from th e U ncla ssified

I D e cla ssified H o ld in g s o f th e N a tional A rch ive s

,

DECLASSIFIED
Authority £ 0 \ 0

\

w em m u oraa
TorU,AAXrn tfca iaardla* of Gold Jola.

lalllaa

•a l 4*14 Carttffaataa.
Hr ▼iriaa of th* aatfcorlVr too tod U a i )g r ftaattaft ${*} af tfeo
of Ooto*ar «, 1917, an owo d Ig Soatloa 3 of tfca J*t of lfarck 9,
arto
r
1W 3, 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 j a w n n y oxlota, I* Fnuiclla B*
Ioo»a*alt» Prmt&mt af tho Ifeltad Statoo of Aoarlaa, da 4 w U n thftl
M id 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 llo a ,
«al gold M r i l f i M N i « l % l l Iho ooftllMBtol I r tliA IlftU * M la i lf U i f t l* ,
r

partaorohlpa, aavoaiatiaaa aad oarporatlow

fcara^r sjraaarifca tba

fallovlaft rai«U llM « 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? l a d i v l M , pArtotnlilp, a«oo«ta~

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

Soatioa 2.

All ? m t a i 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 m oaaad by tiM ar s m Im
ow
into thodr owaorohlp «a or W o r a April 28, 1939, oxeopt tfca follovlaft
(a)
Saoh «n*at of gold at aay fc roqalrod for lo*lta
Im Io 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*
a
th



old oota aad k llla i oamarttod or bold la traat far
Isod forolfa g»T<r— m t or foroldta ooatral baik or
far latoraatloaal Sattlaaoata.

R eproduced from the U nclassified

I D eclassified H oldings of the N ational A rchives

DECLASSIFIED
Authority £t?

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-

(&) Oold « « U *a4
llooaood for athor proper
ti***«*ttaat (aot irnm lvim
i m t w b #old. o**m
mj& feallloa
f m raooport or hold poaAfag. aillia
©a
fa r o»$«rfc XI (W M M .
Sootloa

flat11 athor»i*o ordorart aajr

fco«o«laf

owaor of «*y $»X4 ooin, cold bttliloi, or <p>ld oarttfioato# aftar April
t i, 1953, oh* IX, withla thrao dayo aftor r « « ln t tharoof, ioltvor tho
m m in tho WRM ir p r w r l W

Is taotto* ?; m ints 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 llio a li hold for

opoctflot lm fa*i«|grapl> (d) of

Sootlon f *ad iht pw m m holdla* It is , with r«^.oot to »»ofc #olA
eota or V aU ioa, & 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» « « c o H t M « 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 w d o r tho
lavo of tho Uattod StAto*.
S m U o k 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 P r # *ld «t Ig Sootloo 0)1 of tho Act of lotah »,
r
193S, will la *11 j**op«r «t««s $«gr tho roaaooahlo coot* af traeo^rtatioa }f irold « o U ( gold hulllon or ^old 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 lnol^ofital ooot« ao mg^ to aotaooarjr, ^»oa ^rodaatloa of ootloorl^oaoo #f raoh o&cta.

Vo*ach«r fortio for thlo p w ^ n o aogr

%o 'p^ooarot fraoi JTodor»l roaorvo hnalro.




R eproduced from the U nclassified / D eclassified H oldings of the N ational A rchiv

d e c l a s s if ie d

Authority

*

3«ttloa 7*

%

50 |

«*

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 l d m H t M i y tordfthip «r difft<roUjr,
th* 3**r*t»ry of tfc* 7 r****f7 » • / , in tolo d lM rtilM i, *xtin& fit* XXmm
vlthlm *tfct*fe rtw . d«llT«ry M » t fc* imm|*»
to
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**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

•f p U f t il t s ***t f U i * th* d*t* to *fttl«b «** oxton*ion is d *«lr*i,
lb* m o m t *»4 lo**tion of th* *ol4 o*la, gold k l l i o a *nd ©old o«r»
ttfio«%*o 1* r**D«*% of vfetoh reek « p p H 6 *U *a i* »«d* w A th* farto
showing extoutloa to b * M M s M t y to #r*ld *xtr*ordiMtiry h*rd*fctp or
d iffi**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
to **rnr vat tfe* pwpoaM of ftfc ort«r *ad to U«w* llctct««o IKoto—dor,
l*
w n* 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 f f # ¥mAm.l it*tc
**rv* S y t m , 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.
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«fco*v*r viilfttUjr Yiolat** ugr prrviolon of till*

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

l l a w 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*-

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http://fraser.stlouisfed.org/ Aprtl
Federal Reserve Bank of St. Louis

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Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £Q K> $Q \

H
X-7383
(dONFIDMriAi

Revised draft of April 3 , 1933.)

^
Ift r f u
t ae

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
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
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

-

(b)
Gold coin and gold certificates in an amount
not exceeding in the aggregate C100*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 2 8,
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 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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3, the
Federal reserve bank or member bank w ill 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 a ll 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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
I A u th o r ity

£ Q < Q CQ 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,
1933, w ill in a ll 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 w ill involve extraordinary hardship or d iffic u lty ,
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 file d with a federal reserve bank*

Each

application mast 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 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £PK> 5 0 1

X-7383
-4 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 ),
Scction 9 ,

(c) and (d) of Soction 2 of these regulations*

7/hoevor w illfu lly 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 fin e , 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*

R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f the N a tional A rch ive s

—

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DECLASSIFIED
Authority £Q \Q SO 1

9 BC9B. N O . 131

i
U i l i c e

C o r r e s p o n d e n c e

To ______For file s________________________ __

m

FEDERAL RESERVE

K,4RD

Date___ March 31 f 1955

Subject:

______ Mr. Carpenter#_____________ ____________________

From

s po

J

o

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*




2— 8495

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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 3 0 , 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.
feel strongly that w ay."

He and Governor Harrison

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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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 a ll 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




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q K> C Q j
)

-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 " i t went from the Treasury Department
on March 6 or 7.

Everybody knew about i t . "

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 fu lly advised, but unless you take




B Ia HjM
H iM g
i
R ep rod uced from the U ncla ssified

I D ecla ssified H o ldings o f the N a tional A rchives

DECLASSIFIED
Authority £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 a ll writers put the responsibility on the Board.
The Governor stated that "th is is not an action but a remark of
Mr* B u r g e s s '.”




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 6 0 i

Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
By virtue of the authority vested in me "by
9# Section &jof the Act of October 6, 1917, as amended by Section 2

A

of the Act of March 9 , 1933, entitled n
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 s t ill 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

"hoarding1 means the withdrawal and withholding of gold coin, gold
1
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.

A ll persons are hereby required to deliver on or

before A p r il'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#^axcrept the followings
(a)
Such amount
imate and customary use in
reasonable time, including
go 14 in reasonable amounts
owndrs mining and refining




of gold as may be required for legit­
industry, profession or art within a
gold prior to refining and stocks of
for the usual trade requirements of
such gold*

*

R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

—

_

--— —

-

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
value to collectors of rare and unusual coins.
(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

(
/

4
r

(d)

Gold coin and bullion licensed for other
transactions (not involving hoarding) includ'
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
1933, shall, within three days after receipt thereof, deliver the same in
the manner prescribed in Section

t^iless such gold coin, gold bullion or

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

<rt/

.

(b)

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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3, t e
hFederal 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 a ll 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 thoir respective districts aiii receive credit or payment
therefor;.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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,
1933, w ill in a ll proper cases pay the reasonable costs of transporta­
tion of gold coin, gold bullion or gold certificates delivered to a
member bank or jfPederal 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 w ill 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 .




at

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,
through such officers or agencies as he may designate,

including licenses

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
or credit-, to d e llv e ^ g o ld c0! 1 a1^ bullion
1
-

j** 'fro*

(feai'iiurte w-ftcflMt."An trust

cnlrt ooif i n rl hiilTIrm frrr) prr-inrin showing the need for, the same for any
if n
of the purposes specified in paragraphs (a ),

(c) and (d) of Section 2 of

these regulations.
Section 9.

Whoever w illfu lly 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 $ 1 0 ,0 0 0 , 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 fin e,
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.)

s n .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 ,0 0 0 ,0 0 0 ,0 0 0 , of which $6 00,000,000 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 a ll 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 c e r t ific a t e s ^
not exceeding $100 and gold coin having a recognized special
i
value 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

DECLASSIFIED
Authority £Q \€> 5 0 \

the exceptions set forth in the order, w ill 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 ep rod uced from the U ncla ssified

DECLASSIFIED

I D ecla ssified H o ld in g s o f th e N atio n a l A rch ive s

Authority £fcMO 6 0 \

Hio.
3 / 3'
Tb*

IiwtiIhi j o£ thi

W 1m m lim m *— to r

tv # taduotrial

& t '&&& im tm fa puarj*©**©*

«n l» »

Iftgltlmta »»«4« net tnralrlm in ly in g *

Im**ot&rr

w*tli It ft** *3g#§fii***i»f
tft

th# «r4*r r*quijr*» *11 fw r»«* to M l H f to an* o f the J*&*
•r a l

m •Xtfompjt for <rtkr
flO d
t

tinir $0&& eoi*# gol£ bullion

e«rtineai«a othar thim g p U mtm ton* gold w t lfifm t # #

*ot

$U3tt asia gg&& m im

t
t

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

artior I t in « ! & * *

tb»

tffoa m » imt# pm m m /A m # f $&i*£

not lovw ni *y




«p*cl*X

1

®33
- £ ff

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 5 0 j

U 1 0 <

' I

(C O T O D M T IA L - Draft of March 31, 1933.)

STATEMENT

In the past weeks the country has given a remarkable
demonstration of confidence.

With the reopening of a majority

of the hanks of the country, currency in excess of
$ 1 ,0 0 0 ,0 0 0 ,0 0 0 , of which $60 0,00 0 ,0 0 0 was in the form of gold
and gold certificates, has been returned to the Federal reserve
banks•
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 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.
order authorizes tha Secretary of the Treasury t o ^ / ^
issue license£\for obtaining gold for a ll legitimate needs

-BXBKJDTIVB (X)MMBraDI
*
not involving hoaN^ing, industrial requirements , and the
exportation of gold fciK trade
the order requires a ll pers

ls

oses.

With -these exceptions,

wli> have in theii possession

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

/

\

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




R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

— ---------— — = ------------- ---------- —

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 i s limited to the

period b f 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 ne1'
1
Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £Q jO 5 0 I

H i 0,
(CONJ’IDEffllAI - Draft of March

1933.)

st a t e m e u t

In the past J^T^weeks the country has given a remarkable
demonstration of confidence.

With the reopening of a majority

of the banks of the country, currency in excess of
$ 1 ,0 0 0 ,0 0 0 ,0 0 0 , of which $60 0,00 0 ,0 0 0 was in the form of gold
and gold certificates, has been returned to the Federal reserve
banks.
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 "S^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 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,*££0
Id certificates, or gold bullion, in excess of
$100, aa&fftot having special value to collectors^ to return this




I

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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

f or hoarding and the with-

holding of which under existing conditions

oU t

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 -t e for hand
^s

to han^/currency or as a store of value in hoarding is not consistent
/
with/building up the nation1s 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 r e t W n of currency
will make a more inclusive fcrder unnecessary.)




R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

-— —

------------ -— — —

---------- -

DECLASSIFIED
I Authority £ p \Q 6 0 1

(COiJFIDEHTIAL — Revised draft of March 31, 1 933.)
EXECUTIVE OEDER
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 M
An Act to provide re lie f 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 s t ill 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 orders
Section 1.

For the purposes of this regulation, the term

^hoarding1 means the withdrawal and withholding of gold coin, gold
’
bullion or gold certificates from the recognized and customary channels
of trade.

The term f
,person,f means any individual, partnership, associa­

tion or corporation.
Section 2.

A ll 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
imat£ and customary use in
reasonable time, including
gold in reasonable amounts
owners mining and refining




of gold as may be required for legitindustry, profession or art w it M n a v J
gold prior to refining and stocks oft
for the usual trade requirements of /
such gold.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
j Authority £Q \Q

-

2

601

-

(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 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) includ­
ing 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

owner of any gold coin, gold bullion, or gold certificates after April 12,
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 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 u ith Sections 2 or 3 , the
Federal reserve bank or member bank w ill 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 a ll gold coin, gDld

bullion and ©Did certificates owned or recoived by them (other than, as
exempted under the provisions of Section 2) to the Federal reserve
banks of thoir respective districts and receive credit or payment
therefor.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p SO f) C j

- 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,
1933, w ill in a ll 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

8

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 w ill 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
d ifficulty.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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
to carry out the purposes of this order and to issue licenses thereunder,
through such officers or agencies as ho may designate,

including licenses

permitting the Federal reserve banks and meiiber bonks of the Federal Re­
serve System, in return for an equivalent amount of other coin, currency
rt/
or credit, to deliver
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 .
Section 9.

Whoever w illfu lly violates any provision of this

Executive Order or of these regulations or of any

iu Io

, regulation or

license issued thereunder may bo fined not more than $1 0 ,0 0 0 , or, if a
natural person, m aybe 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 WilTE HOUSE
March




, 1933.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q IQ S O 1

■
Ot
(CO*!Fim TIAL — Revised draft- of Mardli 2 ^

q

i

1933 a )

M C ttflVB ORDER
Forbidding the Hoarding of Gold Coin, G-old Bullion
and Gold Certificates,
3y 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 "An Act to provide r e lie f 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 s t ill 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

^hoarding1 means the withdrawal and withholding of gold coin, gold
1
bullion or gold certificates from the recognized and customary channels
of trade.

fhe term H
personH means any individual, partnership, associa-’

tion or corporation.
Section 2.

A ll persons are hereby required to deliver on or

I

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 followings
[a)
Such amount
imate and customary use in
reaso:siable time, including
gold :.n reasonable amounts
owners; mining and refining




of gold as may be required for legit­
industry, profession or art; within a
gold prior to refining and stocks
for the usual trade requiremei
saents of
such gold.

\
j

R ep rod uced from the U nclassified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

— ---------— — — —

------------------

d e c la ssif ie d

I Authority £ p \ 0 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 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
g o S coin end bullion imported ^
r f ^ t ^ heM
p ^ jfn g action on applications top eaqpor* licenses.

S6ct£cHi 3 •

the

oistosrifis© ordered, any p e rs o n

\

V

owner of anygold coi*, g^ld bullion, or gom.oertificates after
April 1 A 1 9 3 3 (except for ^ W - r ,p e o if ie d »

W

. : M

and (c) o f\ c tio n 2, or exceptfrarpurposes 3Pecj j H ^ ln Paragraph

^

(d) of aectiraiNj; fit ^th~ respect t o S * ^ gold coin_ or
% 'such person is
Vf f i

[,censeeyor

action th er«c^ 3hal)^wittifi
the saoe In the

m a n n e r ^resffirifeed

an export liceHf® pending
days a i ^ r e c a

ttorebC. deliver

in iection 2 .

exempted under the provisions of Section 2) to the Federal reserve
banks of their respective districts and receive credit or payment
therefor.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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,
1933, w ill in a ll 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 w ill 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.




R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

* —

—

DECLASSIFIED

I Authority £ P \Q 5 0 1

- 4 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^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 ne$d for the same
K
'W < 0
for any of the purposes specified in paragraphs (a)} tfA (e) of Section
A
2 of these regulations,
*
Section 9* 7/hoever w illfully 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 C1 0 ,0 00 , 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 fin e,
imprisonment, or both.

This order and these regulations may be modified or revoked
at any time*
FRAMLIN D. ROOSEVELT
I
THE !HI3jE HOUSE
March




, 1933*

** *

I
I

\
J

•"■ B S W S
■HB S
Reproduced from the Unclassified I Declassified Holdings of the National Archives




d e c l a ssif 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 i f 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

Authority £ Q \Q 5 0 1

( COi'DTIDEl'TTXAL — Revised draft of March 29, 1 933.)
EXECUTIVE ORDER
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
3y 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 "An Act to provide r e lief 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 s t ill 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

’'hoarding1 means the withdrawal and withholding of gold coin, gold
1
bullion or gold certificates from the recognized and customary channels
of trade.

The term ’’person1 means any individual, partnership, associa­
1

tion or corporation*
Section 2.

A ll persons are hereby required to deliver on or

before Aptfil 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, golct 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
reasc nablc time, including gold prior to refining and stocks of
gold in reasonable amounts for the usual trade requirements of
owner!s mining and refining such gold.




R ep rod uced from the U nclassified

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—

£

LAS SI FI ED

I Authority £Q \ SO 1
Q

(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
coin and bullion imported for reexport or held pending
action on applications for export licenses or held in /
trust or earmarked for a recognized foreign government/
or foreign central bank or the Bank for International'
n.
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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3, the
Federal reserve bank or member bank w ill 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.




*
mJ

O
I

v

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £D \ o f )Q j

- 3 -

Section 6 .

Die Secretaiy of the Treasury, out of the sum

made available to the President by Section 501 of the Act of March 9,
1933, w ill in a ll 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 w ill 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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 5 0 1

- 4 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 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 w illfully 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 ^ 1 0,00 0 , 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 fin e,
imprisonment, or both.

This order and these regulations may be modified or revoked
at any time.
FRANKLIN D. ROOSEVELT
THE 1H2T1 HOUSE
March




, 1933,

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f

—

■
---

■
,

de c la ssif ie d

I Authority £D |Q 6 0 1

m

■ p

t

Mr. Oeorge U Sewrt*#®* Ooterndr,
lidfnl Beaerre Bemk of lev fork,
I m York, Hew York*
Dear Oofemor Harriaom

She Board apprealatee wry wm% reeelTin# ywir
lettew o f _
Marsh i4|*8d »?* 19S3, to downier HiTir, In-

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

o .

~i

Reproduced from the Unclassified I Declassified Holdings of the National Archives

------ -

DECLASSIFIED

Authority £CMO 5 0 1

«

mo, i
Fe d e r a l R e s e r v e B a n k
of N e w Y o rk

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 ■a
.
J

MAR 28 1933

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p IQ S O 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 r e on March 22.
o
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 its e lf.

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




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d e c l a ssif ie d

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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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 6 0 j

( CONFIDENTIAL — Revised draft of March 25, 19 33 .)
EXECUTIVE ORDER
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 "An Act to provide relief in
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:
Section 1 .

For the purposes of this regulation, the term

"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 ^person1 means any individual, partnership,
1

association or corporation.
Section 2 .

All persons are hereby required to deliver on or

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?
(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
golcj. in reasonable amounts for the usual trade requirements of
owners mining and refining such gold*




__________

. ____

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_

. ■i|ii m ljwwi8
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DECLASSIFIED
Authority £ 0 ^ 0 5 0 1

2 -

(Id)
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
ic transactions (not involving hoarding
f
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.
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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3 , the
Federal reserve bank or member bank w ill 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 a ll 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




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 5 0 1

3 -

banks of their respective districts and receive credit or payment
therefor.
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,
1933, w ill in a ll 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 Itederal 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 w ill 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 .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority $ p \ Q

j

v
,,

-»
J

- 4 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 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 ),

(c)

of Section 2 of these regulations.
Section 9.

Hilhoever willfully violates aiiy provision of this

Executive Order or of these regulations or of any rule, regulation or
license issued thereunder may be fined not more than $ 1 0 ,0 0 0 , or, i f
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.

FRAHKLIiT D. ROOSEVELT

THE WHlt?E HOUSE
March




, 1933.

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b

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

N e w Yo 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 re­
sponse to his inquiry on the basis of those decisions as to
policy.

I do not want to cross wires nor do I want un­

necessarily
its comment?
might be he]
problem, 1

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




i

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £C ?\P 5 O |

FEDERAL RrSPRVF sank

COrY
OF NEW YOUK

March 84, 103S.

Pear Mr* Sallantines
1 have received your letter of lurch 2£, with which you
M at 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 teari
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 he
I

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




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DECLASSIFIED
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 r e t ir e 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 i f , 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 w i have taken the liberty of suggesting on the draft which I am
e
\

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 actually




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DECLASSIFIED
Authority £O jO 5 0 1

1 an* JUA* Ba

M t i& m ,

held outside the Federal reserve banks end the treasury*

Z /B A /Z M

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*
But if section 2 and Its exceptions are redrafted so as to
cover only eases of gold now outstanding, section § should be revised
so as unequivocally to cover the question of licensing the payment and
ownership of gold in j

transactions.

Accordingly, we have suggested

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*
But since this executive order will have the sane force and
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*




Tery tm lt yours,
(Jeorge L* Harrison■
»
Governor.

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(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 carrylag out the purposes of this ordert
Section 1*

For the purpose* of this regulation, the t e n

A ^ ^u v v v y v f

- '- ■•>. Ci S * *- w>
- - *

•hoarding* geaasA$he withdfr^wel end wftthhelding of goldL coin, gold
64h*£iM^r ^

bullion or gold certiflcateaA£v*n

Xte flA A V U **** Of

^ .e W U > c

& U IM / ..

eeogniewd.m^euvtrmary ehan

fee.-go li! j»#vfyi a r . g n ld bq ] 11 nn gfwirn h r t h i

niTnmr '^hnrrr f “In fHTirtminn
r

aotttfel3^hel4^4ay, him xta

The t e n •person*

Beans any individual, partnership, association or corporation within
the continental United States*
Section £*

All persona are

h e re b y

required to deliver on

or before April IS , I M 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

|




sp a s a ag '"
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—

—

— — — — .—

_____

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 < gold certificate* 1b an amount not ex­
I

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—
leglMaa^e^ eje rrt
pg

transactions not1lavolyiftg hoa*dlag-*ir»”aj»eeulet tony lncltidlftg
g o ld eein-wnd bullion im portod fea> re«^>orfc or held^andlnc^EC^

(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 m e t 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 Z
m Wntll otherwise ordered, any person becom­
ing the owner of any gold coin, gold bullion or gold certificates m
or after April 11, 19BB,

.
iee^ien#-!1end & hereof)

et

*y

shall, within three days after receipt there­

of, 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*

'

R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

— ■
—

.

... ..... 1 1 " " ' 1
11

..

1 '">»■' " 1 !
1

______ — --------- -------------- -

DECLASSIFIED
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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a ssif ie d

Authority £ 0 \ 0 5 0 |
I

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 r o 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

»n n
ni

such gold

m

coin, gold bullion or gold certificates, including the cost of insur­
ance* protection, and such other incidental costs as may be reasonably
4

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

pW Xti&ViFb* (1~

Section ¥*

a .

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 m de*

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. —

« - , ! «

extraordinary hardship or difficulty*




w .»

-

- > *

R ep rod uced from the U ncla ssified / D e cla ssified H o ld in g s o f the N a tio n a l A rch ive s

— - — ------- * ■ ------------------ -----------— —
.

DECLASSIFIED
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 rs o n * shoeing the need for the sane
for any of th^purposesrspeelfled itt- sregraphs ■*) »e--(s)» lnsaneiv»|
p
{■
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 I i vanished by s like fine, Imprisonn
sent or both*

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

Ffiiimi 0« BOOBWWUJ
THE mXSM H008B
March




f 1*W *

R ep rod uced from the U ncla ssified / D ecla ssified H o ld in g s o f the N a tional A rch ive s

____ I

d e c l a ssif ie d

I Authority_£0 ) 0 SO |

TVCVM i

IH M u jE
b bS -




ir
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 reLrements 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.

R eproduced from the U nclassified

I D eclassified H oldings of the N ational A rchives

DECLASSIFIED
Authority £t~ \o c O |
)

m ?f
JPedoral M m w m

Bank

o f Hew York

March 3 t f 1 9 3 3 .

Dear Mr* B allm tinoi
1 bare ro o eiv o d yoxir t e t t e r o f M arch
*# n t rae two o o p iec o f *

witii vfafafa ytm

t e n ta tiv e statem ent an d d r a ft o f e x e c u tiv e

o rd e r w hich b o m boon p rep ared
Term aak c e r t a in a p c o iflc (pLe^tlone

to the h o a rd in g o f g o ld *
p s 1a

t ir e to t h e w

doccnentrs and

in v it e d la c u s a io n o f o th e r q a e e tio n # that rai&ht bo in v o lv e d .

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 $o M 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 wufim v It will bo later $o detoBntno tbo
gold policy.

I m dorataad, 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




R eproduced from the U nclassified / D eclassified H oldings of the N ational A rchives

DECLASSIFIED
Authority ££MO>5 0 |

#&*

ilon. A .A * 3 a l l a n t l n e ,

consent# re g a rd in g the proposed o rd e r « n
th at i t w i l l r e l a t e to M U i o m

V j M /8 8

p r e d ic a t e d upon the assum ption

as w e l l a s to g o ld ©ola m &

2 . Tom a « k w hether the o rd e r should exoopt g o ld owasd b e fo re
a p a r t im iia r d A t e .

tf§ fo o l i?e*y d e f i n i t e l y that

lo n g a s the o rda r

i s to be issu e d on the th ao iy that It t * to p m r m k h o a r d in g , there
should be no excerption baead upcm the date o f a c q u i s i t i o n .
3 . You ask how g o ld c o n tra c t* a i « t# be h a n d le d .

O u r theory

h &a been that the s la p le s t an d most c e r t a in method o f p r o te c tin g e x i s t ­
in g s o ld o o n tracts w ould b e to oontlnue the p r ese n t e x e c u tiv e o rder
a g a l & a t the payraent o f 6 0 & & , as*& V

% new o rder to re q u ire the m m m tftm ?

o f g o ld o u tsta n d in g | » esohcu^e f o r o th er s e n e y .

Ih e *e two < & & » # * w i l l ,

w # th in ly a f f o r d th » b « * t f w t e t t t io a to o b lig o r s a g a in s t s a lt s e it h e r
f b r s p e c if ic perfO H Bonces « * f & r d j m g e s , and we 3msm» f t l i
m i l

that It

b e |*refierable to hssidle g o ld c o n tr a c t* I n t h is faa h lo n than to

perm it o b l ig o r * to

to c r e d it o r s ,

who w w O d b e re q u ire d in w edtately to return i t to t h * Ureasuiy o r 'the
f e d a r & l rw serve b a n k s .

there t m

© #jftai» jafa ctica l d l f f l *

-iuitles that m i^h t w e ll a r is e I f the proposed o rd e r 1 * to p e n u lt # f
paym ent* In canes where the g o ld I s denaadad b y c r e d it o r s , en d then to
r e q u ir e the c r e d it o r s to su rre n d e r the g o l d .

l a t even ,

I f , a s I tm der^

s t a n d , I t h as b e e n d e t e ia ln e d a s a a » t t * r o f p o lic y to peiralt o f g o ld
paym ent* by o b lig o r s and D m
It m m M

m m

to reoapture the g o ld fxtitt the gM tf***,

n a o e s s a iy to make sooe am en&aents to the proposed o r d e r ,

w h ic h we haws taken the l ib e r t y o f su g g e s tin g on the d r a f t w hich 1 m
h ere w ith f o r your c o n s id e r a t io n .

I

t h in k that each

of

these {raggeBtlo&s w i l l

fo r i t s e l f ,

t » t in a o &sld e rtn g thera It. 1 * im portant to p o in t out that se c t io n 2 o f

p r o p e l ontor oKwutly m l r t M *0 gold now outatandlsg ^




aotewa^

R ep rod uced from the U nclassified

I D ecla ssified H o ld in g s o f the N a tional A rch ive s

~

................

IiiiiLLASSIFiED

Authority £ & \Q fjO j

lion. .4.A* 3a3'’ ntlae,
held outside the federal reserve banks and the ftreastny*

3/94/33

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 paragraphs (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*.
Undersecretary of the Tre&suxy,
Washington, B*C*




Georg© L. Harrison,
Oovesnor.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

\Q f)Q |

<301*

(00m a sa m .& — 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 n is U a g 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 posM nloa « f control
"hoarding* meana/tha wlfrbftsswai m & irtllil—m4mg of gold coin, $old
il
contrary to tho provisions of this txecatiw Order,
bullion or $oM oertifIcates/ iSesi the »noi|piotd m A esst- asy thaw

to

oo4» o» polA-imJ
Lllpn 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 Unitod States*
motion 2m M X 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 r v e Cretan
all gold coin, ^ l d bullioii and sold certificates except the follow*
iagt




R ep rod uced from th e U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

DECLASSIFIED
Authority £ 0 \ 0 5 0 1

*»«§#»

(n)
a n d

such m&m% of sold m m f* b«

< ra « to n a ry

I a

I p * * * ,

p r o f u s io n

or

fern XogltiasAtA
« r t

w ith in

a

ro A » « *»

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

a s jo im t a

tho

f o r

vm m X

tra & A

r o q u lr m e a ts

s f

a « m t«

Aiitlug aad roflnlag ouoh g ftfi.*
o

(b)

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

fioo.oo h o lo ^ i^ t -«ngr » » t»«r«H»A»
o

and «*oi& m &M
ttf fWUTA

(4)
w

* rooo^aisoa opoci&X v*Xu* to oollAetor*
OOlOO*

GoM cola,

M L lion ^

£d !4 oortifiOAtot which

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

fc&iiE or tli@ aufe tm
(«}

iatonmioaol sottlemoata on m ra h G, 1933*

Gold m tm nr bullion AOtmUjf noodAd to ai«| wAdw iAf
is ,

obligation* / pAjpAblo 1b §olt& oelft or bullion* *lwa payiaAist |m
cold coia or tralllOA hat ae*a*U 3r b««n d**ndod# rogiirdlo«» of
vbotier th§ ®fell«*o I* At ham or abroad.
< O V PU (S«
U (l JkU

u WS*m
»

OlAATWJfcOA OTA ATOft# WBgr p i f l O n INPOAA*

Iaa tho ormor of aaar xolA M il* &old toftHoA or gold eortifioAtAo oa
•r oftor t&fiX X - 1983# tpiwwptriA.Awwjiioa f y t*^^ortaliMMu*i>
'
\
e.
t—Until I i r t h*—<f) »h*U* *ithin throo day* after ro«*lpt th*r*»
wt
*f* d * U w thA ft& * la tho mmmm proo«rlfcod i» Section f« /isttri f Att»eb«d*
tn
Sootio* 4*

Upoo receipt of ouch ^o!4 eoln* goH h«l»

i

liSA or fsM eeartl£i€Kktse, the vaAanijI jaii iffa tM
uak or m
oftiiA IhhAc
r




R e p rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N ational A rch ive s

* —

i

- — -— - — =
—

DECLASSIFIED

I Authority £ 0 \ 0 6 0 |

* 3 •

« 1 U p r t&#r*f*r m *$stval*at anm
ag
sxtt «f « c t other form of cola o r
uq
a
aarrswoy ©oiaad o r 1sound waAar tha Iam of th* tfedtad Slat***
a
Mootloa 8# Monfear feaaldi sh all d *U v*r *11 i ) U cola* g & i
bullion m< isold o artifleatoe owaad «r roealrad % tha* (other thaa
ȣ
•xaaptad taa&sr tha provisions of

Ih u S 2) t« tha F*ft«ral

r****?'* hanks of that* m p w U f t d is tr ic ts and ro e*!** « n i i l or py**S K tt tb*r*f*5P*
KB
8**tlaa

6* fh* 3aor*tary «f th* T
t*mmxry$

nad* available to th* I*r**id*»t

°f th# ma

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 ® 1* rsasonaifljr
x«r

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 «x fold osrtlfic*tss V
r

ths w w

tfcaaNKif wItMa th* tie* ••*

forth afco** will inroiro axtraordlnai? fc»rd*&ip or diffioiilty, th*
Saarotary of tha 5Jr«Muiy m p v 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 ro
ssarv 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
oaiuoa

aiM
y^iat aaa looattos o» yus foifi ooi,nt g*«a

siao p i a Qsriinoniss ia r**p*ei o* i^ o a c a w apputoationp
rc i

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

^atraordl^iupy hard^fcdp or dlffloal^r#




R eproduced from the U nclassified / D eclassified H oldings of the N ational A rchives

DECLASSIFIED
Authority £C? \Q $Q \

fNwtfittt i#

Wm

l i « l mat e-^owerod to I m

o f item fr m m a t # I * I i « n %
i

r e g u la t io n * net

thM *

ft# M

arf t h is

to I s tu t i j n n i t

oay <Mn n«OMMjry to mr»jr pat $!&» purpo*««
#»
th M rA m dar jMK*r:4.ttlng; tho Vidtrfll

r « o « r r * feasloi an d snrab«r totftat o f

M U m l

*W H ir *#

I f f « e $ $ & & o o in wm£ I m & l s f t %# p m w m

following

m s t & m 9*

u ltt

%t $*»

m # & to r

m m

Ina«rt X atUchM

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 f t m A not w or« thou * 1 0 * 0 0 0 , o r , i f a m
Ittlf nagr ^

M

p«r-

l s ^ r l » o » » d f a r not saw # thna * « & y m * K , or fcotfci mid aagr

offloor, directc r m «|«al of «jr oarporatioa who t e H N d f
a
p»U »
M 8t

la

v i o l a t i o n zwjr b « p u ai iliad l§r a l ik e f i n # , l a p r l s o » *

or b o th .

aT a f
I l

W U T M B ^JSInP® r4£CUU&*10AV fMJT ww * wf Om U

THS fflm feOQKI
M*roh ... . ; . « 1933,
.
.




jhh

fioy tUM *

i . . j i w a n ii-ia s s a :I D eclassified H oldings of the N ational A rchives

R eproduced from the U nclassified

D E C L A SSIFIE D
Authority £t> K> C
)Q

'T

amowX of gald ink m? to# rtqolrod tm H

(* )

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

y tm tm iim W «rt*

W * 1a

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

la r«Mon*bl# aoount# fir ffei uvual trad* #*»
quirewmt* of <Hm«n

wte&m «wt r«fln ii^

sold.

(1 )

Oold tru llio *

f«r x « « ltia *t* «p© rl or

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

Imitating f-«34 fct&X|#S lapeHti

or Y &A pmALxc notion on ap.-;Uop­
h
tion# for
( •)




U M liM I.

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 t e « n l« d # **§m N &§** df

»to*th«r th# obligee 1* at

hmtm $P *baro«wJ .

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

~

DECLASSIFIED

Authority £ t ?\O 5 0 I

DRKBY f

toowmm, Ibat t M a «)» U

p#rs*m, lo w in g

cnsnar

art apply to

oolna »»t «oXd certificataa

la m m&m it 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
JSM
Kttaft $ h«r«of.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £fc>|P 5 0 \

am
Jfedexal M m v m Bank
Ilf

Toxk

Mawfe a t, 1,933*

Dear M r* T m llan tin ai

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 lashington yootorday and
today, ie entirely familiar with < r point of r im t r&gaidlng this
ro
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
is f ® concerning the three specific questions contained ia your
ac
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 in s 3Hificant saoml of ^>ld bullion war hoarded, and partly
s l<
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 o w




Reproduced from the Unclassified I Declassified Holdings of the National Archives

“~

DECLASSIFIED

Authority £ 0 \ 0 6 0 |

iton. A.A. 3kUaatlna,

#3.

\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 s te payaaat to aradltota*
ta s
who aaald he xaqoirad inraedi&tely to retain it to tha ©reasaxy or the
federal reserve banks.

furthexiaore, thexa are certain practical difffc*

miltie e that rni^it a l l ariaa If tha proposed oxter le to pexialt of

|fi eeaes shore thfr gy- la desuin&ed hy creditors* and than to
y
M
re$alre the creditors to lauprsaAer' t$ie

i r t afaat if# aa 1 indax^>
fs

stand, It has he«» determined aa a natter of policy to penult of gold
pajmate % obligors
it

then to recaptare tha gold fxaa tha peyeeat

neoossoxy 'to

f w .a®oado*ata to th# proposed order*
wt e

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 pro^oeed order oleaxly relataa to ^oM aov oatata»di^ aad aataallgr




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p

19*

w m . A Jk.

f) Q \

Ba

a tla s*

held out3 ids tho M dsrnX reserve hanks and the fraaaoxy*

3/34/33

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.

rhat
l

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 pxgm m t 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 licen see might he .granted*
that i s , 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 draftsnsnship <pite a^art t r m
polley.

the questions of

Ommq uently* 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*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \>5 0 1
€

OGPI

(com asraAL —

of March 22, 1933.)
KXIOTIYI OEDIE

JbrMdding the Boarding of Sold Oota, Oold Bullion and
Geld Oartifleatae*
B r vtrtm of the authority woatad Im no Igr subsection (h)
g
of Section $ of Ha# JU of Oetofcar 6, 191?, as attended hy Soetlon 3
st
of the Jy t of Horcfc 9f 1933, entitled *M M t to provide relief i&
e
tim ejdlating national aaM ^g r is iMSkiitgi
H eacg

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 Iq iadiwidnala, partaerr
ships, aasoelation*

ooipomtlo&i within the continental United

State*, and I hereby prescribe tha tfollowii^ regulation* fhr earrrlag oat the pnrpoaea of lldi ordert
Section !• Iir the purposes of this regulation, tha tem
retaining possession o control
af
•hoarding^ ttoaiti/She elthftsanal aad pUhhaME
daa of gold ooin, fold
mafamaty to the provisions of this Wmmtim Order,
bollion or gold cartifloataa/fi— tin >i<t(pi>i4 and natawaiy a ll
..%al>
.th4e o»io# aa l thoeo pegaAnMi
<
w
aete’of-tmdot-

rinH aat apfU
fr

to gold «o*» or geld hollAon A w » ly tha eaaer th m 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 M o ral 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




_______________________________________ _ ,
R ep rod uced from th e U ncla ssified

gfegaWB
BB

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

DECLASSIFIED
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•

( a )

a m o u n t

o f

g e ld

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m ay

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f

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to

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b u llio n

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ith in

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to

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p p t i a a tio w e

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c o in s

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r e fin in g

( b )

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p r o f e s s io n

in a ln d in ^

r e a s o n a b le

M

in

a e e t

p a y m e n t

a a frs r l a g

i s

r e g a r d le s s

o f

a b ro a d ,

S e c tio n 3 .

U n t i l o t h e r w i s e o r d e r e d , a n y p e r e o n b eco m ­

i n g t h e ow ner o f a n y : o ld c o i n , ^ o l d b u $ & io n 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~* 1 9 ~ 3 , frw n w p t"* * e g a a p t a fl, by. t h e itrisafd a j iana a g
t

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4 .

w

ith in

n a n n e r

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th re e

d a y s

a f t e r

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a tta c h e d .

b n l-

R ep rod uced from th e U ncla ssified

I D ecla ssified H o ld in g s o f th e N a tional A rch ive s

|

’

'

n ir ,

A C O ” r r -— "

JJtCLAISSIFIED

I Authority

\Q 5 0 1

•Sw ill pay therefor m e«F*liralsnt amount of any other fom of coin or
onrriat coined o r issued under the I n i of the Waited S U Im .
a
&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 3H w * 2) to the M « r » l
reserv* basks of their respective district* and reosive credit or pay~
neat therefor.
Section 6.

9k Secretary of the freasnry, out of the a w
m

Mod* avallabIt to the President by Section 601 of the tat of M
turoh 1 1
transporting
1933, will pay all reasonable costs of /tret>spor»s*4s* r sroch gold
tf
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 m
acaber
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 M s 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 £c |Q 5 0 1
f>

m

Station 8.

4»

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 fc and wmribmt Imnkt of tha Ifedaral Boaerve Syotam to dt*»
&n t
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 a f th t i atgnlatiU a a *

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 1 i inprittatd for not m m than tan yttrn, or bothj aad any
m
tffloor, dlrootor or agwt of tny corporation who knowingly partiolp«l*» In any tntfe violation a*y ba punlihod fe a IH gb fint, tapritony
Mint or both,

Ibit ardor tod tfeatt rqpOatlona aty %• roraktd at any tin§>

jm m m ».

SHS 8BISS SOUS®
Karefc

.




, 1933.

rooothji

R eproduced from the U nclassified / D eclassified H oldings o f the N ational A rchives

DECLASSIFIED
Authority £t> \Q 5 0 1

TW m
tiUIHP
MMm mS




V
A

(a)

Suak laocoat

fo r m

£»Xd at nf y %#
jc

r«*uionfrtIo |NWi«ft for X#fiU*a&%# ani auM toaxrr

m . la
m
l&tf

incXtau
prior I© r^&tis£ *»J finite* «£
'

g ild

mmmfas far Hi* mm>l

in

qfulr«&«■£» of ananc^

|1)

g e ld

vm*

nael

POt|t

Ooid bttXUwi r^ulr#d £$* X##|iJU**lMt «Xp®Ft «f
w w r t A ng trwMMwiUcma not lurolTliog hoarding
*r

inoXuding gold tmllloc tmpori*d

f w r#«qwrt tr h«U

aotioa $$ *ppXica­

tion* f#r w
gpttr# xio«n»«*.
(© )

0 « X d

o « lm

« t

fc u X X io a

* < rttt* U y

B * # i* d

in

*4 # %

■fttearing o b X i * * U o n * p ^ ^ X * i n g » |&
IwUittft# * & m

pagrn»at l a goXd o o in or

bNUi M tiM aigr b » « * d w a A e a , rtgnrtXlM*# o T
d
w h * tfa « r

% fe «

o fc X i* * *

£ *

hom e

o r

t b f o ftd t

or

R ep rod uced from the U ncla ssified

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* —

«

..

^

d e c l a ssif 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#& tp ecial
v«Xu» to eoXlM tori i f rara and w

i l l coin®, and pro rid ti

further that I t ftfeaU not «fP*T

**& P « k » wbo fciui reoalTad

gold tor way of tk» jntfpoaa* apao ifloally i« t i m U* in
1#VW*»91I 9




B rw m
m Q *

R ep rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N ational A rchives

DECLASSIFIED
Authority £t> |Q 5 0 1

Harch 2 8 f 1933

On the asemption that (e) Secttm 2 of the pnopoaed order nast
b® olinlm.tad, I would suggest*
bo oade that llcanooo during
the life of the order will be issued under
(c) Section 2 to provide gold for specific
performance «f gpld contracts heM % foreiser®*

(a )

that an annouacecient

(b)

fhat a declaration be oade by the Secretary of the
Troasuty 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
forai^iara#

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 obLl^atloi 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 g o M obligation**




j -' r a m ™
ii

um m m

Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a ssif ie d

Authority £ O jo 5 0 |

(CONF3DEHTIAL — Draft of March 2 5 , 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,

$25 0,00 0 ,0 0 0 of gold coin and $3 1 0 ,0 0 0 ,0 0 0 of gold certificates were returned
to the Federal reserve banks, in addition to more than $3 20,000,000 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 a ll 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.
limited to the period of this emergency
containing further suggestions made
ing of Executive Committee on March




The order is

.. "" ........ . ,
R ep rod uced from the U nclassified

I D ecla ssified H o ld in g s o f the N a tional A rch ive s

■"

— —— --------— ■ — —- — -----------—

D E C LA S S IFIE D
Authority £D jO SO \

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(c

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M

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m *4& it* w & 9<»o90ao t f

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K iiiM i ti kM fi | n 1 Mui Mi r faf

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p
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to m autlsM, I m 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 ifc tir po»oo#*i«m* $iufe os onior to to In# immm®.
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I< 3
^*|f* |p A fOV OtlM memm$ «t m
|jL
iV’

O t l ’flftPit OOlWO# tO
t l filtl'tfl

fotem! f«iw
»ro#
«|RO

Hi# c

«?f %l»

littR
ii^oo or ^P%olo&v or »% i im^o# ^o 1* $ww«m
t
al
io
a r is

hmwM

l i l

In t o p d O O O O a ii^

^goU n n f

"V*
v

ta* oifeoofttowi in tiM oiNh«*f idll »loo %o w splw i ^ «xolMNi» it foip ft^oir
i
A

tho iftiiof i«apfowi of tm * or^r l« to *»»%«§ to tlio oos^tify*# lo^t^ioo
noli, «Ail4li




W m »ilNSw«i. (or
Mmm mt
jffirm’ m m
m
vrnMm
Oi
»

umA»^

o»A tho

a

of

^

i f Auttfto

pimto toiiiwii*
i Mi * o "«M— nO w#^
H ii t r H f Owl f

lo

R ep rod uced from the U nclassified

I D ecla ssified H o ld in g s o f th e N ational A rch ive s

—

-------- — — ■ —
—

----------------- -

DECLASSIFIED

Authority £ 0 \ 0 5 0 1

/T h ir d draft presented by Mr* Goldenweiaer
containing further suggestions made at meet­
ing of Executive Committee on March 25, 1933j




'

.. .................. -

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \£> 5 0 1

(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 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*

6

- ©
t
*
p -P
H +
»
O *H
fl e
•h a
. o
°
fc

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

to ©

•H

Such an order is being issued by

►

(D *H
£ +
>
r 3
t
© o
5 8
r
V
i

nized special value to collectors of rare and unusual coins, to exchange this
trr\
o-

gold for other currency at o - of the Federal reserve banks, branches or
a co

• o

S

agencies, or at a member bank#

$
0
M

Persons who after the order is issued come into

tO -P

possession of gold not exempted by the exceptions in the order, shall also b

*3 ©
® A

required to exchange it for other currency.

(D

Pi 4»

© c
d

»

The order provides adequate opportunity for obtaining gold for all

© ©

«
d

legitimate needs.

-P

It makes available gold for the purpose of meeting gold

V t B If '
__l
g fl C
J
*d «h A
+ o
>
tj » h

obligations and permits the exportation of gold for trade purposes.
• n t r tm

§ |to
S
o
© 0

o

ittTvtaK

m

i u a m i U E n m E m n m x p tn a p n r

The chief purpose of this order is to restgp^j-lB

the country*s reserves gold which has been withdrawn for hoarding and^aerves no
public purpose while it is held by individuals*

The order is definitely

l im it e d tc the p e r io d of this emergency and may be revoked at any time.



I

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p \o f)0 |

(COfrnraraiAL - fsntatlvs draft of March S3, 1933)
tom comity has rsspondud patriotically to tha prssldsnt’ s p v m I m
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 swiftin
ert, 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.

&s r »

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 a g m ls s , 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

ofcll^atlon* aad p *m ta the exportation of gold t o r In t o 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 if ie d

j Authority _£D j O $ O l

< - flC

’{ J ^
£ *
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.




R e p rod uced from th e U ncla ssified

I D e cla ssified H o ld in g s o f th e N atio n a l A rch ive s

DECLASSIFIED
Authority £ p \Q 5 0 1

L p

0 .-

X-7383
(COOTIDENTIAL — Revised draft of March 25, 1 9 33 .)
EXECUTIVE OHDER
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 "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:
Section 1 .

For the purposes of this regulation, the term

^carding*' means the withdrawal and withholding of gold coin, gold
bullion or gold certificates from the recognized and customary chan­
nels of trade.

The term npersonu means any individual, partnership,

association or corporation.
Section 2.

All persons are hereby required to deliver on or

before ^pril 15, 1933, to a Federal reserve bank or a branch or age^cy^j
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
imate and customary use in
reasonable time, including
goljd in reasonable amounts
ownjers mining and refining




of gold as may be required for legit­
industry, profession or art within a
gold prior to refining and stocks of
for the usual trade requirements of
such gold.

Ga™

I

Reproduced from the Unclassified / Declassified Holdings of the National Archives

—

U t L L A S a lflE D

I Authority £Q )Q 5 0 )

- 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
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
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 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.
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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

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

banks of their respective districts and receive credit or payment
therefor.
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,
1933, w ill in a ll 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 w ill 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.

Bach

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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q jo 5 0 i

X-7383
-bi ­
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 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 ) ,

(c ),

( d ) , and (e)

of Section 2 of these regulations.
Section 9.

Whoever w illfully 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 $ 10, 000 or, i f
,
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.

FEAITKLIIT D. ROOSEVELT

TES WHITE HOUSE
March




, 1933

^

■

R ep rod uced from the U ncla ssified

DECLASSIFIED

I D ecla ssified H o ld in g s o f the N ational A rch ive s

Authority £p \Q $Q j

*4 t o

"

Forbidding

m m m m * (m um
tbs

Hoarding

o f So ld

Coin,

W

Bullion

fcnd ©old

% virtu* »f tii* Author4 % wftid in m by
of S»oti«m

$

of the AOt

of tit# A«t ©f feguroh
tho

*x i*titt£

of Ctotobor a*

m

(b)

a:,.*Rd#d fay

Sootian

2

&9&$# «ntitl«k‘ *is» /*ot to prori&o reliof in

ttntiooftl

m rgM In Wnlci**#;* and for otteor atrposoo” , 1#
sm ty

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 ©©rtifiOfeto* 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 © o ftjr y ohanfttlo of
u to ».r
trado.

th* tona *p#roon* iioon#

individual, pm rtsm rnhip, association

or corporation*
^ootion 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 bm k at th# JM *r«l

&y«t«* oil gold

ooln, gold Huliitm «md gold o rtifie too « o« > tho fv Having*
t
(n)

&uoh amount of gjoid as m y bo roaoirod. for legit*

« A ou»to®»ry u#o Ia Industry, profoas n® or art within a
iw
t i m , i e | f 0.|»g gold prior to refining find stock* of
if o .i t
gold in rooaoonblo mM&mt* for the uouaX trmdo roqulraawit* of
^ s * r « lining and rofiniag stiah gold*




A t axiotmvis ooM M m ^F
TT?
Sr

M

A

R

s

5

'*■

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p \Q 6 0 )

(b)
OolA oola &ad ®eld eortifio*to* im m teoviit aot
•***odin|; la tiso og*gr'»®*te $1-:O*90 belong**#; t* «W »*a
o
iia gold oo&ae haviag « roca$al#o •pooibl m a«® to e©ll«ot©re
ft
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 it or th»
*a
Beak fm Jtofcornetioael Sottleiaeato#
(o)
eola nad yvHlim ootuol!^ iwodod to oot satsirlag
obligations pogreblo ia geld © la or bullion la *sp eo«o *- o
h ro
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 ototo^at ofeoiriag tho noae oad oddrooo of ooeb poroea
to irhoa or for whooo ooommt
o poyaeot is ^ode oad the w ittfc
ao
Q ft g M jieroen#
t ih M lt
Soot- 3#
oa

IM il otfte»rwieo ordorod*

poreaa boooaiai; tho

•ftaer of f s r gold ooia# geld bullion or gold oortifieotoe after April
t$
l£« l$a&# (o oopt m o*e«fftod by tho provision* of $«ot:oa ft »hoil#
)
withia % -oo d*yo «J%er reoolpt thereof* d#Ur*r the e*:ae im the m m m
b
prooerlbod la ^ootioa 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 iiM r bank will p*y tl^orofor oa oq^tlv«tl#«t
ribo

mmm*

^tlsor f&m of e ia or ourroiM^ oola»4 or

iKOO Of

uaior tho

tMitoa IstOt' O*
i#otioa i«

t ito twmk* shall ioliTor oil sola coin* gold
m &T

traiiiea oat g®l4 oortlfiootoo oe»»<i or roeolvea % tltew (otor them oo
oxoiupto^ wm*r tho iHrenrieioao of s»otioa ft to tho ¥■ - r l rooorro
)
* to




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

m do «voil*bio to tine Prooidoot l^r Sootlom »01

!Ht>

tho M t of Moroh 9*

w ill la all propor ooooo j»ojr tho roooonohl# eooto of tnusojrorto*

tioa of fold cola, sold halllc* or gplA oortif lootoo doI ivored to *
■»«feir ho»k or fo&orol rooorvo fco&k in

with f#otld»o t« S#

or & Iw r M 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 u r « 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 w ill l&volvo oattrmordiaory hardship or difficulty*
tho Sooroiary of tho I m s v i ? asuy* la hi*
within >;hi«fc ouoh 4*1 ivory m o t uo Mtodo*

ooctoftd tlio tiao
Apj&ioocleao for ssaO «m*

toaoiono m ot t o iwu$* la tnriUo^ wodor eoth, oddrooood to tho *ooro»
o
t*ry

qt

tit* Zr+tkswry and filed with a *"odoro.l r#s*rvo hoafe*

-&oh

«j^llootle& m ot 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*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £Q \Q $Q \

2> O ■
| O t>
On

U O &OOTOt3M of th# frofeoury It & r fc tentiioriooa
lS
Py
*> o y

•ad oapororod to l « u * «u«h rvrth»r r#p»X*tlc«w »« Is* s*y tio mmmmwry
sta

to m
urry out ill# piarpoM* of t i» ora r aM to iBmm

through

•uah offio*r» or ftgor.oi*« m I o im dooig&i.fco, lto*&«oo p r t tfcing th§
ms
y
o s ii
J-O^rtd r#wrw fe*nko ana jM
^ifeor tank* of tfc Fodorol f- o rv % # t «% in
o
oo o
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 m y of ifc puriKM i •jwotflo* in p r rftp i (o)# (o)f (d}# and (o)
a
®
NW
w ftg tM
of ^tie® 2 of tlM M rogulotioMt*
Ni
^howr^r i i U M l | *iol*too »ny jMrWviftlai of trd»
; jewsutii-e Oriar or of tlwoo r^jpiiUtie®* or of *ny rui*# rogultttlon or
lioonoo ioouo*" t^orowator m y fe fino?" not mrm thu* #l&«0Ou>» or* i f
o
« a^taral

9
»r«eftf

©* i^wiittaod for not nor* tt** ton y*or## or both)

moA ony offloor* dircotor* or *@ m t of

oorpcrntlfl* who incmlagly

p*rtlelp*tt*« in *aqr s^ti vioi U on s t f w ->«nl*k^«l %
&y e

a I tic# fin»#
■
■
j

'»prlo«nMM»t,# or both*

f

C
v

ffelo

onu ti*ooo rtgu|jifci«*» my bo rovokoA at aar tiao#
ug
\\
fk M U M P*

till tBJfli M J t i

k ro
m fc




| , IM S,

»0

*V

t

\

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q \Q 6 0 j

L

*JL

^

*tr

/933

(CONFIDENTIAL — Revised draft of March 24, 1933)
EXECUTIVE ORDER
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 "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 ianerica,
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

“hoarding" means the withdrawal and withholding of gold coin, gold
bullion or gold certificates from the recognized and customary chan­
nels of trade.

The term ’’person 1 means any individual, partnership,
1

association or corporation.
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
a ll gold coin, gold bullion and gold certificates except the following:
(a)
Such amount of gold as may be required for legit­
imate and customary use in ^toada- profession or art within a
r
reaspnable time, includingjgold prior to refining and stocks of
gold in reasonable amounts/for the usual trade requirements of
owners mining and refinin




R ep rod uced from th e U ncla ssified

I D e cla ssified H o ld in g s o f th e N atio n a l A rch ive s

DECLASSIFIED
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 ineluding gold coin and bullion imported for reexport or held
pending action on applications for export licenses.
oo
(d)
Gold coin and bullion^ which we-ra held in trust -^ ~
e»
■
undoy "cawgagle for a recognized foreign government or foreign cen­
tral bank or the 3ank for International Settlements on Maye--€ ,
3 "
a

r rn
\r ^

(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.
(> v f JX
< -f
J
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.
Section 4 .

Upon receipt of gold coin, gold bullion or gold

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

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 a ll gold coin, gold

bullion land gold certificates owned or received by them (other than as
f
!
exempted, under the provisions of Section 2) to the Federal reserve




/

y

Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
A u t h o r it 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

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 fcases 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*




"tm
R ep rod uced from the U nclassified

I D ecla ssified H o ld in g s o f th e N a tional A rchives

DECLASSIFIED
Authority £p \Q 5 0 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 of
t *)f C O, («0,
(A)
the purposes specified in paragraphs^ (a) te - , itrelugiivoi of Section
{e)-

2 of

these regulations.
Section 9.

Whoever w illfully 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 fin e, imprisonment, or both.

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

FRANKLIN D. ROOSEVELT
T H E W H IT E H O U S E
M a rc 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
Forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 "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 ianerica,
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

"hoarding" means the withdrawal and withholding of gold coin, gold
bullion or gold certificates from the recognized and customary chan­
nels of trade.

Thb term "person" means any individual, partnership,

association or corporation.
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
a l l gold coin, gold bullion and gold certificates except the following:
(a)
Such amount of gold as may be required for legit­
imate 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 ep rod uced from th e U ncla ssified

I D e cla ssified H o ld in g s o f th e N atio n a l A rchives

DECLASSIFIED
Authority £ p \Q S O \

-

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.
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.
Section 4.

Upon receipt of gold coin, gold bullion or gold

certificates delivered to it in accordance with Sections 2 or 3, the
Federal reserve bank or member bank w ill 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 a ll 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




Reproduced from the Unclassified I Declassified Holdings of the National Archives

-

d E C L A S S IM e D

I Authority £ Q \Q S O 1

- 3 banks of their respective districts and receive credit or payment
/

therefor.
Section

6.

The Secretary of the Treasury, out cf 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*

Toucher forms for this purpose may

be procured from Federal reserve banks*,
Section 7,

In fcases 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
d iffic u lty .




Reproduced from the Unclassified I Declassified Holdings of the National Archives

j

DECLASSIFIED

I Authority f O \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
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 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 ),

2

inclusive, of Section

of these regulations.
Section 9.

Whoever w illfully 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 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.

FRANKLIN D. ROOSEVELT

THE T7HIEE HOUSE
March
, 1933.




R e p rod uced from the U ncla ssified

I D ecla ssified H o ld in g s o f th e N ational A rch ive s

I

DECLASSIFIED
Authority £C?K> SO 1

X
(COHFIBBJ3PUL — Bevised draft of March 24, 1933)
s u o k s j u v s order

forbidding the Hoarding of Gold Coin, Gold Bullion
and Gold Certificates.
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 Apt of March 9 S 1933, entitled "An Act to provide relief in
the existing national emergency in banking, and for other purposes",
I , franklin B. RooseveIt, 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 of this order?
Section 1.

for thg purposes of this regulation, th& term

"hoarding" means

n'*ll

fgj^oi # °l d. coin, gold
mojlq c o m , goia

>
5

bullion or gold certificates S»e»-4ibe-jaeed^e&*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
a l l gold! coin, gold bullion and gold certificates except the folXctfmg*
(a)
Such amount of/go I d a s nay be required^for legit­
imate and customary use in Ita ii , profession or art wtttito> ■
»
pfrarcmnMnii itn », including gold prior to refining and stocks of
goll in reasonable amounts for the usual trade requirements o f
oymsrn mining and refining such gold.

{

£

J lA .

kA4.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

I

DECLASSIFIED
Authority £ t> \® 6 O 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.
_
*
- *?t
r*
£ck ‘i Gold QMMP«M#Pbullion licensed for l e g i t i m a t e d ^ "
*
export/[tra3isaStilns^not involving hoarding or speculatioi^Tneluding gold ailii — 4 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*

O jU , 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 en­
forcement 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
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.
• |

|

Section 4 .

Upon receipt of gold coin, gold bullion or gold

j

certificates delivered to it in accordance with Sections 2 or 3, the
federal reserve bank or member bank w ill pay therefor an equivalent
amount cf any other form of coin or currency coined or issued under the
law® of the United States.
Section 5 .

Member banks' shall deliver a ll gold coin, gold

bullion 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.
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,
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
member bank or Federal reserve bank in accordance with Sections 2 , 3,
t>r 5 hereof, including the cost of insurance, protection, and such
other incidental costs as may be necessary, upon production of satisfactory 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

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*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

d e c la ssif 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
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 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#
Section 9.

Whoever w illfully 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 knowingly participates in any such violation may be punished by a
like fine, impi-isonment, or both.

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

FRANKLIN D. ROOSEVELT

THE 'vi T HOXJSE
.rX E
March __, 1933.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p \Q 6 0 1

tf'

( 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, $2 3 0 ,0 0 0 ,0 0 0 of gold coin and $23 5,00 0 ,0 0 0 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 lia bilities 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 a ll 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.
The order provides adequate opportunity for obtaining gold for a ll
legitimate needs.




It makes available gold for the purpose of meeting gold

Reproduced from the Unclassified / Declassified Holdings of the National Archives

f

DECLASSIFIED
Authority

50 I

410

. -/

(COHFllMflAL — Tentative draft of March 32, 19 33 .)

EXECUTIVE OEDSE
forbidding the Hoarding of G-old Coin, Gold Bullion and
Gold Certificates*

By virtu© of the authority vested in me “ subsection (b) of
by
Section 5 of the Act of October

6,

1917, as amended by section 2 of

til© Act of March 9, 1933, entitled ,f
An 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~

ingf meiams the withdrawal and withholding of gold coin, gold bullion or
l
I
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
him on or before June 3 0 , 1931.

The term ^person1 means any individual,
*

partnership, association or corporation within the continental United

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 a g e n c y

JEMiMocm n beaaunam
M
BTBTOHSi

'i a A




MAR 2 3

13 #
9?

MR 2 2
A

States,

m
ill

I............. ill ill III11l l l i l ll ll ll l I I I I I I M —

Reproduced from the Unclassified / Declassified Holdings of the National Archives

—

DECLASSIFIED

Authority £ p \Q $ 0 \

-

2

-

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 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)

Gold 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)

Gold 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
(e)

6,

1933.

Gold 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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ > K> 5 0 1
C

- 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 a ll 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 w ill involve extraordinary hardship or diffic u lty , 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, i f 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 fin e , imprisonment or both.

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

i
THE WHITE HOUSE
March ______ , 1933



FRANKLIN D. ROOSEVELT

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £OK> $ Q \

4 1 0 .( CONFIBS&TIAI. - Tentative draft of March 22,

* L-

I
I f

Hi© country has responded patriotically to the President 1s proclama­
tion of March

6 and

to his radio speech of March 12.

Between March 4 and CoS*

March 18, $2 3 0,00 0 ,0 0 0 of gold coin and $2 3 5 ,0 0 0 ,0 0 0 of gold certificates
were returned to the Federal reserve “
banks, in addition to more than
1100,000,000 of other kinds of currency.

t

As a result, the ratio of the

reserves held by the federal reserve banks to their lia b ilities on deposits
asjd on I M e r a l 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 a ll 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.

fB amount of gold in circulation had not increased for a number of
i©

years p fcior 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 th it is now hoarded has been withdraws for the most .part since that
Wm result of lack of confidence*

The president n w requires that
o-

Id, which serves na public p&rposein the hands* of individuals, be




___ / _ _ 4

. ___________

mUi'Piv imnQMMuruttii

AT’BOARD'MECTtNCa

MAR 2 3

MAR 2 2 1 9 3 3 ^ #

mm

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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,
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,




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £Q

f)Q j

m m m m omm
fwUMtarn to* Ifeardiai if &#ld Cola, Sold m x iim aad
Gold Oortlfloatoa*

virtu* of tint authority w i M i ia s» tj trohoootiaa (H) of
ir
$oetlo& 5 of Hi* Act of Ootohor 6, 1917, as aa»adod fc S*«tt«a M o f
y
t
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 Am tIm , do kwn^r prohibit tho hoarding of gold cola,
gold Vallioft, aad gold oortifioatao

any ladlvi&uai # pCLrtaorahiy ,

or oorporatioa vlthia tho Ualtod »tateo or as? place o fc
a 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 aaoociatioaa oaaing aa?

M is , gold takllloa or cold eortlflcatoi bold

vltaia th* Ufcltod Statoo of Aaarloa^iaolodixig 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




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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 I W »
^ M I aaatfri> ahaa payaaat la gold sola dr fcallloa lias actually
1
laaa daaaadad* rogardloas of whothor tho ofeligoa la ai hoao ar afcaoad.
(a)

Oold cola or fcallloa lioonaad f#r lagltiaata ixpoH

I n a i M l U 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 O
u

Cf)

t w .

3uoh aaouat af gold aa say )w soosoaafc&y required for
A

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 htlonging 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 Beak
a*vw

far Xntoraatioaal Sottloowats jalaae** Marsh 6 , 1933*



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

Section

\Q 6 O \

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 la th* provisions of faction 1 hereof) shall, within
y
three days after ree*ipt thereof, deliver the sane to the treasurer of
the Halted itatee, to a Federal reserve h s t a* fiscal agent of the United
ase
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 ecla ssified H oldings of the N ational A rchives

DECLASSIFIED

Authority J p IO $ 0 j

•* 4 •

dttlita 0.
l«U

III My tttt alMrt Ibt fcttatlta of m l « *U tslm,

W i l l # * i r «tlA n r l t f M M

l « m ill l h * l 4 * l l w j r ! £ * * • « ? I t

tba ft«M«rir if lb* UaittA Slalss «r I I I ?#4irml rttarvt M
fettle ifcitfc I t a o M ^ « r a f D m
wmirn w l D i i * tfct t U »

filir il

tr l i i l l i r i m t f l i l f t l r
mi

tr l i m A

Tfijii t i Syala® ta tn a t raasta*liXjr l a

s t a l * s t r t f n a y *tf l i t AtytaAaatilaa

pM fr O a M tm O f f lo t i r f t t l O f f l i t « 1 U
ataval i f m r o D m t f o m

’ in r Dm
M

it t

a p w l f l t * fetltw* A a llv t r y fltgr * t ntftt I t • A
CUstoro,

Q f f i t a or ^ t i i o f f lo t « r D m I b l U d

tlm fli

l it

lajrs i f

D m U & lltd U lttti

P f

tdf t a i n i r n r r f s q r a t i a a l
or n a n r

Dm

1m m t# D m A a *

ptfe&MMQr t r i a a t l a r a a t r t t t i t a I a st&tfe n t tA m t l a a t t f f l t t a ? jttsl i f f ia t
l i l m W i » « * & tkm ll A i U v t r
t iflM tM

m i l £ *1 4 m U ,

l a anMli attiniv * a Mur

ifet £ t * r t l t r y i f Dfi* f i i n i r y

* t l 4 t o O l l t a attd f * U

itr-

i i f t i T fea iliift m l i l l fast t in m r t i i * ter

« * & t t l a i * r s f e n b ^ t fB t a l I n * * a f 7 r «|r ift t «

* •* * ■ * •
a *a lit a * •
MMl

Mtafctr t o n * * « b U

M

u r

*U

U r t t f t l l l l l tMMNl Iflf D M n ( * D M r iH w
a

y r a t t t i t a i « f fttalita 1 )

I# D

F «4 * n U . r a t t r a t t*afc l a D

m

m

'E r t t n r s r i f

Dm

& % & — im , * • & & W 1 U «

fcXfl% tatafl)fli4 * * A t r Ib t
U * i t * 4 S t a l# a t r I t D

m

I t r t t $ i * | t f * d i s t r i c t s * a 4 r t t a iv t a r a t i l * r

ptjns*a* U a a r a ftr*
$**t it« T .
ta tl*
t a ltt*

Sht

o t«r tl«r y « f D m

Tr+*mtary w i l l pay a l l rtattaafclt

l » * * i p * r l * * t * a t C tuak « o i d t tlfi, i » 1 4 l ^ I l l t m t r * t U
t&ilw ttw a D m

w l& fi*

o t a i t f ia t w r M M t , p r t l a t l i t a * t a d t « a a i U m t I w i l f l *

a a t a i l s a t w gr I t r t a a w A l i t t t t t a t r y , i ^ t a |r t 4 a t li« a i t f t a l i i f a t l i r f
a r ia t a a * t f ««th a t i l t ,




f t t a t t f v ta tb tr f t # % kla pw rytst asjr b * p r ««u r t a

R e p rod uced from the U ncla ssified / D e cla ssified H o ldings o f the N ational A rch ive s

—

-------- — ■ — — ................ ,
—

DECLASSIFIED
I Authority £t> K>

|

«*&-

from Fedora1 r t it m banks*
Sfotleft 8*

la e«M i 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 m y
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




m
m
from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £Q K> C Q \
)

itfprlMftd fm

any

m m than

jwara, or %*%&{ and.

uqr officer, director « r ae«nt «f stay aojrparaUen *fe*
a
t ie ip a U *

in M jr fflMfe T i e U t i o *

nay

*•

pualtb**

I f & lik * f

parlas,

la.

prl t ^ a a n ^ mt

fe^tSM 7#£tklat iS&S SI'S tKir^Tthf y fTT*

Mgr

r+Wmi at m tia**
qr

M :u v

»• m m m m

wm m m wmm
Mars*




: »3t.
i

Tentative draft prepared *y Mr* Ifcatt for consideration at
asetinf of 3fcce<m
tive CoBaittea^oa March 21, 1933*

Reproduced from the Unclassified I Declassified Holdings of the National Archives
d e c l a ssif ie d

Authority £D \Q fjQ 1

u a c . ..i

Tim m m & ? $ tom m n p n iii

%tm of w®'T$h e

to tim

to lit* lotffo rnprnm of ttwNI* Mi#

&ft*oti ia,

m fcm m m vttk

of g«&& oota wwi &#s&*60ot< > or
K&

4

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 » * i u of ttm

m m rm s tm%& $ j tlM fa lm m t m m m m fes^tes* to thoir ItmiailAttoa oa gopoolt*
>f
uwA m foiowsl m m rm

m m t r m a Um $$iat of 4 i jwr mn%
-

m IfeftV 4 t« t& por aom* oa §e r ti 1$.
fH
f ut i
l^ny

tnrm ^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 s roow
*a
i
dtt ef tlKir $o*»l» to

ftolpftil -n o*
I

tc f f mo
Imm a f$rraal

otfeor#* 1m
*hovo?9 «d« feet* o»lto& M r tn#
ov&ftr to* Hi# iw
lsaini of jp&6 in tfctir paooMUiloa*

«» o»6or l» M u g

iMMMt by tl*» f s ^ i & o a t to&ty*

m i# &*4*r toqoixo* m il

oola* &»!&

mm tmm la tuolr pmmmim ml&
o n tly to

or $ o li tatH ioa oofuivt^ w vfom

»

i m , to oxttftfuigi t&t* gaM fsw tftHwr *s*r»*s*r a lta o r **t t l»
t&o mttsNt # n t w or « t

o f «ih»

*f

h m tim m - i & w t i m B *

mmm% #f &*%& la ^KrailatitMi

m%

to

Umic* m y h » w

m m m t # f JL«iXv

iKMurA&af9 ia aMa.r«a 1*a
«rlHi t t utml lMblt«
in

is n©#
fm w & t 0 t

^^«w «»a t« m %
t im

p r to
m m * «f

w

im

tm%

i k fc*«a 4 ^ i t a fur H» aairt p*rt nixtm t b t tim m tim
K#
a^
n
1

mmmm m




af «&1# la

tm m wmfo%r «tf

fh »

» f Mafl^MRMa*

^r*«i<UMit ao«
to th» mw»s« o f

t li i t ii#M t
Im j w s t w l In

R eproduced from the U nclassified

I D eclassified H oldings o f the N ational A rchives

DECLASSIFIED
Authority £t>

50

% > flKWBHtcy* # ipilll
lw
i» orfWr p i M i t e

v p & r t m & t y i m f M i U i « « ,$sli ftw t i l

Mt, A^f. JUto-^.-^ldi'fctA:^,
,J
u

Statement prepared “ Mr. Ooldenweiser and Mr. Eiefler for
by
! consideration at meeting of Executive CoKmittee on March 21, 1933*




Reproduced from the Unclassified I Declassified Holdings of the National Archives




— — -------— ■ — _ ________
—
_

DECLASSIFIED

I Authority £ 0 \ 0 5 0 |

' ' c . a* mmrnm

m m rn u §

t«)

|“ #

mm

0 » M wilt to U m m m & l * r .n^ttuwi^- mm* •%

-M

A
W
aJtJi SW ^ p R P ' ,| y6
IJ M R w v |f

-MaA' '%'Jt

flfttlhbAiAk-tit 4K

|pU^

9&I£L$0MI Sfl • % 1MNI ® P fttfyffMtt
9
jf
lit

f u l m m I Us** «i«i)r j t t i m i «r

'H M M
im
t*

I*

1&ktm (im m zM m
A*Mf
it «mt pem Xm m %lm w m ^ M m if f
*h

j b p p ipm
m s p ^'

f (A)
|
^

mmmmm Wm% Hat*
%i»
m mMm

0* 39* xml. t M

In

M p * » ite n i|r ^

M

»

# 1.1

*M D c m ^d o io iB $ 8 r ^
S
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 ja im

M m m c k w a ix m m
(In

Mar.

k

shock. —

szlx ctx d

d a tis ,

1933

Billion* of dollar*)

H«r. 13

Ttfllllfl
Mar. ^
Mar. 13
Iter. 18
to
to
Ear....li ' Mar. IB

Mar. i
to
Ma* . IS

l w » *» ctregUtloB
Total
3old cola
Gold cortificato*

?39p *

6.859

♦ 9*

-722

-626

50?

7M 5

395

-119

-112

-&$h

637*

503

-102

-13^

. 23S

7.5*1*

flo ral rotorra aoto*

M *2

H.H05*

H,oo6

♦
263

-399

-$
1

All otbar

X.9?*P

2.032

1.955

♦ 5H

- 77

- ±$'y.

k .& 7

*.25?

♦ 5

♦ 10

* 15

—

—

♦ 1

*

*

+ I*

total
Forolgi Kovaao&t*
—

Otkar

♦ 5*a

9

t r BX1OTTIVB OOMMKCTi

MAR 211933
V'
a
#
♦o

Fv o llad aarjr: rofcjact to c o r r e c t io n .

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*.




Statement presented by Mr. Goldenweiser at meeting of
Executive Committee on March 211 1933#

1

Reproduced from the Unclassified I Declassified Holdings of the National Archives

4 —

*

- " .............

DECLASSIFIED

I 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 farther
I

disonssed with representatives of your Department*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

60 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 I Declassified Holdings of the National Archives




DECLASSIFIED
Authority £ Q \Q 5 0 1

Reproduced from the Unclassified / Declassified Holdings of the National Archives
d e c l a s s if ie d

Authority £ t > \ o f} 0 {

OOPT

l m w in m & B iiu
TREASURY DEPARTMENT TELEGRAM
WHERE 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 eightyfive 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 BU8INESS
COMMERCIAL RATES
COLLECT




2— 4347

wmr m a tn ri
r n a pms onn

Departmental Stock Form 2139

/

Reproduced from the Unclassified I Declassified Holdings of the National Archives

I

DECLASSIFIED

I Authority £ Q \Q 5 0 1

I

Ik M
a .

i- y iw y a W y y r u n n

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 j m 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

A DD RESS OFFICIAL COMMUNICATIONS TO
T H E

S E C R E T A R Y

O F

m o

S T A T E

WASHINGTON, D . C .

D EP A R TM EN T OF S TA TE
WASHINGTON

In reply refex to
EA

Maroh 16

1933

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,
if

I

The Honorable




Eugene Meyer,
Governor, Federal Reserve Board,
Washington, D. 0*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
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,

B E C E IV E D

MAR 16 1933
OFFICE OF THE OOv5RNOR
Fe d e r a l RcstRvg

boa rd

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
1,1The 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 m in accordance with
e
instructions from the Secretary of the Treasury, and correctly
expresses the policy of the Secretary of the Treasury.
Sincerely yours,
(Signed)

A* A. Ballantine

Under Secretary of the Treasury*

cab




.. (

Reproduced from the Unclassified I Declassified Holdings of the National Archives

f

DECLASSIFIED

j Authority £Q )Q S O 1

MAY 1 4 1 9 5 8
JOIHT pSOIiUSIOl*

y

V 7D ,— I

Declaring a bank holiday in the United States
and for other purposes.

Il'Sy

WHEREAS the latio n rf 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 a ll bank depositors that a period
of. respite be provided with a view to pr©v©mting further h o l d in g 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 a ll the people;
and

a it o *

st

tm

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

herein 4
fter defined shall pay out, ©report, earmark, or -permit the
withdrawal or transfer in any manner or by any device whatsoever of




%

______________________________________ •mm
Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ Q jO 5 0 j

j.

-2-

any gold or silver coin or ‘
bullion or currency or tal®

L-21

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 w ith 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.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £ p \Q 6 0 1

-3-

Sec.

6.

L-21

Whoever shall w illfully violate any of the provisions o f

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.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
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

^

WHEREAS there is increasing speculative activity in foreign

J^~
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 th Act of October
e6* 1917, as amended, that M
The 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
HWhoever 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 * *




"W
Reproduced from the Unclassified I Declassified Holdings of the National Archives

-

DECLASSIFIED
Authority £CMO 5 0 |

3T0W,THEREFORE, pursuant to the authority granted

by

said Act, I hereby order, direct and declare that£
1«

From

-

,,

, the
the

day of March, to
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*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority £C? \Q C Q \
)

5,

The term tbanking institution * as herein used shall include
t
1

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*