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Reproduced from the Unclassified I Declassified Holdings of the National Archives

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10501

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DOCUMENTS
AND STATEMENTS PERTAINING TO THE
BANKING EMERGENCY
Presidential Proclamations, Federal Legislation, Executive
Orders, Regulations, and other Documents
and Official Statements




PART I
FEBRUARY 25-MARCH 31, 1933

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1933

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CONTENTS
Page

Joint resolution, February 25______________________________________________________________________________
1
Joint resolution, March 3________________________________________________________________________________
1
Proclamation, March 6 ____________________________________________________________________________________
1
2
Message to Congress, March 9____________________________________________________________________________
Emergency banking act, March 9_________________________________________________________________________
3
Act providing for direct loans by Federal reserve banks to State banks and trust companies, March 24_ _
6
Proclamation, March 9 _________________________________________________ __________________________________
7
Executive order, March 10________________________________________________________________________________
7
Statement by President, March 11_________________________________________________________________________
8
Radio address by President, March 12____________________________________________________________________
9
Executive order, March 18________________________________________________________________________________
11
Regulations l t o 3 2 ________________________________________________________________________________________ 11-14
Supplementary regulation_________________________________________________________________________________
14
Interpretations 1 to 13_________________________________________________________ ___________________________
15
Statements by Secretary of the Treasury, March 7 to 31___________________________________________________ 16-20
Orders regarding territories and insular possessions_________________________________________________________21-22
Authorization to Federal Reserve Bank of New York to ship earmarked gold, March 7 _____________________
22




(ID

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a. (osoi

For convenient use, Presidential proclamations, Federal legislation, Executive orders, regu­
lations, and other documents pertaining to the banking emergency are here reproduced. Mate­
rial pertaining primarily to gold, currency, and foreign exchange is presented as Part II of this
publication.




rni)

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Comptroller, when necessary for the protection
of the interests of depositors and other creditors
of any incorporated bank and/or trust company
doing business in the District of Columbia
“ . . . to prescribe such rules and regulations
as he deems advisable governing the receipt and
withdrawal of deposits by and from any such
bank and trust company . .
In order to place all banks on a uniform basis
of restricted operations and to permit the de­
velopment of adequate means
bank^May °* f° r dealing with the national
emergency, the President of the
United States issued the following proclamation
on the morning of March 6, declaring a national
bank holiday:

During February and the first days of March,
1933, banking difficulties became acute in many
parts of the country. By Sat-^
esoIutiP
JI
urday,
March
4, banks in praco f February 25,
.
•J
~
1933
tically all States were either
closed or were operating under
restrictions, on the authority of State officials
and of the Comptroller of the Currency. Au­
thority for the Comptroller of the Currency to
exercise with respect to national banks such
powers as State officials have with respect to
State banks was given by the following joint
resolution:
[ P u b l ic R

e s o l u t io n —

No. 5 8 — •7 2 d C o n g r e s s ]

[S. J. Res. 256]
JO IN T RESOLUTION

“

Authorizing the Comptroller of the Currency to exercise with respect to
•national banking associations powers which State officials m ay have
with respect to State banks, savings banks, and/or trust companies
under State laws.

by

th e

p r e s id e n t

of

th e

u n it e d

states

OP AMERICA

“ A PROCLAM ATION

Resolved by the Senate and House o f Representatives
o f the United States of Am erica in Congress assembled,

“ Whereas there have been heavy and unwar­
ranted withdrawals of gold and currency from
our banking institutions for the purpose of
hoarding; and
“ Whereas continuous and increasingly exten­
sive speculative activity abroad in foreign
exchange has resulted in severe drains on the
Nation’s stocks of gold; and
“ Whereas these conditions have created a
national emergency; and
“ Whereas it is in the best interests of all bank
depositors that a period of respite be provided
with a view to preventing further hoarding of
coin, bullion or currency or speculation in for­
eign exchange and permitting the application of
appropriate measures to protect the interests of
our people; and
“ Whereas it is provided in section 5 (b) of the
Act of October 6, 1917 (40 Stat. L. 411) as
amended, ‘That the President may investi­
gate, regulate, or prohibit, under such rules and
regulations as he may prescribe, by means of
licenses or otherwise, any transactions in for­
eign exchange and the export, hoarding, melt­
By joint resolution, the Comptroller of the ing, or earmarkings of gold or silver coin or
Currency was given, for a period of 6 months bullion or currency * *
and
“ Whereas it is provided in Section 16 of the
(subject to extension by the
Joint resolution
said Act ‘ that whoever shall willfully violate
o f M arch 3,1933 President for an additional 6 any of the provisions of this Act or of any
months), special regulatory au­ license, rule, or regulation issued thereunder,
thority in regard to banks in the District of and whoever shall willfully violate, neglect, or
Columbia. This resolution authorized the refuse to comply with any order of the President
That, with the approval of the Secretary of the Treas­
ury, the Comptroller of the Currency shall have and
may exercise to such extent as he deems advisable with
respect to any national banking association any powers
which the State officials having supervision of State
banks, savings banks and/or trust companies in the
State in which such national banking associations are
located may have with respect to such State institu­
tions under State laws now in force or hereafter
enacted: Provided, That nothing herein shall be con­
strued to permit the establishment of branches of either
national or State member banks or allow consolidation
of either national or State member banks not allowed
by existing laws.
Expenses incurred by the Comptroller of the Cur­
rency in the exercise of such powers may be assessed
by him against the banks concerned and, when so
assessed, shall be paid by such banks.
Nothing herein shall be construed to impair any
power otherwise possessed by the Comptroller of the
Currency, the Secretary of the Treasury or the Federal
Reserve Board.
The powers herein conferred shall terminate six
months from its approval by the President; but the
President of the United States may extend its force by
proclamation for an additional six months.
Approved, February 25, 1933.




1

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AX ( O S O l

2
issued in compliance with the provisions of this
Act, shall, upon conviction, be fined not more
than $10,000, or, if a natural person, im­
prisoned for not more than ten years, or
both; * *
“ Now, therefore, I, Franklin D. Roosevelt,
President of the United States of America, in
view of such national emergency and by virtue
of the authority vested in me by said Act and in
order to prevent the export, hoarding, or ear­
marking of gold or silver coin or bullion or cur­
rency, do hereby proclaim, order, direct and
declare that from Monday, the sixth day of
March, to Thursday, the ninth day of March,
Nineteen Hundred and Thirty Three, both
dates inclusive, there shall be maintained and
observed by all banking institutions and all
branches thereof located in the United States of
America, including the territories and insular
possessions, a bank holiday, and that during
^ said period all banking transactions shall be
suspended. During such holiday, excepting as
hereinafter provided, no such banking institu­
tion or branch 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 which might facilitate the
hoarding thereof; nor shall any such banking
institution or branch pay out deposits, make
loans or discounts, deal in foreign exchange,
transfer credits from the United States to any
place abroad, or transact any other banking
business whatsoever.
“ During such holiday, the Secretary of the
Treasury, with the approval of the President
and under such regulations as he may prescribe,
is authorized and empowered (a) to permit any
or all of such banking institutions to perform
any or all of the usual banking functions, (b) to
direct, require or permit the issuance of clear­
ing house certificates or other evidences of
claims against assets of banking institutions,
and (c) to authorize and direct the creation in
such banking institutions of special trust ac­
counts for the receipt of new deposits which
shall be subject to withdrawal on demand with­
out any restriction or limitation and shall be
kept separately in cash or on deposit in Fed­
eral reserve banks or invested in obligations
the United States.
“ As used in this order the term ‘ banking in­
stitutions’ shall include all Federal reserve
banks, national banking associations, banks,
trust companies, savings banks, building and
loan associations, credit unions, or other cor­
porations,1 partnerships, associations or persons,
i See interpretations No. 3 (M ar. 7) and No. 10 (M ar. 14), p. 15.




engaged in the business of receiving deposits,
making loans, discounting business paper, or
transacting any other form of banking
business.
“ In witness whereof, I have hereunto set my
hand and caused the seal of the United States
to be affixed.
“ Done in the City of Washington this 6th
day of March— 1 a. m. in the year of our Lord
One Thousand Nine Hundred and Thirty-three,
and of the Independence of the United States
the One Hundred and Fifty-seventh.
[s e a l]
“ F r a n k l i n D. R o o s e v e l t
“ By the President:
“ C

o rd ell

H

u ll

11Secretary of State”

On March 9, 1933, the President sent the
following message to Congress:
Message to
Congress
“ On March 3 banking opera­
tions in the United States ceased.
To review at this time the causes of this fail­
ure of our banking system is unnecessary.
Suffice it to say that the Government has
been compelled to step in for the protec­
tion of depositors and the business of the
nation.
“ Our first task is to reopen all sound banks.
This is an essential preliminary to subsequent
legislation directed against speculation with the
funds of depositors and other violations of
positions of trust.
“ In order that the first objective— the
opening of banks for the resumption of busi­
ness— may be accomplished, I ask of the
Congress the immediate enactment of legisla­
tion giving to the executive branch of the
Government control over banks for the pro­
tection of depositors; authority forthwith to
open such banks as have already been ascer­
tained to be in sound condition and other such
banks as rapidly as possible; and authority to
reorganize and reopen such banks as may be
found to require reorganization to put them
on a sound basis.
“ I ask amendments to the Federal Reserve
Act to provide for such additional currency,
adequately secured, as it may become necessary
to issue to meet all demands for currency and
at the same time to achieve this end without
increasing the unsecured indebtedness of the
Government of the United States.
“ I can not too strongly urge upon the Con­
gress the clear necessity for immediate action.
A continuation of the strangulation of banking
facilities is unthinkable. The passage of the

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proposed legislation will end this condition, and
I trust within a short space of time will result in
a resumption of business activities.
“ In addition, it is my belief that this legisla­
tion will not only lift immediately all unwar­
ranted doubts and suspicions in regards to
banks which are 100 per cent sound, but will
also mark the beginning of a new relationship
between the banks and the people of this country.
“ The members of the new Congress will
realize, I am confident, the grave responsibility
which lies upon me and upon them.
“ In the short space of five days it is impos­
sible for us to formulate completed measures to
prevent the recurrence of the evils of the past.
This does not and should not, however, justify
any delay in accomplishing this first step.
“ At an early moment I shall request of the
Congress two other measures which I regard as
of immediate urgency. With action taken
thereon we can proceed to the consideration of
a rounded program of national restoration.”
On March 9, 1933, following receipt of the
President’s message, Congress
Em ergency
passed an act “ to provide re­
banking act
lief in the existing national emer­
gency in banking, and for other purposes.”
The text of the act is as follows:
[P u b lic —

No.

1— 7 3 d

C ongeess]

[H .R . 1491]
AN A C T
To provide relief in the existing national emergency in banking, and for
other purposes
B e it enacted by the Senate and H ouse o f R epresenta­
tives o f the United States o f A m erica in Congress assembled ,

That the Congress hereby declares that a serious emer­
gency exists and that it is imperatively necessary
speedily to put into effect remedies of uniform national
application.
T IT L E I
S e c t i o n 1. The actions, regulations, rules, licenses,
orders and proclamations heretofore or hereafter taken,
promulgated, made, or issued by the President of the
United States or the Secretary of the Treasury since
March 4, 1933, pursuant to the authority conferred by
subdivision (b) of section 5 of the act of October 6,1917,
as amended, are hereby approved and confirmed.
S e c . 2. Subdivision (b) of section 5 of the act of
October 6, 1917 (40 Stat. L. 411), as amended, is hereby
amended to read as follows:
“ (b) During time of war or during any other period
of national emergency declared by the President, the
President may, through any agency that he may
designate, or otherwise, investigate, regulate, or pro­
hibit, under such rules and regulations as he may
prescribe, by means of licenses or otherwise, any trans­
actions in foreign exchange, transfers of credit between
or payments by banking institutions as defined by the




A ). ( Q S O f

President, and export, hoarding, melting, or earmarking
of gold or silver coin or bullion or currency, by any
person within the United States or any place subject
to the jurisdiction thereof; and the President may
require any person engaged in any transaction referred
to in this subdivision to furnish under oath, complete
information relative thereto, including the production
of any books of account, contracts, letters or other
papers, in connection therewith in the custody or
control of such person, either before or after such trans­
action is completed. Whoever willfully violates any
of the provisions of this subdivision or of any license,
order, rule or regulation issued thereunder, shall, upon
conviction, 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 such
violation may be punished by a like fine, imprison­
ment, or both. As used in this subdivision the term
‘ person’ means an individual, partnership, association,
or corporation.”
S e c . 3. Section 11 of the Federal Reserve Act is
amended by adding at the end thereof the following
new subsection:
“ (n) Whenever in the judgment of the Secretary of
the Treasury such action is necessary to protect the
currency system of the United States, the Secretary of
the Treasury, in his discretion, may require any or all
individuals, partnerships, associations and corporations
to pay and deliver to the Treasurer of the United States
any or all gold coin, gold bullion, and gold certificates
owned by such individuals, partnerships, associations
and corporations. Upon receipt of such gold coin, gold
bullion or gold certificates, the Secretary of the Treas­
ury shall pay therefor an equivalent amount of any
other form of coin or currency coined or issued under
the laws of the United States. The Secretary of the
Treasury shall pay all costs of the transportation of
such gold bullion, gold certificates, coin, or currency,
including the cost of insurance, protection, and such
other incidental costs as may be reasonably necessary.
Any individual, partnership, association, or corporation
failing to comply with any requirement of the Secretary
of the Treasury made under this subsection shall be
subject to a penalty equal to twice the value of the gold
or gold certificates in respect of which such failure oc­
curred, and such penalty may be collected by the
Secretary of the Treasury by suit or otherwise.”
S e c . 4. In order to provide for the safer and more
effective operation of the National Banking System and
the Federal Reserve System, to preserve for the people
the full benefits of the currency provided for by the
Congress through the National Banking System and
the Federal Reserve System, and to relieve interstate
commerce of the burdens and obstructions resulting
from the receipt on an unsound or unsafe basis of de­
posits subject to withdrawal by check, during such
emergency period as the President of the United States
by proclamation may prescribe, no member bank of the
Federal Reserve System shall transact any banking
business except to such extent and subject to such regu­
lations, limitations and restrictions as may be prescribed
by the Secretary of the Treasury, with the approval of
the President. Any individual, partnership, corpora­
tion, or association, or any director, officer or employee
thereof, violating any of the provisions of this section
shall be deemed guilty of a misdemeanor and, upon
conviction thereof, shall be fined not more than
$10,000 or, if a natural person, may, in addition to such
fine, be imprisoned for a term not exceeding ten years.
Each day that any such violation continues shall be
deemed a separate offense.

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TITLE II
S e c . 201. This title may be cited as the “ Bank Con­
servation Act.”
S e c . 202. As used in this title, the term “ bank”
means (1) any national banking association, and (2)
any bank or trust company located in the District of
Columbia and operating under the supervision of the
Comptroller of the Currency; and the term “ State”
means any State, Territory, or possession of the United
States, and the Canal Zone.
S e c . 203. Whenever he shall deem it necessary in
order to conserve the assets of any bank for the benefit
of the depositors and other creditors thereof, the Comp­
troller of the Currency may appoint a conservator for
such bank and require of him such bond and security
as the Comptroller of the Currency deems proper. The
conservator, under the direction of the Comptroller,
shall take possession of the books, records, and assets of
every description of such bank, and take such action
as may be necessary to conserve the assets of such
bank pending further disposition of its business as
provided by law. Such conservator shall have all the
rights, powers, and privileges now possessed by or
hereafter given receivers of insolvent national banks
and shall be subject to the obligations and penalties,
not, inconsistent with the provisions of this title, to
which receivers are now or may hereafter become sub­
ject. During the time that such conservator remains
in possession of such bank, the rights of all parties
with respect thereto shall, subject to the other pro­
visions of this title, be the same as if a receiver had
been appointed therefor. All expenses of any such
conservatorship shall be paid out of the assets of such
bank and shall be a lien thereon which shall be prior
to any other lien provided by this Act or otherwise.
The conservator shall receive as salary an amount no
greater than that paid to employees of the Federal
Government for similar services.
S e c . 2 0 4 . The Comptroller of the Currency shall
cause to be made such examinations of the affairs of
such bank as shall be necessary to inform him as to the
financial condition of such bank, and the examiner shall
make a report thereon to the Comptroller of the Cur­
rency at the earliest practicable date.
S e c . 205. If the Comptroller of the Currency becomes
satisfied that it may safely be done and that it would be
in the public interest, he may, in his discretion, ter­
minate the conservatorship and permit such bank to
resume the transaction of its business subject to such
terms, conditions, restrictions and limitations as he
may prescribe.
S e c . 206. While such bank is in the hands of the con­
servator appointed by the Comptroller of the Currency,
the“ Comptroller may require the conservator to set
aside and make available for withdrawal by depositors
and payment to other creditors, on a ratable basis, such
amounts as in the opinion of the Comptroller may safely
be used for this purpose; and the Comptroller may, in
his discretion, permit the conservator to receive depos­
its, but deposits received while the bank is in the hands
of the conservator shall not be subject to any limitation
.as to payment or withdrawal, and such deposits shall
be segregated and shall not be used to liquidate any
indebtedness of such bank existing at the time that a
conservator was appointed for it, or any subsequent
indebtedness incurred for the purpose of liquidating any
indebtedness of such bank existing at the time such
conservator was appointed. Such deposits received
while the bank is in the hands of the conservator shall
be kept on hand in cash, invested in the direct obliga­
tions of the United States, or deposited with a Federal




a). 10501

reserve bank. The Federal reserve banks are hereby
authorized to open and maintain separate deposit
accounts for such purpose, or for the purpose of receiv­
ing deposits from State officials in charge of State banks
under similar circumstances.
S e c . 207. In any reorganization of any national
banking association under a plan of a kind which, under
existing law, requires the consent, as the case may be,
(a) of depositors and other creditors or (b) of stock­
holders or (c) of both depositors and other creditors and
stockholders, such reorganization shall become effective
only (1) when the Comptroller of the Currency shall be
satisfied that the plan of reorganization is fair and
equitable as to all depositors, other creditors and stock­
holders and is in the public interest and shall have ap­
proved the plan subject to such conditions, restrictions
and limitations as he may prescribe and (2) when, after
reasonable notice of such reorganization, as the case
may require, (A) depositors and other creditors of such
bank representing at least 75 per cent in amount of its
total deposits and other liabilities as shown by the
books of the national banking association or (B) stock­
holders owning at least two-thirds of its outstanding
capital stock as shown by the books of the national
banking association or (C) both depositors and other
creditors representing at least 75 per cent in amount of
the total deposits and other liabilities and stockholders
owning at least two-thirds of its outstanding capital
stock as shown by the books of the national banking
association, shall have consented in writing to the plan
of reorganization: Provided , however, That claims of
depositors or other creditors which will be satisfied in
full under the provisions of the plan of reorganization
shall not be included among the total deposits and other
liabilities of the national banking association in deter­
mining the 75 per cent thereof as above provided.
When such reorganization becomes effective, all books,
records, and assets of the national banking association
shall be disposed of in accordance with the provisions
of the plan and the affairs of the national banking asso­
ciation shall be conducted by its board of directors in
the manner provided by the plan and under the condi­
tions* restrictions and limitations which may have been
prescribed by the Comptroller of the Currency. In any
reorganization which shall have been approved and shall
have become effective as provided herein, all depositors
and other creditors and stockholders of such national
banking association, whether or not they shall have
consented to such plan of reorganization, shall be fully
and in all respects subject to and bound by its provi­
sions, and claims of all depositors and other creditors
shall be treated as if they had consented to such plan of
reorganization.
S e c . 208. After fifteen days after the affairs of a bank
shall have been turned back to its board of directors
by the conservator, either with or without a reorgani­
zation as provided in section 207 hereof, the provisions
of section 206 of this title with respect to the segregation
of deposits received while it is in the hands of the con­
servator and with respect to the use of such deposits
to liquidate the indebtedness of such bank shall no
longer be effective: Provided, That before the conserva­
tor shall turn back the affairs of the bank to its board
of directors he shall cause to be published in a news­
paper published in the city, town or county in which
such bank is located, and if no newspaper is published
in such city, town or county, in a newspaper to be
selected by the Comptroller of the Currency published
in the State in which the bank is located, a notice in
form approved by the Comptroller, stating the date
on which the affairs of the bank will be returned to its
board of directors and that the said provisions of sec­

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DECLASSIFIED
Authority p x ) .

tion 206 will not be effective after fifteen days after
such date; and on the date of the publication of such
notice the conservator shall immediately send to every
person who is a depositor in such bank under section
206 a copy of such notice by registered mail addressed
to the last known address of such person as shown
by the records of the bank, and the conservator shall
send similar notice in like manner to every person
making deposit in such bank under section 206 after
the date of such newspaper publication and before the
time when the affairs of the bank are returned to its
directors.
S e c . 209. Conservators appointed pursuant to the
provisions of this title shall be subject to the provi­
sions of and to the penalties prescribed by section 5209
of the Revised Statutes (U. S. C., Title 12, sec. 592);
and sections 112, 113, 114, 115, 116 and 117 of the
Criminal Code of the United States (U. S. C., Title
18, secs. 202, 203, 204, 205, 206 and 207), in so far as
applicable, are extended to apply to contracts, agree­
ments, proceedings, dealings, claims and controversies
by or with any such conservator or the Comptroller of
the Currency under the provisions of this title.
S e c . 210. Nothing in this title shall be construed to
impair in any manner any powers of the President, the
Secretary of the Treasury, the Comptroller of the Cur­
rency, or the Federal Reserve Board.
S e c . 211. The Comptroller of the Currency is hereby
authorized and empowered, with the approval of the
Secretary of the Treasury, to prescribe such rules and
regulations as he may deem necessary in order to carry
out the provisions of this title. Whoever violates any
rule or regulation made pursuant to this section shall
be deemed guilty of a misdemeanor and, upon convic­
tion thereof, shall be fined not more than $5,000, or
imprisoned not more than one year, or both.
TITL E III
S e c . 3 0 1 . Notwithstanding any other provision of
law, any national banking association may, with the
approval of the Comptroller of the Currency and by
vote of shareholders owning a majority of the stock of
such association, upon not less than five days’ notice,
given by registered mail pursuant to action taken by
its board of directors, issue preferred stock in such
amount and with such par value as shall be approved
by said Comptroller, and make such amendments to its
articles of association as may be necessary for this
purpose; but, in the case of any newly organized na­
tional banking association which has not yet issued
common stock, the requirement of notice to and vote
of shareholders shall not apply. No issue of preferred
stock shall be valid until the par value of all stock so
issued shall be paid in.
S e c . 3 0 2 . (a) The holders of such preferred stock
shall be entitled to cumulative dividends at a rate not
exceeding 6 per centum per annum, but shall not be
held individually responsible as such holders for any
debts, contracts, or engagements of such association
and shall not be liable for assessments to restore im­
pairments in the capital of such association as now pro­
vided by law with reference to holders of common
stock. Notwithstanding any other provision of law,
the holders of such preferred stock shall have such vot­
ing rights, and such stock shall be subject to retirement
in such manner and on such terms and conditions, as
may be provided in the articles of association with the
approval of the Comptroller of the Currency.
(b) No dividends shall be declared or paid on com­
mon stock until the cumulative dividends on the pre­
ferred stock shall have been paid in full; and, if the associ­
ation is placed in voluntary liquidation or a conservator

173500— 33— —2




(0 5 0 1

or a receiver is appointed therefor, no payments shall
be made to the holders of the common stock until the
holders of the preferred stock shall have been paid in
full the par value of such stock plus all accumulated
dividends.
S e c . 303. The term “ common stock” as used in this
title means stock of national banking associations other
than preferred stock issued under the provisions of this
title. The term “ capital” as used in provisions of law
relating to the capital of national banking associations
shall mean the amount of unimpaired common stock
plus the amount of preferred stock outstanding and
unimpaired; and the term “ capital stock” , as used in
section 12 of the Act of March 14, 1900, shall mean only
the amount of common stock outstanding.
S e c . 304. If in the opinion of the Secretary of the
Treasury any national banking association or any
State bank or trust company is in need of funds for
capital purposes either in connection with the organi­
zation or reorganization of such association, State bank
or trust company or otherwise, he may, with the
approval of the President, request the Reconstruction
Finance Corporation to subscribe for preferred stock
in such association, State bank or trust company, or
to make loans secured by such stock as collateral, and
the Reconstruction Finance Corporation may comply
with such request. The Reconstruction Finance Cor­
poration may, with the approval of the Secretary of
the Treasury, and under such rules and regulations as
he may prescribe, sell in the open market or otherwise
the whole or any part of the preferred stock of any
national banking association, State bank or trust com­
pany acquired by the Corporation pursuant to this
section. The amount of notes, bonds, debentures, and
other such obligations which the Reconstruction Fi­
nance Corporation is authorized and empowered to issue
and to have outstanding at any one time under existing
law is hereby increased by an amount sufficient to carry
out the provisions of this section.
TITLE IV
S e c . 401. The sixth paragraph of Section 18 of the
Federal Reserve Act is amended to read as follows:
“ Upon the deposit with the Treasurer of the United
States, (a) of any direct obligations of the United
States or (b) of any notes, drafts, bills of exchange, or
bankers’ acceptances acquired under the provisions of
this Act, any Federal reserve bank making such deposit
in the manner prescribed by the Secretary of the Treas­
ury shall be entitled to receive from the Comptroller of
the Currency circulating notes in blank, duly registered
and countersigned. When such circulating notes are
issued against the security of obligations of the United
States, the amount of such circulating notes shall be
equal to the face value of the direct obligations of the
United States so deposited as security; and, when
issued against the security of notes, drafts, bills of ex­
change and bankers’ acceptances acquired under the
provisions of this Act, the amount thereof shall be equal
to not more than 90 per cent of the estimated value of
such notes, drafts, bills of exchange and bankers’ ac­
ceptances so deposited as security. Such notes shall
be the obligations of the Federal reserve bank procur­
ing the same, shall be in form prescribed by the Secre­
tary of the Treasury, shall be receivable at par in all
parts of the United States for the same purposes as are
national bank notes, and shall be redeemable in lawful
money of the United States on presentation at the
United States Treasury or at the bank of issue. The
Secretary of the Treasury is authorized and empowered
to prescribe regulations governing the issuance, re­
demption, replacement, retirement and destruction of

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such circulating notes and the release and substitution
of security therefor. Such circulating notes shall be
subject to the same tax as is provided by law for the
circulating notes of national banks secured by 2 per
cent bonds of the United States. No such circulating
notes shall be issued under this paragraph after the
President has declared by proclamation that the
emergency recognized by the President by proclama­
tion of March 6, 1933, has terminated, unless such cir­
culating notes are secured by deposits of bonds of the
United States bearing the circulation privilege. When
required to do so by the Secretary of the Treasury, each
Federal reserve agent shall act as agent of the Treasurer
of the United States or of the Comptroller of the Cur­
rency, or both, for the performance of any of the func­
tions which the Treasurer or the Comptroller may be
called upon to perform in carrying out the provisions
of this paragraph. Appropriations available for dis­
tinctive paper and printing United States currency or
national bank currency are hereby made available for
the production of the circulating notes of Federal re­
serve banks herein provided; but the United States
shall be reimbursed by the Federal reserve bank to
which such notes are issued for all expenses necessarily
incurred in connection with the procuring of such notes
and all other expenses incidental to their issue, re­
demption, replacement, retirement and destruction.”
Sec. 402. Section 10 (b) of the Federal Reserve Act,
as amended, is further amended to read as follows:
“ S e c . 10(b). In exceptional and exigent circum­
stances, and when any member bank has no further
eligible and acceptable assets available to enable it to
obtain adequate credit accommodations through
rediscounting at the Federal reserve bank or any other
method provided by this Act other than that provided
by section 10 (a), any Federal reserve bank, under
rules and regulations prescribed by the Federal Reserve
Board, may make advances to such member bank on
its time or demand notes secured to the satisfaction of
such Federal reserve bank. Each such note shall bear
interest at a rate not less than 1 per centum per annum
higher than the highest discount rate in effect at such
Federal reserve bank on the date of such note. No
advance shall be made under this section after March
3, 1934, or after the expiration of such additional period
not exceeding one year as the President may prescribe.”
S e c . 403. Section 13 of the Federal Reserve Act, as
amended, is amended by adding at the end thereof the
following new paragraph:
“ Subject to such limitations, restrictions and regula­
tions as the Federal Reserve Board may prescribe, any
Federal reserve bank may make advances to any indi­
vidual, partnership or corporation on the promissory
notes of such individual, partnership or corporation
secured by direct obligations of the United States.
Such advances shall be made for periods not exceeding
90 days and shall bear interest at rates fixed from time
to time by the Federal reserve bank, subject to the
review and determination of the Federal Reserve Board.

TITLE V
There is hereby appropriated, out of any
money in the Treasury not otherwise appropriated, the
sum of $2,000,000, which shall be available for expend­
iture, under the direction of the President andTri his
discretion, for any purpose in connection with the
carrying out of this Act.
S e c . 5 0 2 . The right to alter, amend, or repeal this
Act is hereby expressly reserved. If any provision of
S e c . 501.




this Act, or the application thereof to any person or
circumstances, is held invalid, the remainder of the
Act, and the application of such provision to other
persons or circumstances, shall not be affected thereby.
Approved March 9th 1933 8.30 p. m.

On March 24, 1933, the President approved
the following amendment to the emergency
banking act providing for direct loans by
Federal reserve banks to State banks and trust
companies in certain cases:
[ P u b l ic — No. 4 — 7 3 d C o n g r e s s ]
[H. R. 3757]
AN ACT
To provide for direct loans by Federal reserve banks to State banks and
trust companies in certain cases, and for other purposes.

Be it enacted by the Senate and House of Representa­
tives of the United States of Am erica in Congress as­
sembled, That Title IV of the Act entitled “ An Act to
provide relief in the existing national emergency in
banking, and for other purposes,” approved March
9 , 1 9 3 3 , is amended by adding at the end thereof the
following new section:
“ S e c . 4 0 4 . During the existing emergency in bank­
ing, or until this section shall be declared no longer
operative by proclamation of the President, but in no
event beyond the period of one year from the date this
section takes effect, any State bank or trust company
not a member of the Federal reserve system may apply
to the Federal reserve bank in the district in which it is
located and said Federal reserve bank, in its disci etion
and after inspection and approval of the collateral and a
thorougn examination of the applying bank or trust
company, may make direct loans to such State bank or
trust company under the terms provided in section
1 0 (b) of the Federal Reserve Act, as amended by sec­
tion 4 0 2 of this Act: Provided, That loans may be made
to anj- applying nonmember State bank or trust
company upon eligible security. All applications for
such loans shall be accompanied by the written ap­
proval of the State banking department or commission
of the State from which the State bank or trust com­
pany has received its charter and a statement from the
said State banking department or commission that in
its judgment said State bank or trust company is in a
sound condition. The notes representing such loans
shall be eligible as security for circulating notes issued
under the provisions of the sixth paragraph of section
1 8 of the Federal Reserve Act, as amended by section
4 0 1 of this Act, to the same extent as notes, drafts,
bills of exchange, or bankers’ acceptances acquired
under the provisions of the Federal Reserve Act.
During the time that such bank or tiust company is
indebted in any way to a Federal reserve bank it shall
be required to comply in all respects to the provisions
of the Federal Reserve Act applicable to member
State banks and the regulations of the Federal Reserve
Board issued thereunder: Provided, That in lieu of sub­
scribing to stock in the Federal reserve bank it shall
maintain the reserve balance required by section 1 9 of
the Federal Reserve Act during the existence of such
indebtedness. As used in this section and in section
3 0 4 , the term ‘ State bank or trust company’ shall

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include a bank or trust company organized under the by the President purusant to the authority con­
laws of any State, Territory, or possession of the ferred by Section 5 (b) of the Act of October 6,
United States, or the Canal Zone. ”
S e c . 2 (a). Section 304 of such Act of March 9, 1933, 1917, as amended, are approved and confirmed;
is amended by adding after the first sentence thereof the and
following new sentences: “ Nothing in this section shall
“ Whereas, said national emergency still
be construed to authorize the Reconstruction Finance continues, and it is necessary to take further
Corporation to subscribe for preferred stock in any
State bank or trust company if under the laws of the measures extending beyond March 9, 1933, in
State in which said State bank or trust company is order to accomplish such purposes:
located the holders of such preferred stock are not
“ Now, therefore, I, Franklin D. Roosevelt,
exempt from double liability. In any case in which President of the United States of America, in
under the laws of the State in which it is located a
State bank or trust company is not permitted to issue view of such continuing national emergency and
preferred stock exempt from double liability, or if by virtue of the authority vested in me by
such laws permit such issue of preferred stock only by Section 5 (b) of the Act of October 6, 1917
unanimous consent of stockholders, the Reconstruc­ (40 Stat. L., 411) as amended by the Act of
tion Finance Corporation is authorized, foi the purposes
of this section, to purchase the legally issued capital March 9, 1933, do hereby proclaim, order,
notes or debentures of such State bank or trust direct and declare that all the terms and provi­
company. ”
sions of said Proclamation of March 6,1933, and
(b)
The second sentence of said section 304 isthe regulations and orders issued thereunder
amended to read as follows: “ The Reconstruction
Finance Corporation may, with the approval of the are hereby continued in full force and effect
Secretary of the Treasury, and under such rules and until further proclamation by the President.
regulations as he may prescribe, sell in the open
“ In witness whereof I have hereunto set my
market the whole or any part of the preferred stock, hand and have caused the seal of the United
capital notes, or debentures of any national banking
association, State bank or trust company acquired by States to be affixed.
“ Done in the District of Columbia, this 9th
the corporation pursuant to this section.”
Such section 304 is further amended by adding at the day of March, in the Year of Our Lord One
end thereof the following new sentence: (c) “ As used Thousand Nine Hundred and Thirty-three, and
in this section, the term ‘State bank or trust company’
shall include other banking corporations engaged in of the Independence of the United States the
the business of industrial banking and under the super­ One Hundredth and Fifty-seventh.
vision of State banking departments or of the Comp­
[s e a l.]
“ F r a n k l i n D. R o o s e v e l t
troller of the Currency.”
“ By the President:
Approved, March 24th, 1933.
“ C o r d e ll H u ll

“ Secretary of State ”
On March 9, 1933, after the passage of the
emergency banking act, the
On March 10, 1933, the President issued the
Continuation o f President issued the following following Executive order:
bank holiday
proclamation continuing the
“ e x e c u t iv e o r d e r
bank holiday:
“ By virtue of the authority vested in me by
“ b y t h e p r e s id e n t o f t h e u n it e d s t a t e s
section 5 (b) of the Act of October 6, 1917 (40
OF AMERICA
Stat. L., 411) as amended by the Act of
March 9, 1933, and by section 4 of the said
“ A PROCLAMATION
Act of March 9, 1933, and by virtue of all other
“ Whereas, on March 6, 1933, I, Franklin D. authority vested in me, I hereby issue the
Roosevelt, President of the United States of following Executive order.
“ The Secretary of the Treasury is authorized
America, by Proclamation declared the exist­
ence of a national emergency and proclaimed a and empowered under such regulations as he
bank holiday extending from Monday the 6th may prescribe to permit any member bank of
day of March to Thursday the 9th of March, the Federal Reserve System and any other
1933, both dates inclusive, in order to prevent banking institution organized under the laws of
the export, hoarding or earmarking of gold or the United States, to perform any or all of their
silver coin, or bullion or currency, or specula­ usual banking functions, except as otherwise
tion in foreign exchange; and
prohibited.
“ The appropriate authority having imme­
“ Whereas, under the Act of March 9,1933, all
Proclamations heretofore or hereafter issued diate supervision of banking institutions in




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each State or any place subject to the jurisdic­
tion of the United States is authorized and
empowered under such regulations as such
authority may prescribe to permit any banking
institution in such State or place, other than
banking institutions covered by the foregoing
paragraph, to perform any or all of their usual
banking functions, except as otherwise pro­
hibited.
“ All banks which are members of the Federal
Reserve System, desiring to reopen for the per­
formance of all usual and normal banking
functions, except as otherwise prohibited, shall
apply for a license therefor to the Secretary of
the Treasury. Such application shall be filed
immediately through the Federal reserve banks.
The Federal reserve bank shall then transmit
such applications to the Secretary of the
Treasury. Licenses will be issued by the
Federal reserve bank upon approval of the
Secretary of the Treasury. The Federal re­
serve banks are hereby designated as agents
of the Secretary of the Treasury for the re­
ceiving of application and the issuance of
licenses in his behalf and upon his instructions.
“ Until further order, no individual, partner­
ship, association, or corporation, including any
banking institution, shall export or otherwise
remove or permit to be withdrawn from the
United States or any place subject to the
jurisdiction thereof any gold coin, gold bullion,
or gold certificates, except in accordance with
regulations prescribed by or under license
issued by the Secretary of the Treasury.
“ No permission to any banking institution
to perform any banking functions shall au­
thorize such institution to pay out any gold
coin, gold bullion or gold certificates except as
authorized by the Secretary of the Treasury,
nor to allow withdrawal of any currency for
hoarding, nor to engage in any transaction in
foreign exchange except such as may be under­
taken for legitimate and normal business re­
quirements, for reasonable traveling and other
personal requirements, and for the fulfillment
of contracts entered into prior to March 6, 1933
“ Every Federal reserve bank is authorized
and instructed to keep itself currently in­
formed as to transactions in foreign exchange
entered into or consummated within its district
and shall report to the Secretary of the Treasury
all transactions in foreign exchange which are
prohibited.
“ F r a n k l i n D. R o o s e v e l t .
“ The W h i t e H o u s e ,
“ March 10, 1938.”




(Q SO l

On March 11, 1933, the President issued the
following statement to the press:
“ I am glad to be able to
announce that technical diffi­
culties which operated to delay
the opening of banks, both State and national,
have finally substantially been overcome by
tireless work on the part of the officials of the
Treasury and the Federal Reserve System, and
that a definite program has been arranged con­
sisting of successive steps by which banks
throughout the country will be opened pro­
gressively on Monday, Tuesday, and Wednes­
day mornings.
“ The Secretary of the Treasury will issue
licenses to banks which are members of the
Federal Reserve System, whether national bank
or State, located in each of the twelve Federal
reserve bank cities, to open Monday morning.
“ So also the State authorities having super­
vision over State banks which are not members
of the Federal Reserve System will be asked to
permit any such State institutions located in
any one of the twelve Federal reserve bank
cities to open for business on Monday morning
if in their judgment they deem it wise to do so.
“ Under this progressive plan, banks located
in any city having an active, recognized clearing
house association, of which there are 250 cities,
will receive licenses for reopening on Tuesday
morning, and banks located elsewhere will
receive their licenses permitting reopening for
Wednesday.
“ Time is thus afforded for the necessary
shipments of currency provided under the
Emergency Bank Act from reserve bank
centers to clearing-house cities and banks in the
smaller communities.
“ There were enormous technical problems to
be solved before these mechanics could be
worked out and before the actual currency
could be in the bank when the doors opened.
“ The Constitution has laid upon me the duty
of conveying the condition of the country to
the Congress assembled at Washington. I
believe I have a like duty to convey to the
people themselves a clear picture of the situa­
tion at Washington itself whenever there is
danger of any confusion as to what the Govern­
ment is undertaking.
“ That there may be a clear understanding as
to just what has taken place during the last
two days since the passage of this Act it is my
intention, over the national radio networks, at
ten o’clock Sunday evening, to explain clearly
and in simple language to all of you just what
Statement by
the President

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has been achieved and the sound reasons which
underlie this declaration to you.
“ The fact that banks will be opened under
this plan does not mean that anyone should
draw the inference that the banks opening
Monday are in any different condition as to
soundness from the banks licensed to open on
Tuesday or Wednesday or any subsequent
day.”
On March 12, 1933, the President delivered
Address by the
President

over

th e

r a d io >

at 10 P- m->

the following address relative
to the banking situation:
“ I want to talk for a few minutes with the
people of the United States about banking—
with the comparatively few who understand
the mechanics of banking, but more particularly
with the overwhelming majority who use
baTnks for the making of deposits and the
drawing of checks. I want to tell you what
has been done in the last few days, why it was
done, and what the next steps are going to be.
I recognize that the many proclamations from
State capitals and from Washington, the legisla­
tion, the Treasury regulations, etc., couched
for the most part in banking and legal terms,
should be explained for the benefit of the aver­
age citizen. I owe this in particular because of
the fortitude and good temper with which
everybody has accepted the inconvenience and
hardships of the banking holiday. I know
that when you understand what we in Wash­
ington have been about I shall continue to
have your cooperation as fully as I have had
your sympathy and help during the past week.
“ First of all, let me state the simple fact
that when you deposit money in a bank the
bank does not put the money into a safe de­
posit vault. It invests your money in many
different forms of credit— bonds, commercial
paper, mortgages and many other kinds of
loans. In other words, the bank puts your
money to work to keep the wheels of industry
and of agriculture turning around. A com­
paratively small part of the money you put
into the bank is kept in currency— an amount
which in normal times is wholly sufficient to
cover the cash needs of the average citizen.
In other words, the total amount of all the
currency in the country is only a small fraction
of the total deposits in all of the banks.
“ What, then, happened during the last few
days of February and the first few days of
March? Because of undermined confidence
on the part of the public, there was a general




rush by a large portion of our population to
turn bank deposits into currency or gold— a
rush so great that the soundest banks could not
get enough currency to meet the demand. The
reason for this was that on the spur of the
moment it was, of course, impossible to sell
perfectly sound assets of a bank and convert
them into cash except at panic, prices far below
their real value.
“ By the afternoon of March 3 scarcely a
bank in the country was open to do business.
Proclamations temporarily closing them in
whole or in part had been issued by the Gov­
ernors in almost all the States.
“ It was then that I issued the proclamation
providing for the nation-wide bank holiday, and
this was the first step in the Government’s re­
construction of our financial and economic fabric.
“ The second step was the legislation
promptly and patriotically passed by the
Congress confirming my proclamation and
broadening my powers so that it became
possible in view of the requirement of time to
extend the holiday and lift the ban of that
holiday gradually. This law also gave author­
ity to develop a program of rehabilitation of
our banking facilities. I want to tell our
citizens in every part of the Nation that the
National Congress— Republicans and Demo­
crats alike— showed by this action a devotion
to public welfare and a realization of the emer­
gency and the necessity for speed that it is
difficult to match in our history.
“ The third stage has been the series of
regulations permitting the banks to continue
their functions to take care of the distribution
of food and household necessities and the pay­
ment of pay rolls.
“ This bank holiday, while resulting in many
cases in great inconvenience, is affording us the
opportunity to supply the currency necessary
to meet the situation. No sound bank is a
dollar worse off than it was when it closed its
doors last Monday. Neither is any bank
which may turn out not to be in a position for
immediate opening. The new law allows the
twelve Federal reserve banks to issue additional
currency on good assets and thus the banks
which reopen will be able to meet every legiti­
mate call. The new currency is being sent out
by the Bureau of Engraving and Printing in
large volume to every part of the country. It
is sound currency because it is backed by actual,
good assets.
“ A question you will ask is this: Why are all
the banks not to be reopened at the same time?
The answer is simple. Your Government does

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>

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(050?

10
not intend that the history of the past few years
shall be repeated. We do not want and will not
have another epidemic of bank failures.
“ As a result we start to-morrow, Monday,
with the opening of banks in the twelve Federal
reserve bank cities— those banks which on first
examination by the Treasury have already been
found to be all right. This will be followed
on Tuesday by the resumption of all their
functions by banks already found to be sound
in cities where there are recognized clearing
houses. That means about 250 cities of the
United States.
“ On Wednesday and succeeding days banks
in smaller places all through the country will
resume business, subject, of course, to the Gov­
ernment’s physical ability to complete its sur­
vey. It is necessary that the reopening of banks
be extended over a period in order to permit
the banks to make applications for necessary
loans, to obtain currency needed to meet their
requirements and to enable the Government to
make common-sense check-ups.
‘ ‘Let me make it clear to you that if your bank
does not open the first day you are by no means
justified in believing that it will not open. A
bank that opens on one of the subsequent days
is in exactly the same status as the bank that
opens to-morrow.
“ I know that many people are worrying
about State banks not members of the Federal
reserve system. These banks can and will
receive assistance from member banks and from
the Reconstruction Finance Corporation.
“ These State banks are following the same
course as the national banks except that they
get their licenses to resume business from the
State authorities, and these authorities have
been asked by the Secretary of the Treasury to
permit their good banks to open up on the same
schedule as the national banks. I am confident
that the State banking departments will be as
careful as the National Government in the
policy relating to the opening of banks and will
follow the same broad policy.
“ It is possible that when the banks resume a
very few people who have not recovered from
their fear may again begin withdrawals. Let
me make it clear that the banks will take care of
all needs and it is my belief that hoarding
during the past week has become an exceedingly
unfashionable pastime.
“ It needs no prophet to tell you that when
the people find that they can get their money—
that they can get it when they want it for all
legitimate purposes— the phantom of fear will
soon be laid. People will again be glad to have
their money where it will be safely taken care




of and where they can use it conveniently at
any time. I can assure you that it is safer to
keep your money in a reopened bank than
under the mattress.
“ The success of our whole great national pro­
gram depends, of course, upon the cooperation
of the public— on its intelligent support and use
of a reliable system.
“ Remember that the essential accomplish­
ment of the new legislation is that it makes it
possible for banks more readily to convert their
assets into cash than was the case before.
More liberal provision has been made for banks
to borrow on these assets at the reserve banks
and more liberal provision has also been made
for issuing currency on the security of these
ood assets. This currency is not fiat currency,
t is issued only on adequate security— and
every good bank has an abundance of such
security.
“ One more point before I close. There will
be, of course, some banks unable to reopen
without being reorganized. The new law
allows the Government to assist in making
these reorganizations quickly and effectively
and even allows the Government to subscribe
to at least a part of new capital which may
be required.
“ I hope you can see from this elemental
recital of what your Government is doing that
there is nothing complex or radical in the
process.
“ We had a bad banking situation. Some of
our bankers had shown themselves either in­
competent or dishonest in their handling of the
people’s funds. They had used the money
entrusted to them in speculations and unwise
loans. This was, of course, not true in the
vast majority of our banks, but it was true in
enough of them to shock the people for a time
into a sense of insecurity and to put them into
a frame of mind where they did not differen­
tiate, but seemed to assume that the acts of a
comparative few had tainted them all. It was
the Government’s job to straighten out this
situation and do it as quickly as possible— and
the job is being performed.
“ I do not promise you that every bank will
be reopened or that individual losses will not
be suffered, but there will be no losses that
possibly could be avoided; and there would
have been more and greater losses had we con­
tinued to drift. I can even promise you salva­
tion for some, at least, of the sorely pressed
banks. We shall be engaged not merely in
reopening sound banks but in the creation of
sound banks through reorganization.

f

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11
“ It has been wonderful to me to catch the
The Secretary of the Treasury, under the
note of confidence from all over the country. authority conferred upon him by the President's
I can never be sufficiently grateful to the people
proclamations declaring and
for the loyal support they have given me in
their acceptance of the judgment that has t h ^ S e ^ r e t i f r y ^ f con^nuing th<3 bank holiday,
issued the following regulations
dictated our course, even though all our the Treasury
processes may not have seemed clear to them.
during the period March 6,
“ After all, there is an element in the readjust­ 1933, to March 30, 1933:
ment of our financial system more important
REGULATION NO. 1 (MARCH 6)
than currency, more important than gold, and
that is the confidence of the people.
All Federal reserve banks and all other banking
“ Confidence and courage are the essentials of institutions are authorized to make change by the
success in carrying out our plan. You people exchange of currency and/or coin of various denomina­
tions for an exactly equal amount of currency and/or
must have faith; you must not be stampeded coin of other denominations, but no gold or gold cer­
by rumors or guesses. Let us unite in banish­ tificates shall be paid out in making change.
ing fear. We have provided the machinery to
REGULATION NO. 2 (MARCH 6)
restore our financial system; it is up to you to
All
banking
institutions may allow their customers
support and make it work.
“ It is your problem no less than it is mine. free access to tha, safety deposit boxes and safes rented
to such customers.
Together we can not fail.”
REGULATION NO. 3 (MARCH 6)

On March 18, 1933, the President issued the
following Executive order:
“

e x e c u t iv e

order

“ By virtue of the authority vested in me by
section 5(b) of the Act of October 6, 1917 (40
Stat. L., 411) as amended by the Act of
March 9, 1933, and by section 4 of the said Act
of March 9, 1933, and by virtue of all other
authority vested in me, I hereby issue the
following Executive order.
“ Whenever the appropriate authority having
immediate supervision of any banking institu­
tion located in any State or place subject to the
jurisdiction of the United States, which is a
member of the Federal Reserve System and
which has not been licensed by the Secretary of
the Treasury to resume its usual banking
functions, shall deem it necessary or advisable
in order to conserve the assets of such banking
institution for the benefit of the depositors or
other creditors, such authority may, in accord­
ance with the provisions of the applicable laws
of such State or place, appoint such appropriate
official as may be authorized under such laws
to conserve the assets of such banking institu­
tion pending further disposition of its business
as provided by such laws.
“ This order shall not authorize any such
member bank to reopen for the performance of
usual and normal functions until it shall have
received a license from the Secretary of the
Treasury as provided in Executive Order of
March 10, 1933.
“ F r a n k l i n D. R o o s e v e l t .
“T

he

W

h it e

H

o use,

“ March 18, 1933”




All banking institutions may upon request return
intact and without restriction all cash, checks, and
other items delivered for deposit or collection which
were received after the last closing of business hours
and have not been entered on the books of such
banking institution.
REGULATION NO. 4 (MARCH 6)

All banking institutions may continue, in accord­
ance with usual practice, to cash checks drawn on the
Treasurer of the United States, provided that no gold
or gold certificates shall be paid out.
REGULATION NO. 5 (MARCH 6) 2

Any banking institution may accept payments in
cash or any other form acceptable to it on account or
in settlement of obligations payable at or to such
institution.
REGULATION NO. 6 (MARCH 6) 3

Any banking institution may handle and collect
drafts or other documents in connection with the
shipment, transportation or delivery of food or feed
products, may pay out or permit the withdrawal of
such amounts of currency as shall be necessary in the
judgment of such banking institution in connection
with such shipment, transportation or delivery of
food or feed products, and may perform such other
banking functions as may be essential to the shipment,
transportation or delivery of food or feed products,
provided, however, that no banking institution shall
pay out or permit the withdrawal of any gold or gold
certificates.
REGULATION NO. 7 (MARCH 6) 4

Deposits heretofore received by any banking institu­
tion pursuant to agreement or legislative authority
providing for segregation and for repayment without
restriction may be paid on demand. Any banking in­
stitution which was lawfully engaged in the business of
2 See interpretation No. 4 (M ar. 8), p. 15.
3 See interpretations No. 1 (M ar. 7), No. 6 (Mar. 8), and No. 13 (M ar.
21), p. 15. Regulation No. 6 revoked by regulation No. 28 (Mar. 18),
p. 14.
4 See regulations No. 15 (M ar. 8), p. 13; and No. 27 (M ar. 18), p. 14.

mmmmmmmmmmmmmmmmmmm

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

DECLASSIFIED
Authority ^ X) » (0 S O )

12
receiving deposits prior to. March 6, 1933, may create
special trust accounts for the receipt of new deposits
which shall be subject to withdrawal on demand with­
out any restriction or limitation and shall be kept sepa­
rately in cash or on deposit in Federal reserve banks or
invested in obligations of the United States. Federal
reserve banks may open special accounts on their books
for their member banks and temporarily for nonmember
banks and may receive in such special accounts the
proceeds of new deposits received by such banking in­
stitutions. In making deposits with the Federal reserve
bank pursuant to this regulation the depositing bank
shall in the case of each deposit indicate to the Federal
reserve bank by symbol or otherwise that the funds so
deposited represent new deposits made under this regu­
lation. Upon receipt of such deposits such Federal
reserve bank shall credit the same in the special ac­
count of the depositing bank herein provided for and
shall hold the same solely for repayment to such bank.
Federal reserve banks shall permit the withdrawal of
any part or all of such new deposits by the depositing
bank without restriction provided that the depositing
bank shall in such order or request for withdrawal indi­
cate .to the Federal reserve bank by symbol or otherwise
that such withdrawal is to be made from such special
account, provided however that no banking institu­
tion shall pay out or permit the withdrawal of any gold
or gold certificates.
REGULATION NO. 8 (MARCH 7)

Where settlement for checks charged by drawee
institutions to the drawers’ accounts on its books on or
before March 4, 1933, is incomplete, settlement may
be completed where such settlement does not involve
the payment of money or currency.
REGULATION NO. 9 (MARCH 7)

Any banking institution may deliver to the person
entitled thereto properly identified documents and
securities held by such institution for safekeeping.
REGULATION NO. 10 (MARCH 7, AS AMENDED ON MARCH 10
BY ADDITION OF MATTER IN ITALICS) 5

Any national or State banking institution may exer­
cise its usual banking functions to such extent as its
situation shall permit and as shall be absolutely neces­
sary to meet the needs of its community for food, medi­
cine, other necessities of life, for the relief of distress, for
the payment of usual salaries and wages, for necessary
current expenditures for the purpose of maintaining em­
ployment, and for other similar essential purposes.
B an kin g institutions m ay carry out such transactions as
m ay be necessary to aid banking institutions in other
com m unities to meet the necessities set forth above: Pro­

vided, however, that (1) every precaution shall be taken
to prevent hoarding or the unnecessary withdrawal of
currency; (2) no State banking institution shall engage
in any transaction under this regulation which is in vio­
lation of State or Federal law or of any regulation issued
thereunder; (3) no national banking association shall
engage in any transaction under this section which is in
violation of any Federal law or of any order or regula­
tion issued by the Comptroller of the Currency; and (4)
no gold or gold certificates shall be paid out. Each
banking institution and its directors and officers will be
held strictly accountable for faithful compliance with
the spirit and purpose as well as the letter of this
regulation.
s See interpretations No. 2 (Mar. 7), No. 5 (Mar. 8), No. 7 (M ar. 8),
No. 9 (Mar. 14), and No. 13 (Mar. 21), p 15. ^Regulation No. 10 revoked
by regulation No. 28 (M ar. 18), p. 14.




Federal reserve banks m ay carry on such fu n ction s as may
be necessary to facilitate transactions authorized by this
regulation.
I n order to enable member banks o f the Federal Reserve
System to meet the needs o f their respective com m unities to
the extent authorized by this regulation Federal reserve
banks m ay make advances to such member banks under the
conditions set forth in section 10 (b) o f the Federal reserve
act as amended by the act o f M arch 9, 1983, and in accord­
ance with authority granted by the Federal Reserve Board.
I n addition, in order to enable individuals, partner­
ships and corporations to meet their im m ediate pa y roll
requirements, Federal reserve banks may make tem porary
advances to such individuals, partnerships and corpora­
tions on their prom issory notes secured by direct obligations
o f the United States in accordance with authority granted
by the Federal Reserve Board.
REGULATION NO. 11 (MARCH 7)

Any bank having a branch in a foreign country may
deposit collateral in the United States to secure ad­
vances to such branch in a foreign country, provided
such transaction does not involve any transfer of credit
from the United States to a foreign country, and any
bank having a branch in an insular possession of the
United States may deposit United States Government
securities or other collateral for a similar purpose when
under the President’s proclamation advances of local
currency in the insular possession may lawfully be
made.
REGULATION NO. 12 (MARCH 7) 6

Clearing house associations and other associations
organized to provide an adequately secured medium
of temporary exchange are hereby permitted to issue
certificates against sound assets of banking institutions,
such certificates to be deliverable by each institution
to its creditors and depositors on a pro rata basis,
provided, however, that no such certificates shall be
issued before Friday, March 10, 1933, without the con­
sent of the Secretary of the Treasury addressed to the
clearing house or other association proposing to issue
such certificates, and further provided that this per­
mission may be revoked in the event that a national
plan to meet the existing emergency is proposed by the
Secretary of the Treasury if in his opinion the success
of such plan would be inconsistent with the operation
of the certificate plan.
REGULATION NO. 13 (MARCH 7) 7

Any banking institution lawfully engaged in the
business of acting as trustee, executor, administrator,
registrar of stocks and bonds, transfer agent, guardian
of estates, assignee, receiver, committee of estates of
lunatics, or in any other fiduciary capacity may con­
tinue to transact such business in the normal and usual
manner; provided that in the conduct of said business,
except as may be permitted by other regulations of the
Secretary of the Treasury, such banking institution
shall not pay out or permit the withdrawal of coin or
currency nor withdraw any trust or fiduciary funds on
deposit with any other department of the bank.
REGULATION NO. 14 (MARCH 7)

Federal reserve banks are authorized to conduct
their normal and usual operations as fiscal agents of
the United States in transactions pertaining to the ex­
change of obligations of the United States, such as
6 See statement by the Secretary of the Treasury, (Mar. 9,) p. 16; and
interpretation No. 11 (Mar. 16), p. 15.
7 Superseded by regulation No. 31 (Mar. 30), p. 14.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p.' U« ( 0 S O j

f

13
making exchange of denominations, exchanging cou­
pon for registered bonds, and vice versa, receiving
registered bonds for transfer and effecting C. P. D.
transactions.
REGULATION NO. 15 (MARCH 8)

The permission granted in regulation No. 7, that
deposits heretofore received by any banking institu­
tion pursuant to agreement or legislative authority
providing for segregation and repayment without
restriction may be paid on demand, includes any bank
in which any such deposits have been redeposited by
or on behalf of the receiving bank in accordance with
such agreement or legislative authority.
REGULATION NO. 16 (MARCH 10)

All banking institutions are hereby authorized to
take such steps and carry through such transactions as
may be necessary to complete for their own account, or
the account of their customers, payment on any sub­
scriptions for Treasury bills of the United States for
which payment was due on March 6, 1933.
REGULATION NO. 17 (MARCH 10)

"Any banking institution may, when the owners
consent thereto, pay checks issued prior to March 6,
1933, and received in due course of business by the
drawee banking institution, by charging the amounts
thereof to the accounts of the drawers and crediting
such amounts to the accounts of such owners on the
books of the drawee banking institution.
REGULATION NO. 18 (MARCH 11)

All banking institutions are hereby authorized to
subscribe and pay for any United States Government
obligations which may be offered for subscription and
sale by the Secretary of the Treasury. Federal reserve
banks may carry on such functions as may be necessary
to facilitate such transactions &s are authorized by this
regulation.
All Federal reserve banks are authorized to redeem
matured obligations of the United States and to cash
matured coupons provided no gold or gold certificates
shall be paid out.
REGULATION NO. 19 (MARCH 11)

Except as otherwise prohibited by law, banking
institutions may exercise their normal and usual func­
tions in permitting substitution for or release of collat­
eral held by them, provided other collateral or cash of
equal or greater value is received in exchange therefor.
REGULATION NO. 20 (MARCH 11)

All Federal reserve banks and their branches and
agencies may open March 13, 1933, and may remain
open for the performance of all usual and normal
banking functions except as prohibited by the Execu­
tive order issued by the President on March 10, 1933,
and any further orders or regulations hereafter issued.
REGULATION NO. 21 (MARCH 11)

Banking institutions which are not members of the
Federal Reserve System or organized under the laws of
the United States and which are not under the immedi­
ate supervision of any State authority may, on and
after March 13, 1933, carry on their normal and usual
functions, except as otherwise prohibited and except




that no such institution shall pay out any gold coin,
gold bullion or gold certificates, unless authorized by
the Secretary of the Treasury, nor allow withdrawal of
any currency for hoarding, nor engage in any transac­
tion in foreign exchange except such as may be under­
taken for legitimate and normal business requirements,
for reasonable traveling and other personal require­
ments, and for fulfillment of contracts entered into
prior to March 6, 1933.
REGULATION NO. 22 (MARCH 11, AS AMENDED MARCH 13
BY ADDITION OF MATTER IN ITALICS)

All Federal land banks, Federal intermediate credit
banks, joint stock land banks, Federal home loan
banks, corporations organized under section 25(a ) of
the Federal reserve act, regional agricultural credit
corporations and the Reconstruction Finance Corpora­
tion are hereby permitted to open at 9 o’clock, a. m.,
Monday, March 13, 1933, to perform their usual
banking functions except to the extent prohibited by
the Executive order of the President of the United
States, issued March 10, 1933, by Federal or State
law, or as may hereafter be limited or prohibited by
regulations promulgated by the Secretary of the
Treasury.
This permission, as to each of the foregoing bank­
ing institutions, may be revoked in whole or in part
by the Secretary of the Treasury at any time, and is
granted as to each such institution upon the express
condition that such institution shall deliver, within
thirty days from the date hereof, to the Treasurer of
the United States or to a Federal reserve bank or a
Federal reserve branch bank of the district in which
it is located, all gold coin, gold bullion and gold certifi­
cates owned by it, and receive payment in credit or
in other forms of coin or in currency.
REGULATION

N O.

23 (MARCH 12)

No banking institution shall permit any withdrawal
by any person when such institution, acting in good
faith, shall deem that the withdrawal is intended for
hoarding. Any banking institution, before permitting
the withdrawal of large or unusual amounts of currency,
may require from the person requesting such with­
drawal a full statement under oath of the purpose for
which the currency is requested.
REGULATION NO. 24 (MARCH 12)

All banking institutions may cash official drafts
drawn upon the Secretary of State for payment of sal­
aries, traveling and other contingent expenses but not
for personal account, and remit the amounts thereof to
the banks from which the drafts are received, provided
that no gold or gold certificates shall be paid out.
REGULATION NO. 25 (MARCH 13) 8

Pending the determination by the Treasury Depart­
ment of a suitable procedure for licensing the delivery
of gold for use in trade, profession or art, Federal
reserve banks are hereby authorized to deliver upon
request therefor gold in amounts deemed by such bank
to be reasonably required for legitimate and customary
uses in trade, profession or art, provided such request
is accompanied by affidavit of the person requesting
such gold stating the amount of unmanufactured gold
on hand and the facts making it necessary to obtain
such gold for the purpose of maintaining employment.
‘ R e v o k e d b y gold regulations of A p r. 29, 1933.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jp A)- I P S O )
*

14
All banks licensed to open for usual and normal
functions are permitted to carry out any transaction
necessary to complete the delivery of any gold author­
ized by any Federal reserve bank to be delivered in
accordance with such request.
REGULATION NO. 26 (MARCH 13)

All banking institutions may issue drafts transferring
credits from any place in the United States to any other
place in the United States and from any place in the
United States to any place in a foreign country in con­
nection with payments for domestic and foreign patent,
trade-mark and design application fees, and in payment
for domestic and foreign patent and trade-mark taxes
and renewals. No gold or gold certificates shall be
paid out, withdrawn, or exported under this regulation.

rency, in the case of national banks, or by the appro­
priate State officials, in the case of State member banks;
provided, however, that no such banking institution
shall reopen for the performance of its usual and
normal functions until it shall have received a license
from the Secretary of the Treasury.
This regulation shall not authorize any transaction
with respect to the export or paying out of gold or
gold certificates, withdrawal of currency for hoarding
or transactions in foreign exchange prohibited or re­
stricted by the Executive order of March 10, 1933.
REGULATION NO. 31 (MAR. 30) 11

Any banking institution which is a member of the
Federal Reserve System and is not licensed to perform
usual banking functions, but which is duly authorized
to engage in the business of acting as trustee, executor,
REGULATION NO. 27 (MARCH 18; ISSUED UNDER THE administrator, registrar of stocks and bonds, transfer
AUTHORITY OF THE EXECUTIVE ORDER OF MARCH 10 agent, guardian of estates, assignee, receiver, committee
AS WELL AS UNDER THE PROCLAMATIONS REFERRED of estates of lunatics, or in any other fiduciary capacity,
TO ON PAGE 11) 9
may transact such business in the normal and usual
manner and may make payments on account of the
Any State banking institution which is a member of
principal or income of trust or other fiduciary funds
the Federal Reserve System and which is not licensed
to the persons entitled thereto; provided, that, except
by the Secretary of the Treasury to reopen for the per­
to the extent permitted by other emergency banking
formance of usual banking functions may, with the
approval of the appropriate State authority having regulations, no such banking institution shall withdraw
immediate supervision of such banking institution, or pay out any trust or other fiduciary funds on deposit
with any other department of such banking institution
permit withdrawals by depositors and make payments
or make any other payment in connection with any
to creditors of such percentage of the amounts due to
trust or other fiduciary funds which would operate to
them (not exceeding 5 per cent) as it may determine,
discharge, as a whole or in part, any indebtedness, as
provided that at or before the time of such withdrawal distinguished from any trust or other fiduciary duty, of
or payment it shall set aside and make available for
such banking institution.
such purpose a fund for the benefit of and sufficient to
This regulation supersedes emergency banking regu­
pay to all depositors and creditors the percentage so
lation No. 13 of March 7,1933, which is hereby revoked.
determined.
This regulation shall not in any way affect any right
REGULATION NO. 32 (MAR. 30)
created by Regulation No. 7 nor limit or restrict any
Any State bank which is a member of the Federal
payment thereby authorized.
Any right to authorize withdrawals or payments Reserve System, and is not licensed by the Secretary
under the terms of this regulation shall terminate upon of the Treasury to perform usual banking functions,
the appointment of any conservator, receiver or other may permit withdrawals of deposits which are lawfully
appropriate State official taking charge of the affairs of secured by collateral; provided, that such withdrawals
are (a) permissible under applicable law, (b) duly
such banking institutions.
authorized by the Board of Directors of such bank,
REGULATION NO. 28 (MARCH 18) 10
upon such terms with respect to the release of collateral
as will fully protect all depositors and other creditors
After the close of business on March 18, 1933, Treas­
against the creation of any preferences, and (c) ap­
ury regulation No. 6 and Treasury regulation No. 10,
proved by the appropriate State authority having
as amended, shall be without force or effect to authorize supervision of such bank.
any banking transaction therein referred to.
Any such bank is authorized to carry on such usual
banking functions as may be essential to allow the
REGULATION NO. 29 (MAR. 21)
withdrawals permitted by this regulation, subject to
Any banking institution which is a member of the the provisions and restrictions above set forth and ex­
Federal Reserve System and is not licensed to perform cept as otherwise prohibited.
usual banking functions may rediscount or pledge with
another banking institution renewals of notes which SUPPLEMENTARY REGULATION APPLICABLE TO FEDERAL
RESERVE BANKS (MARCH 7)
were previously rediscounted or pledged with such other
banking institution.
REGULATION NO. 30 (MAR. 28)

Banking institutions which are members of the Fed­
eral Reserve System and of which actual possession
and control have been taken (a) by conservators
appointed pursuant to the act of March 9, 1933, or
(6) by appropriate State officials appointed pursuant
to State law. as permitted by the President’s Executive
Order of March 18, 1933, are permitted to transact
such limited banking functions as may be authorized
in accordance with law by the Comptroller of the Cur­
9 See interpretation No. 12 (Mar. 20), p. 15.
w See interpretation N o. 13 (Mar. 21), p. 15.




Under the authority conferred upon him by
the President’s proclamation of March 6, 1933,
declaring a bank holiday, the Secretary of the
Treasury on March 7, 1933, also issued the
following regulation:

Each Federal reserve bank may (1) make available to
its member banks which, in the judgment of the Federal
reserve bank, are complying strictly with the spirit
and purpose as well as the letter of the regulations
11 Supersedes regulation N o. 13 (M a r. 7), p. 12.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ A)* 10 5 0 1

15
issued by the Secretary of the Treasury pursuant to
the President’s proclamation declaring a bank holiday,
such limited amounts of coin and/or currency (other
than gold or gold certificates) as shall be absolutely
necessary in order to enable such member banks to
exercise the restricted functions permitted by such
regulations, (2) extend to each such member bank such
limited amounts of discounts, advancements and ac­
commodations as shall be absolutely necessary for the
exercise of such restricted functions, and (3) make
transfers of credit on its books for such restricted pur­
poses between the accounts of such member banks
and/or nonmember clearing banks which, in the judg­
ment of the Federal reserve bank, are complying strictly
with the spirit and purpose as well as the letter of such
regulations; provided, however, that before granting
any such discounts, advancements or accommodations
or making such limited payments of coin and/or cur­
rency, the Federal^reserve bank shall first require the
member bank, (a) "to inform the Federal reserve bank
of the amounts of coin and currency which it has on
hand, (b) to inform the Federal reserve bank of the
circumstances giving rise to the need for additional
coin and/or currency, and (c) to deliver to the Federal
reserve bank in exchange for other forms of coin and/or
cusrency or for credit on its books all gold and gold
certificates held by such member bank in its own right.

The following are interpretations issued by
T
,
...
the Secretary of the Treasury
IntprnrptmiATis
by the Secretary from March 7, 1933, to March
of the Treasury
2 1 , 1933, of certain of the pro­
visions of the regulations set forth above:
INTERPRETATION NO. 1 (MARCH 7)

You are authorized to inform all banking institutions
and others concerned that the term “ food or feed prod­
ucts” in regulation No. 6 under the President’s proc­
lamation promulgated March 6 may be interpreted
to include livestock on the way to slaughter.
INTERPRETATION NO. 2 (MARCH 7)

Regulation No. 10 of March 7 under the President’s
proclamation of March 6 is held to authorize payments
on account of pensions, workmen’s compensation dis­
ability insurance, relief and unemployment.
INTERPRETATION NO. 3 (MARCH 7) 12

The term “ other corporations, partnerships, associa­
tions or persons engaged in the business of receiving
deposits, making loans,” as used in the President’s
proclamation of March 6 declaring a bank holiday, is
held to include brokers, pawn brokers, industrial loan
companies, mortgage loan companies, chattel loan
companies, personal finance companies, automobile
finance companies and all other persons, firms and cor­
porations engaged in the business of making loans of
any kind, secured or unsecured.
INTERPRETATION NO. 4 (MARCH 8)

Regulation No. 5, dated March 6, 1933, is not to be
interpreted as permitting any banking institutions to
accept payment of any obligation not solely owned by
it in any form which is not authorized by the person
entitled to the proceeds.
12 See interpretation No. 10 (M ar. 14), p. 15.




INTERPRETATION NO. 5 (MARCH 8)

Regulation No. 10 issued under the President’s
proclamation is interpreted to authorize payments for
fertilizer and for vegetable and agricultural seeds for
spring planting, where such payments are absolutely
necessary and where the seed and/or fertilizer are for
immediate use.
INTERPRETATION NO. 6 (MARCH 8)

“ Food or feed products” as used in regulation No. 6
may be construed as including whole grain if such grain
is intended for processing or consumption in the im­
mediate future.
INTERPRETATION NO. 7 (MARCH 8) 1S

Release of funds for purchase of cotton where abso­
lutely necessary to maintain operation is interpreted as
“ necessary current expenditures for the purpose of
maintaining employment and for other similar essential
purposes.”
INTERPRETATION NO. 8 (MARCH 8)

Regarding release of funds for purchase of internal
revenue stamps in connection with cigar manufactur­
ing. Cigar manufacturing company should be referred
to collector of internal revenue.
INTERPRETATION NO. 9 (MARCH 14)

Regulation No. 10 issued under the President’s
proclamation is interpreted to authorize payments for
nursery stock where such payments are absolutely
necessary to prevent destruction of stock in transit
on March 6, 1933, or prepared for and awaiting ship­
ment on March 6, 1933, under bona fide commitments.
INTERPRETATION NO. 10 (MARCH 14)

The term “ mortgage loan companies,” as used in
interpretation No. 3, is interpreted to include all
corporations whose principal business consists of the
investment in, sale and purchase of real estate mort­
gages and mortgage certificates guaranteed by such
corporations.
INTERPRETATION NO. 11 (MARCH 16)

Regulation No. 12 is not to be construed as permit­
ting a banking institution, open for normal and usual
functions under license of the Secretary of the Treas­
ury, to require depositors to accept clearing-house cer­
tificates or other evidences of claims against assets for
all or any part of any withdrawal requested.
INTERPRETATION NO. 12 (MARCH 20)

Regulation No. 27 is interpreted to permit any bank­
ing institution acting thereunder to carry on such usual
banking functions as may be essential to permit re­
stricted withdrawals and payments authorized by such
regulation, subject to all of the provisions and restric­
tions therein contained and except as otherwise pro­
hibited.
INTERPRETATION NO. 13 (MARCH 21)

Regulation No. 28 is held not to prohibit the honoring
of checks or drafts drawn on or before March 18, 1933,
under the terms of regulation No. 6 or regulation No. 10,
as amended, subject to all the provisions and restric­
tions contained in such regulations and except as other­
wise prohibited.
>3 See regulation No. 10, as amende d, p. 12.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED

Authority

■ a . 1 Q 5Q 1

16
During the period March 7, 1933, to March step toward the solution of the financial and
Statements by
31> 1933> the following state- banking difficulties which have confronted the
The extraordinary rapidity with
the Secretary of ments, in addition to state­ country.
which this legislation was enacted by the Con­
the Treasury
ments containing regulations gress heartens and encourages the country.
and interpretations, were issued by the Secre­
“ This legislation makes possible the opening
tary of the Treasury:
of banks upon a sound basis, backed by an
Through this
STATEMENT BY THE SECRETARY OF THE TREASURY, adequate supply of currency.
law the banks which will open will be placed in
MARCH 7
“ In order to facilitate the prompt dissemina­ a position to meet all demands. This assur­
tion of information regarding, and interpreta­ ance should restore confidence and create the
tion of, regulations issued by the Secretary of foundation for a forward movement in business
the Treasury pursuant to the President’s activities.
“ It will be the policy of the Treasury to per­
proclamation, dated March 6, 1933, declaring
a bank holiday, it is requested that all inquiries mit as rapidly as possible the opening of the
for information regarding, and interpretation of, sound banks. There are, of course, many
any of such regulations coming from banks, thousands of such banks which will promptly be
banking institutions and individuals be made restored to the performance of their normal
direct to the Federal reserve bank in their functions.
district. Unless such requests are covered by
“ The Treasury has already taken steps to
interpretations previously issued by the Secre­ secure information through proper authorities
tary of the Treasury, the Federal reserve banks as to the condition of the various banks of the
will secure such interpretations from the Secre­ country and immediately invites from the banks
tary of the Treasury. All requests for any applications for reopening.
special permission or consent required by the
“ While much information has already been
regulations should be made in accordance with assembled, the completion of the information
such regulations.”
and of the arrangements of the banks for re­
It has
STATEMENT BY THE SECRETARY OF THE TREASURY, suming their functions takes some time.
therefore been decided not to authorize any
MARCH 9
“ The President has to-day urged the immedi­ reopenings before Saturday, March 11. It is
ate enactment of legislation dealing with the obvious that it will not be possible to act upon
existing banking situation. It appears that all of the applications even by Saturday. Reg­
prompt action will make banking facilities and ulations governing reopenings and also other
an adequate supply of currency available. subjects governed by the legislation will imme­
Notwithstanding the expected early opening of diately be published.”
banks, the Secretary of the Treasury inter­
OF THE TREASURY,
poses no objection to the issuance of clearing STATEMENT BY THE SECRETARY
MARCH 10
house certificates or other evidences of claims
against assets of banking institutions, in com­
“ Executive order or regulation will issue
munities where local conditions make such ac­ shortly directing all banks which are members
tion necessary. The regulation issued by the of the Federal reserve system, desiring to reopen
Secretary March 7, 1933,u remains effective, for the performance of all usual and normal
granting permission to clearing house associa­ banking functions, except as otherwise pro­
tions and other associations organized to pro­ hibited, to apply for a license to the Secretary
vide an adequately secured medium of tem­ of the Treasury, applications to be filed with
porary exchange to issue certificates against the Federal reserve bank in the appropriate
sound assets of banking institutions, such cer­ district. The appropriate authority having
tificates to be deliverable by each institution to immediate supervision of banking institutions
its creditors and depositors on a pro rata basis.” in each State will be authorized under such
STATEMENT BY THE SECRETARY OF THE TREASURY, regulations as such authority may prescribe to
permit any banking institution in such State
MARCH 9
“ The emergency banking legislation passed or place, other than member banks of the Fed­
by the Congress to-day is a most constructive eral Reserve System to perform any or all of
their usual banking functions, except as other­
wise prohibited.”
14 See regulation N o . 12, p . 12.




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority jp a 3» ( Q S Q f

1?
STATEMENT BY THE SECRETARY OF THE TREASURY,
MARCH 10

basis that will run the risk of being forced to
close again because of demands which it is not
“ To the superintendents of banks of each State: in a position to satisfy.”
“ All banks of the country are now prohibited
STATEMENT BY THE SECRETARY OF THE TREASURY,
under the proclamation of March 9 of the
MARCH 10
President from conducting any banking busi­
“
Under
the
terms
of the act of March 9,1933,
ness, except as specifically authorized by rule,
regulation or license of the Secretary of the immediate action has been taken by the Presi­
Treasury issued under that proclamation. In dent and the Secretary of the Treasury which
view of the passage of the emergency bank bill will make possible the resumption of banking
by Congress yesterday, and under the terms of operations in substantial volume at a very early
that bill, and section 5 of the act of October date. Pending such resumption the vital needs
6, 1917, as amended by that bill, the Secretary of communities must be met. Attention of all
of the Treasury will be authorized to permit banking institutions is called to Regulation 10
any sound bank which is a member of the which is still in force and which as amended
Federal Reserve System, whether State or na­ provides for cooperation between banks in
[See Regu­
tional, to reopen for business as promptly as different communities * *
possible. It is the intention of the Secretary lation No. 10, p. 12.1
of the Treasury, however, to permit no member
STATEMENT BY THE SECRETARY OF THE TREASURY,
bank to reopen at any time on a full 100 per
MARCH 10
cent basis unless or until the Secretary is satis­
“ The present restrictions on gold will not
fied that such bank is a sound going institution.
Any member bank not clearly within this cate­ prevent gold being available for all normal
gory will not be opened unless or until further uses in the industrial arts. Method of dis­
investigation discloses that it is a sound going tribution for these purposes will be determined
institution, or unless or until a reorganization by the Treasury.”
of some character will permit the bank to be STATEMENT BY THE SECRETARY OF THE TREASURY,
classified as a sound going institution.
MARCH 10
“ Any member bank not opened 100 per cent
“ The Federal Reserve Board this morning
under this procedure will be permitted to con­
tinue to perform only such specific transactions voted to authorize the Federal reserve banks
as are now authorized or may hereafter be under the terms of section 403 of the emergency
authorized by specific regulation or license of bank act to make advances to-morrow for pay­
roll purposes to individuals, firms, or corpora­
the Secretary of the Treasury.
“ In view of the fact that neither the Treas­ tions on their notes secured by Government
ury nor the Federal reserve authorities have securities. The Secretary of the Treasury has
sufficient information upon which to consider issued a regulation according to the terms of
applications for reopening by such State banks the President’s proclamation permitting the
as are not members of the Federal Reserve Federal reserve banks to carry on this business
System, the President will by decree authorize with the public.
“ Accordingly, the Federal reserve banks
the appropriate State authorities in each State
to give licenses to banks under their jurisdic­ will be open to-morrow for the purpose of making
tion other than members of the Federal Reserve loans secured by direct obligations of the
System, to open for the usual normal business, Government, as well as to conduct such other
or in their judgment, and under the terms of transactions with their member banks as may
the Presidential Proclamation, to permit of such be necessary to enable member banks to carry
reopening under such restrictions and limita­ out the purposes of regulation No. 10, as
tions as they in their judgment may deem wise. amended.”
It is to be expected, however, that State super­ STATEMENT BY THE SECRETARY OF THE TREASURY,
intendents in granting licenses under this
MARCH 11
authority will take under consideration in
determining their own policy the general prin­ “ To the superintendents of banks of each State:
ciple to be adopted by the Treasury as respects
“ As announced by the President this after­
member banks that in the interests of the noon, a definite program for the reopening of
depositors and of the country as a whole, only banks throughout the country has been deter­
sound institutions will be permitted to carry mined by the Secretary of the Treasury. In
on all of their usual functions to the end that accordance with this program, the Secretary
no bank shall be reopened for business on any of the Treasury is prepared upon application




Reproduced from the Unclassified I Declassified Holdings of the National Archives

__ ______

DECLASSIFIED

Authority p A )- 1 0 5 0 1

18
through Federal reserve banks to issue to bank­
ing institutions which are members of the
Federal Reserve System, whether national or
State, located in each of the 12 Federal reserve
bank cities licenses to open Monday morning.
The Secretary of the Treasury will not issue
licenses to any member bank, State or national,
located outside those 12 cities to open before
Tuesday.
“ State authorities having supervision over
banking institutions located at such cities
which are notr members of the Federal Reserve
System are requested to cooperate by permit­
ting such banking institutions to open for busi­
ness on Monday morning, in all cases where
they find them qualified to do so on the basis
indicated in previous telegram of March 10.15
The Secretary of the Treasury will not permit
any member bank, State or national, to open in
any such Federal reserve city unless opened for
normal business on an unrestricted basis, except
so far as affected by legal contracts between the
banks and depositors with respect to with­
drawals or notice of withdrawals.
“ In accordance with the announcement of
the President, the Secretary of the Treasury is
prepared upon application through the Federal
reserve banks to issue licenses to reopen on
Tuesday morning to Federal reserve member
banks located in any city having an active and
recognized clearing-house association, and upon
like application licenses to member banks
located elsewhere for reopening on Wednesday
morning. As previously stated, however, the
Secretary of the Treasury will not permit the
reopening of member banks, State or national,
on any of these days except on an unrestricted
basis, as above indicated. It must be under­
stood that the restrictions in the President’s
proclamation against the payment of gold,
gold certificates or bullion or the payment of
currency for hoarding purposes and foreign
exchange transactions will apply to all banking
institutions, member and nonmember, State or
national, until further notice.”
STATEMENT BY THE

SECRETARY
MARCH 11

OF THE TREASURY,

“ Normal banking is now in sight. It will
come as rapidly as the Treasury can authorize
banks to proceed.
“ The people of every community will learn
from their local institutions when the respective
Treasury permits have been granted. There­
fore there will not be, for the present at least,
any general list of the licenses issued from the

15 See statement to the superintendents of banks of each State, p. 17.


United States Treasury. To compile and
check such a list would be a rather lengthy
process, and speed in giving the people all the
banking facilities possible and safe takes
precedence over anything else.
“ The purpose of the banking and financial
program now in process under the Secretary
of the Treasury is to restore to the country as
promptly as possible adequate banking facili­
ties and furnish an ample and sound currency,
and restore confidence. Such a program is
made possible by the new emergency banking
act passed by Congress March 9.
“ This act confirms and continues the
authority of the President, through such agen­
cies as he may designate, to exercise control
over banking for the protection and benefit of
depositors and of all users of banking facilities.
By amendments to the Federal reserve act it is
made possible for Federal reserve banks to
make loans direct to corporations, firms and
individuals on their notes secured by direct
obligations of the United States Government.
There are approximately $11,000,000,000 of
such securities outstanding with the public
other than with banking institutions. In
order to enable the reopened banks to secure
currency sufficient to meet demands, Federal
reserve banks are authorized to lend to any
member bank, regardless of its size, on sound
assets. To provide adequate Federal reserve
bank currency to satisfy the possible demands
under this program, Federal reserve banks are
authorized to issue Federal reserve bank notes,
not only against Government securities, but
also against any member bank note secured by
sound assets.
“ With the enlarged potential supply of cur­
rency it is possible to proceed with the program
of permitting banks to open. There is no occa­
sion for such banks to experience any lack of
currency, and there should be an end of any fear
on that score of depositors in reopened banks.
An Executive order forbids all banks to permit
withdrawals of currency for hoarding purposes.
“ It is the intention of the Secretary of the
Treasury to proceed as rapidly as possible
under the President’s proclamation with the
licensing of the reopening of banks, both na­
tional and State, which are members of the
Federal Reserve System. The appropriate State
authorities may permit the reopening of the
State institutions. An embargo is imposed
upon gold payments, except under license, to
prevent gold hoarding.
“ This embargo does not mean that every
individual who happens to have one or a num­
ber of gold certificates in his roll of currency is

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

a) .

<0601

19
to be classified as a hoarder and be subjected
to invidious publicity or other penalty. The
provision is aimed at those who continue to
retain quantities of gold and thereby hinder
the Government's plans for a restoration of
public confidence.
“ Already from every quarter of the Nation
is reported a large and steady current of gold
flowing back to the banks, and the people apparently will be prompt in depositing their funds
and thereby relieving themselves of the inconvenience and danger of keeping about them
large amounts of money.”
STATEMENT BY THE

SECRETARY
MARCH 12

OF THE

TREASURY,

appointed conservators for the First National
j
]Bank of Detroit and the Guardian National
Bank
"
of Commerce of Detroit. This course
1
will permit the operation of the institutions for
'the purpose of receiving deposits to be segre­
jgated and kept in cash or invested in obliga­
tions of the United States or deposited with
the Federal reserve bank, and permits the con­
servator
to set aside and make available for
i
withdrawal
by depositors and payment to other
’
creditors
on a ratable basis such amounts as
<
in
the opinion of the Comptroller may safely
i
be used for this purpose.
“ The placing of these banks under conser­
vators also gives time for the development of
a satisfactory permanent plan for adequate
banking facilities for Detroit. A number of
plans have been discussed and much work has
‘been done, but up to date there has not been
, general agreement as to the course which will
a
]
be
most advantageous for this city. The
iGovernment of the United States is anxious
to cooperate in the carrying out of such plan
;as soon as agreed upon.”

“ The first duty of the banks reopening under
license of the Secretary of the Treasury for the
performance of their usual functions is to see
that the primary needs of the people for funds
-for the necessaries of life and for normal business undertakings are met. Accordingly withdrawals for hoarding have been prohibited and
the Secretary of the Treasury suggests that
until more normal conditions have been estab­
lished transfers of funds by banks or their iSTATEMENT
customers be limited to necessary purposes.”
STATEMENT BY THE

SECRETARY
MARCH 13

OF THE

TREASURY,

“ Banking institutions which have not yet
been permitted to reopen for normal and usual
functions are still permitted to continue to
carry on the limited activities specified by
regulations Nos. 1 to 19.”
STATEMENT BY THE

SECRETARY
MARCH 13

OF THE

TREASURY

»

“ Pending determination by the Treasury
Department upon a suitable procedure for
licensing the delivery of gold reasonably
required for legitimate and customary use in
trade, profession or art, all requests for the
delivery of gold for such purposes should be
submitted to the Federal reserve bank of the
district, accompanied by an affidavit as to the
amount of unmanufactured gold now on hand
and the facts making it necessary to obtain the
additional gold requested for the purpose of
maintaining employment. Accurate records
must be kept of the disposition of all gold which
may be released.”
STATEMENT BY THE

SECRETARY
MARCH 13

OF THE TREASURY,

“ Proceeding under the new bank conservation act, the Comptroller of the Currency has




BY THE

SECRETARY
MARCH 13

OF THE TREASURY,

“ Responding to inquiries to-day as to what
facilities are available for enabling State banks
which are not members of the Federal Reserve
System to obtain currency to meet their needs,
Secretary of the Treasury Woodin called
attention to the statement of the President, in
his radio talk on March 12, that ‘these banks
can and will receive assistance from member
banks and from the Reconstruction Finance
Corporation.’ The Secretary also pointed out
that Federal reserve banks are authorized to
make advances to individuals, partnerships
and corporations on their promissory notes,
for periods not exceeding 90 days, secured by
direct obligations of the United States, and
nonmember banks may avail themselves of this
privilege. The Federal reserve banks also are
authorized, he stated, to rediscount for mem­
ber banks, with their indorsement, eligible and
acceptable paper acquired from and bearing
the signature or indorsement of nonmember
banks; and to make advances to member
banks secured by other paper acquired from
nonmember banks.
“ The Secretary said that he understands that
it is the purpose and desire of the Reconstruc­
tion Finance Corporation and the Federal
:reserve banks to be as helpful as possible in
:meeting the needs of the present situation.”

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
r-

Authority

0 - (0

20
STATEMENT

BY THE

SECRETARY
MARCH 14

OF THE

TREASURY,

‘ 'In response to many inquiries as to the
significance of the appointment of conservators
to banks of high repute I wish to say that there
is no deduction to be made that such banks are
necessarily in difficulties. There are a lot of
complications, some of them concerning affiliate
enterprises, which make it impractical for
banks to open to the full extent. It is for the
purpose of insuring that the banks will be put
in apple-pie order, pending reorganization or
other necessary processes that conservators in
many cases are named.
“ Moreover this method makes it possible
that the bank so circumstanced will be able to
continue to render service, as for example the
receiving of deposits to be segregated and kept
in cash or invested in Government bonds and
such like securities. It also enables the con­
servator to set aside and make available for
withdrawal by depositors and payment to other
creditors on a ratable basis such amounts as
in his opinion it is safe to use for this purpose.”
STATEMENT BY THE

SECRETARY
MARCH 15

OF THE

TREASURY,

“ Passing upon applications of member banks
to reopen for normal banking functions has
taxed the personnel of the Treasury and of the
Office of the Comptroller of the Currency.
While every possible effort has been made- to
act upon all applications, delay in some cases
has been found to be inevitable. In some cases,
also, steps are being taken which as soon as
completed will make it possible for reopening
to be licensed. I therefore wish to direct
especial attention to the statement of the
President in his radio address of last Sunday:
“ ‘ Let me make it clear to you that if your bank does
not open the first day you are by no means justified
in believing that it will not open. A bank that opens on
one of the subsequent days is in exactly the same status
as the bank that opens tomorrow.’

“ Additional licenses will be issued from time
to time and the public should understand that
banks hereafter licensed to be opened for nor­
mal functions are to be regarded in the same
way as if it had been possible to issue the license
by to-day.”
STATEMENT BY THE SECRETARY
MARCH 16

OF THE

TREASURY,

“ A number of inquiries have been made at
the Treasury Department as to whether a pro­




hibition exists upon proper commercial deal­
ings in silver during the banking emergency.
“ No regulations have been issued restrict­
ing export or other transactions in silver, except
for limitations affecting withdrawals by deposi­
tors for hoarding and‘restrictions on banks not
permitted to reopen.”
STATEMENT

BY

THE

SECRETARY
M A R C H 31

OF T H E

TREASURY,

“ Up to the close of business on Saturday,
March 25, 1933, 265 national banks with total
deposits of approximately $350,000,000 have
been reorganized or strengthened so that they
could be reopened under license to perform their
full functions and that the deposits again
become available to depositors. These results
during the 10 days from March 15 indicate the
work which is actively in process in the restora­
tion of banks which were unable to open on the
date originally set and the constructive response
being made by stockholders and depositors. As
additional banks have been reopened they have
assumed on a sound basis the performance of
the same full functions as the banks opened on
the first days set.”

On March 8, the Federal Reserve Board re­
quested the Federal reserve banks to “ prepare
and forward to the board as
holders °f S°ld
soon as possible after March
13, 1933, as complete a list as
can be made from information you are able to
obtain of the names and addresses of all per­
sons who have withdrawn gold from your bank
or a member bank in your district since Feb­
ruary 1, 1933, and who have not redeposited it
in a bank on or before March 13, 1933,” and
authorized them to give publicity to the re­
quest. The board also advised them that it
liad no objection to obtaining similar informa­
tion from nonmember banks and information
regarding withdrawals prior to February 1.
On March 9, the board indicated that the re­
quest of March 8 applied “ to both gold
coin and gold certificates.” Subsequently, on
March 12 and March 18, the board extended
to March 17 and March 27, respectively, the
final date as of which the lists referred to were
to be compiled.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
C

Authority p A ) - (0

1

21
The following orders were issued by the
Secretary of the Treasury, with the approval
„ ,
of the President, permitting
Orders regarding
.
.
.
.
.
territories and
banking institutions m certain
insular possesterritories and insular possessxons
sions of the United States to
perform all usual banking functions:
THE CANAL ZONE (MARCH 6, 1933)

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Mon­
day, March 6, to Thursday, March 9, 1933, inclusive,
and wherein the Secretary of the Treasury was author­
ized and empowered with the approval of the President
to permit, under proper regulations, certain banking
institutions to perform any and all of the usual banking
functions, and it appearing
That Lieut. Col. Julian L. Schley, Governor of the
Panama Canal, Balboa Heights, Canal Zone, has ad­
vised, after consultation with the manager of the single
bank operating in the Canal Zone (which is a branch
of the Chase Rational Bank of New York, located in
Cristobal), that there is no necessity for the application
of the terms of the proclamation to such bank operating
in the Canal Zone, and that such bank is in a position
and desires to continue to transact its banking business
as usual, it is, therefore,
Ordered, That the banking institution, as defined in
the proclamation of the President of the United States,
operating and carrying on business in the Canal Zone,
be, and the same hereby is, authorized and permitted
to perform all its usual banking functions during the
period as ordered in the proclamation of the President
of the United States and any and all extensions thereof,
and/or until the further order of the undersigned in the
premises, provided, however, that no banking institu­
tion shall pay out or permit the withdrawal of any gold
or gold certificates.
THE ISLAND OF GUAM (MARCH 6, 1933)

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive, and
wherein the Secretary of the Treasury was authorized
and empowered, with the approval of the President,
to permit, under proper regulations, certain banking
institutions to perform any and all of the usual bank­
ing functions, and it appearing
That Capt. E. S. Root, Governor of Guam, has
advised that local conditions in the Island justify the
Secretary of the Treasury in exempting the banking
institutions therein located from the operation of the
proclamation of the President of the United States,
and that such banks are in a position and desire to
continue to transact their banking business as usual,
it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in
the Island of Guam, be, and the same hereby are,
authorized and permitted to perform all their usual
banking functions during the period as ordered in the
proclamation of the President of the United States and




any and all extensions thereof, and/or until the further
order of the undersigned in the premises, provided,
however, that no banking institution shall pay out or
permit the withdrawal of any gold or gold certificates.
THE ISLANDS OF AMERICAN SAMOA (MARCH 6, 1933)

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive, and
wherein the Secretary of the Treasury was authorized
and empowered, with the approval of the President, to
permit, under proper regulations, certain banking
institutions to perform any and all of the usual bank­
ing functions, and it appearing
That Capt. George B. Landenberger, Governor of
American Samoa, has advised that local conditions in
the Islands justify the Secretary of the Treasury in
exempting the banking institutions therein located
from the operation of the proclamation of the President
of the United States, and that such banks are in a posi­
tion and desire to continue to transact their banking
business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in the
Islands of American Samoa, be, and the same hereby
are, authorized and permitted to perform all their
usual banking functions during the period as ordered in
the proclamation of the President of the United States
and any and all extensions thereof, and/or until the
further order of the undersigned in the premises, pro­
vided, however, that no banking institution shall pay
out or permit the withdrawal of any gold or gold cer­
tificates.
THE PHILIPPINE ISLANDS (MARCH 6, 1933)

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President of the United. States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive,
and wherein the Secretary of the Treasury was au­
thorized and empowered with the approval of the
President to permit, under proper regulations, certain
banking institutions to perform any and all of the
usual banking functions, and it appearing
That the Hon. Theodore Roosevelt, jr., Governor
General of the Philippine Islands, has advised, after
consultation with the managing officials of all banks,
both local and foreign, located in the Philippine
Islands, together with certain prominent business men
of the community and certain insular officials, that there
is no present necessity for the application of the terms
of the proclamation to the banks operating in the Philip­
pine Islands, and that such banks are in a position
and desire to continue to transact their banking business
as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in the
Philippine Islands, be, and the same hereby are,
authorized and permitted to perform all their usual
banking functions during the period as ordered in the
proclamation of the President of the United States and
any and all extensions thereof, and/or until the further
order of the undersigned in the premises, provided,
however, that no banking institution shall pay out or
permit the withdrawal of any gold or gold certificates.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

T

DECLASSIFIED
Authority _|2 a .

(05Q I

22
THE VIRGIN ISLANDS (MARCH 6, 1933)

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation of
the President, of the United States of America issued
March 6, 1933, declaring a bank holiday from Monday,
March 6, to Thursday, March 9, 1933, inclusive, and
wherein the Secretary of the Treasury was authorized
and empowered with the approval of the President to
permit, under proper regulations, certain banking
institutions to perform any and all of the usual banking
functions, and it appearing
That the Hon. Boyd J. Brown, Acting Governor of
the Virgin Islands, has advised that there is no neces­
sity for the application of the terms of the proclama­
tion to the banks operating in the Virgin Islands, and
that such banks are in a position and desire to transact
their banking business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in the
Virgin Islands, be, and the same hereby are, authorized
and permitted to perform all usual banking functions
during the period as ordered in the proclamation of the
President of the United States and any and all exten­
sions thereof, and/or until the further order of the
undersigned in the premises, provided, however, that
no banking institution shall pay out or permit the
withdrawal of any gold or gold certificates.

for the application of the terms of the proclamation
to the banks operating in the Territory of Hawaii after
the close of business March 9, 1933, and that such
banks are in a position and desire to transact their
banking business as usual, it is, therefore,
Ordered, That any and all banking institutions, as
defined in the proclamation of the President of the
United States, operating and carrying on business in
the Territory of Hawaii, be and the same hereby are,
authorized and permitted to perform all usual banking
functions during the period as ordered in the proclama­
tion of the President of the United States and any and
all extensions thereof, and/or until the further order
of the undersigned in the premises, provided, however,
that no banking institution shall pay out or permit the
withdrawal of any gold or gold certificates.

THE TERRITORY OF HAWAII (MARCH 9, 1933)

The following authorization, of March 7,
1933, was issued by the Secretary of the
Treasury, with the approval of
Authority to
the President, permitting the
ship earmarked
T
-r,
i
, xT
gold
federal Reserve Bank ol JNew
York to ship gold earmarked
for foreign governments and foreign banks
prior to March 6, 1933:

Under and by virtue of the authority conferred upon
the Secretary of the Treasury, by the proclamation
of the President of the United States of America
issued March 6, 1933, declaring a bank holiday from
Monday, March 6, to Thursday, March 9, 1933,
inclusive, as extended by a proclamation of the Presi­
dent issued March 9, 1933, and wherein the Secretary
of the Treasury was authorized and empowered with
the approval of the President to permit, under proper
regulations, certain banking institutions to perform
any and all of the usual banking functions, and it
appearing
That the Hon. Lawrence M. Judd, Governor of the
Territory of Hawaii, advised that there is no necessity

“ Under authority conferred upon me by the
President’s proclamation of March 6, 1933,
declaring a bank holiday, the Federal Reserve
Bank of New York is authorized, in the case of
gold earmarked for foreign governments, for­
eign central banks, and the Bank of Interna­
tional Settlements prior to March 6, 1933, to
permit the export of such gold to the govern­
ment or foreign bank entitled thereto under a
license by the Secretary of the Treasury
specifically authorizing each shipment.”




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

AX IQ S O j

INDEX
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Page

1
A
Accounts, special trust.
counts, special trust.)

(See

Deposit

ac­
12
14

Advances b y Federal reserve banks. (See
FS&eral reserve banks, advances.)
Agencies of Federal reserve banks, opening of__
American Samoan Islands to perform usual
Appropriation under emergency banking a c t ..
Art, gold for use in. (See Gold for use in indus­
try, profession, or art.)

13
Tr. Ord. 3/6____
Act, 3/9_________

21
6
12
14

Associations. (See Individuals, partnerships,
corporations, associations, etc.)
Automobile finance companies, bank holiday
Inter. 3 . . .

15

B
Act, 3/9_________

4

Act, 3/9_________

2
7
2
2
7
3

Bank holiday:
Declared from March 6 to March 9 ,1 9 3 3 ..

Banking institutions (see also Federal Reserve
System; State banks; Trust companies):
M es. 3/9_________

Tr. Stat. 3/13___
Reg. 29__________
Pr. Stat. 3/11___
Tr. Stat. 3/11___
Banking transactions:

Members of Federal Reserve System and
institutions organized under laws of
United States, Secretary of Treasury to
permit.
Nonmembers of Federal Reserve System
and institutions not organized under
laws of United States, supervisor to per­
mit.

Tr. Stat. 3/10___
Exec. Ord. 3 /1 0 Pr. Stat. 3/11___
Tr. Stat. 3/11— .
Exec. Ord. 3/10_

Act, 3/9_________
Regulation by Secretary of Treasury au-

3
2
7
2
7

Tr. Ord. 3/6____




Withdrawals for.

21
21
21
22
21
22

Reg. 21.
___ d o ..
----- do_.
------do—

Proc. 3/6______
Tr. Ord. 3/6__
Reg. 20_______
Reg. 11_______
Inter. 3........ .
Proc. 3/6......... .
Exec. Ord. 3/10Reg. 21_________
Tr. Stat, 3/12__

C

Canal Zone to perform usual banking functions.
Capital notes or debentures of State banks or
trust companies, Reconstruction Finance
Corporation authorized to purchase.
Change, making of_____________________________
Chattel loan companies, bank holiday appli­
2
cable to.
2
Checks:
2
Charged before M arch 4,1933, settlement of15
Issued prior to March 6,1933, settlement of.
16
Treasurer of United States, cashed by
19 1
banks.
14
Checks or drafts drawn before March 18, 1933,
8
under regulations 6 and 10, honoring of.
17
Cigar manufacturing, release of funds for pur­
chase of internal revenue stamps.
16
Circulating note issue........... ...................................
8
8
Clearing-house association cities, opening of
18
banks located in.
7
Clearing house certificates:
Depositors not required to accept_________
Issuance:
Permitted___ _______ ___________________
7

Banking transactions, except gold, performed
in full:
____ do___________
Tr. Ord. 3/9____
Tr. Ord. 3/6
.
Virgin Islands-____ ___________________ _____ _____do___________

Banks, not members of Federal Reserve Sys­
tem or organized under laws of United States
or under State supervision (see also under
Federal Reserve System ):
Currency restrictions_______________________
Foreign exchange restrictions______________
Gold restrictions___________________________
Opening____________________________________
Banks, opening of. (See Opening of banks.)
Branch banks:
Bank holiday applicable to________________
Banking transactions, except gold, in
Canal Zone.
Federal reserve, opening of_________________
Foreign, advances to_______________________
Brokers, bank holiday applicable to___________
Building and loan associations, bank holiday
applicable to.
Business requirements:
Foreign exchange for_______________________

Secretary of Treasury to direct, require
or permit.
Coin and currency (except gold), Federal re­
serve banks to make available to member
banks.
Collateral:
Deposited for advances to foreign and in­
sular branches of banks.
Federal reserve bank note issue___________
Release permitted__________________________
Substitution permitted____________________
C .P .D . transactions, Federal reserve banks___
Committee of estates of lunatics, banks acting
as.

(2 3 )

Tr. Ord. 3/6.
Act, 3 /2 4 ....
Reg. 1—
Inter. 3_

Reg. 17.
Reg. 4__
Inter. 13Inter. 8 „
Act, 3 /9 ..........
Act, 3/24.........
Pr. Stat. 3/11.
Tr. Stat. 3/11Inter. 11_____
Reg. 12______
Tr. Stat. 3/9.
Proc. 3/6____

Sup. Reg.

M l.
A ct, 3/9______
Act, 3/24_____
Tr. Stat. 3/11.
Reg. 19______
____ do________
Reg. 14______
Reg. 13______
Reg. 31----------

Reproduced from the Unclassified I Declassified Holdings of the National Archives

Y~~

DECLASSIFIED

Authority ^ X)- 1 0 5 0 1

r-

24
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Community needs, banking transactions neces­
sary to provide.

Comptroller of the Currency:
Additional powers, such as State officials
have.

Page

Reg. 10__________
Tr. Stat. 3/10— .
Tr. Stat. 3/12— .
Reg. 28__________

12
17
19
14
15

Pub. Res. 2 /2 5 ..

1

Act, 3/9.

4

_ _

Regulation authorized with regard to:
Deposit receipts and withdrawals, banks
in District of Columbia.

Act. 3/9_________
Pub. Res. 3/3 3 ...
A ct, 3 /9 ..

..

5
1
4

Conservators:
Appointment:
Tr. Stat. 3/13___

19
4

companies.
Exec. Ord. 3/18..
Act, 3/9________

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

4
11
4
5

Deposits— Continued
Secured by collateral, State member banks
not permitted to open, to allow with­
drawals of.
Withdrawal on ratable basis from banks
under conservator.
Design application fees, drafts issued for______
Detroit banks (2), appointment of conservators
for.
Discounts:
Extended by Federal reserve banks to
member banks.
Making of, prohibited_____________________
District of Columbia banks and trust com­
panies:
Bank conservation act applicable to______
Deposit receipts and withdrawals, regula­
tion by Comptroller of the Currency.
Documents held for safekeeping, return of____
Drafts drawn before March 18, 1933, under
regulations 6 and 10, honoring of.
Drafts in payment of:
Food or feed products shipment___________

tion act.
. . do___ __

__

4
4

C onservat orship:
4
4

Patents and trade-marks_________________
Drafts, notes, etc., collateral for issue of Fed­
eral reserve bank notes.
Drafts on Secretary of State___________________

Reg. 32Act, 3/9.
Reg. 26______
Tr. Stat. 3/13.
Sup. Reg.
Proc. 3/6..
Act, 3/9_______
Pub. Res. 3/3.
Inter. 13.
Reg. 6___
Reg. 2 8 Inter. 13.
Reg. 26...
A ct, 3 /9 ..
Reg. 24...

Contracts, fulfillment of:
Exec. Ord. 3/10..
Reg. 21. _____
Corporations organized under Federal reserve
act, opening of.
Corporations. ( See Individuals, partnerships,
corporations, associations, etc.)
Coupons, United States obligations, payment
by Federal reserve banks.
Credit transfers:
Authority of President to regulate or pro­
hibit.
In the United States, payments for
patents, etc.

8
13
13

15
13
Act, 3/9_________

3
14

To place abroad, payments for patents, etc.
Proc. 3/6________

14
2
12
14
2

Currency:
M es. 3/9________
Act, 3 / 9 .. . ___
Tr. Stat. 3/11— .
Transactions prohibited during bank holi­
day.
Exec. Ord. 3/10..
Reg. 23__________

2
14
11
5
18
2
12
8
13

D
Demand notes to secure advances by Federal
reserve banks:
Act, 3/9_________
Act, 3/24________
Reg. 7____ ______
A ct, 3/9............. ..
Deposits:
Five per cent withdrawal allowed from

Reg. 27_________

6
6
2
11
13
4
14
15

open.

Pub. Res. 3 / 3 .. .

2
11
13
4
2
1

Reg. 3___________

11

Reg. 7___________
Act, 3/9_________
Receipts and withdrawals, banks in D is­
trict of Columbia. <tp|
Receivedjafter closing hours andlnot’ entered, return of.




E
Earmarked gold. ( See Gold coin and bullion,
earmarked.)
Earmarking of gold, silver, etc.:
Authority of President to regulate or pro­
hibit.
Prohibited_________________________________
Emergency banking act_______________________
Employment, banking transactions for main­
tenance of.
Executive orders:
M arch 10, 1933_____
March 18, 1933_____
Executor, banks acting i
Export of gold, silver, etc., authority of Presi­
dent to regulate or prohibit (see also Gold
coin, bullion, and certificates, export; Silver
coin, bullion, and certificates, export).

Proc. 3/6.
____ do—
A ct, 3 /9 ..
Reg. 10__
Inter. 7...
Reg. 2 8 Inter. 13.

Reg. 13...
Reg. 31—
Proc. 3/6.

F
Federal
Federal
Federal
Federal

home loan banks, opening of__________ Reg. 22..................
intermediate credit banks, opening of. ____ do....................
land banks, opening of________________
reserve bank note issue---------------------- Act, 3/9_________
T r. Stat. 3/11___
Federal reserve banks:
Accommodations, extension to member Sup. Reg________
banks.
Accounts, special trust, for new deposits... Proc. 3/6________
Reg. 7____ ______
Reg. 15__________
A ct, 3/9.................
Advances:
For community needs.
Reg. 10— . ...........
Reg. 28..................
Inter. 13------------On time and demand notes.
Act, 3/9.........
Act, 3/24...............
To individuals, partnerships, and cor­ A ct, 3/9_________
porations.
Tr. Stat. 3/13— .
To individuals, partnerships, and cor­ Reg. 10__________
porations for pay-roll purposes.
Tr. Stat. 3/10—
Reg. 28___ ______
Inter. 13______ .
To member banks.
Reg. 10__________
Sup. Reg_______
Act, 3/9_________
Tr. Stat. 3/10__
Reg. 28..................
Inter. 13...............

13
13
13
5
18
14
2
11
13
4
12
14
15
6
6
6
19
12
17
14
15
12
14
6
17
14
15

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ A)» ( O S O j

25
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Federal reserve banks— Continued
Advances— Continued
T o nonmember banks----- -------- -----------To State banks and trust companies,
nonmembers.
Agents of Secretary of Treasury, to receive
applications and issue licenses to open
member banks.
Bank holiday applicable to------------- ----------Branches and agencies, opening of------------Change, making of--------------------------------------Coin and currency available to member
banks.
C .P .D . transactions-----------------------------------Coupons of United States obligations, pay­
ment of.
Credit transfers between banks-----------------Deposit accounts for new deposits-------------

discounts to member banks.—...................-.
Federal reserve bank note issue......... ...........
Fiscal agents of United States, transactions
Foreign exchange transactions, report o f-..
Gold deliveries for use in industry, pro­
fession, or art.
Gold withdrawers, February 1 to March
27, 1933.
Inquiries for information made to....... .........
Licenses for opening member banks, agents
of Secretary of Treasury to issue.
Loans. (See Advances, above.)
Matured United States obligations, re­
demption
Opening o f . . . ------- ------------------:-------------------United States obligations, transactions in—

of.

Federal Reserve System:
Members:
Advances b y Federal reserve banks:
Coin and currency............... - - - .........
For community needs--------------------




Page

Tr. Stat. 3/13___
Act, 3/24________
Act, 3/24________

19
6
6

Exec. Ord. 3/10..

8

Proc. 3 /6 .... _____
Reg. 20..................
Reg. 1----------------Sup. Reg_______

2
13
11
14

Reg. 14__________
Reg. 18__________

12
13

Sup. Reg_______
Proc. 3/6________
Reg. 7-------- ------Reg. 15__________
A ct, 3/9.................
Sup. Reg........ ..
A ct, 3 /9 ................
Tr. Stat. 3/11___
Reg. 14_________
Exec. Ord. 3/10..
Reg. 25.................
Tr. Stat. 3/13___

14
2
11
13
4
14
5
18
12
8
13
19
20

Tr. Stat. 3/7____
Exec. Ord. 3/10_

16
8

Reg. 18...... ...........

13

Reg. 20__________
Reg. 14__________
Reg. 18__________

13
12
13

Sup. R eg .............
Reg. 10— ...........
Reg. 28..................
Inter. 13_________
On time and demand notes------------ A ct, 3 / 9 .- .............
Proc. 3/6________
Banking transactions permitted by
Secretary of the Treasury under A ct, 3/9_________
Exec. Ord. 3/10—
regulations.
Sup. Reg_______
Credit transfers on books of Federal
reserve banks.
Discounts extended by Federal reserve
banks.
N ot licensed to open:
Fiduciary transactions------------------- Reg. 31__________
Limited banking functions............. Tr. Stat. 3/10___
Reg. 30..................
Note renewals.................... ................... Reg. 29__________
Opening of............................ .......................... Tr. Stat. 3/10___
Exec. Ord. 3/10_
Tr. Stat. 3/10___
Pr. Stat. 3/11-----Tr. Stat. 3/11___
Under conservator, license to open Reg- 30..................
required.
Nonmembers:
Advances b y Federal reserve b a n k s ... Tr. Stat. 3/13___
Act, 3 /2 4 .............
Advances b y members of Federal Tr. Stat. 3/13----Reserve System.
Deposit accounts, temporary, in Fed­ Reg. 7....................
eral reserve banks.
Tr. Stat. 3/10___
Opening of................................................—
Exec. Ord. 3/10..
T r. Stat. 3/10___
Pr. Stat. 3/11___
Reg. 21__________
Tr. Stat. 3/11.__
Reserve balance with Federal reserve Act, 3/24...............
bank during existence of loan.

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

14
12
14
15
6
2
3
7
14
14
14
17
14
14
16
8
17
8
18
14
19
6
19
12
16
7
17
8
13
18
6

Federal Reserve System— Continued
State bank members, not licensed to open:
Conservators appointed by State
authorities.
Deposits secured by collateral, with­
drawal of.
Five per cent deposit withdrawals per­
mitted.
Limited banking transactions....... .........
Fertilizer, release of funds for purchase of_____
Fiduciary, banks acting as.......................................
Finance companies, bank holiday applicable to
First National Bank of Detroit, conservator
■ appointed_______________________ ______ _______
Fiscal agents of United States, Federal reserve
bank transactions.
Food, banking transactions necessary t o pro­
vide.
Food or feed products:
Grain, whole_______________________________
Livestock on way to slaughter_____________
Transactions necessary for shipment, e tc ..

Exec. Ord. 3/18Reg. 32................
Reg. 2 7 Inter. 12.
Reg. 30...
Inter. 5—
Reg. 2 8 Inter. 13.
Reg. 13...
Reg. 3 1 Inter. 3—
Tr. Stat. 3/13.
Reg. 14______
Reg. 10—
Reg. 28...
Inter. 13Inter. 6—
Inter. 1 ..
Reg. 6—..
Reg. 2 8 Inter. 13.
Reg. 11...

Foreign branches of banks, collateral for ad­
vances to.
Foreign exchange transactions:
Authority of President to regulate or pro­ Proc. 3/6...............
hibit.
Contract fulfillment__________________ _____ Exec. Ord. 3/10..
Personal requirements_____________________ ____ do__________
Prohibited__________________________________ Proc. 3/6________
Reports by Federal reserve banks................ Exec. Ord. 3/10..
Restricted__________________________________ ____ do___________
Traveling requirements....... ............... ............. ____ do___________
G
Gold coin and bullion, earmarked, authority of
Federal Reserve Bank of New York to ship.
Gold coins and certificates, names of persons
withdrawing.
Gold coin, bullion, and certificates (see also
Gold coin and bullion):
Authority of President to regulate or pro­
hibit transactions.
Delivery by:
Federal land banks, intermediate credit
banks, joint stock land banks, home
loan banks, corporations, etc.
Individual, partnerships, associations,
and corporations, authority of Sec­
retary of Treasury requiring.
Earmarking________________________________
Exchange for other currency................. .........
Export—---------------------------------- ------------------Hoarding, prevention o f . .. ...................................

Tr. Auth. 3/7___

Proc. 3/6.
Reg. 22.
Act, 3/9.
Proc. 3/6.............
Act, 3 /9 ..............
Proc. 3/6_______
Exec. Ord. 3/10.
Proc. 3/6_______
Exec. Ord. 3/10.
Proc. 3/6_______

Melting, authority of President to regulate or
prohibit.
Names of persons withdrawing...........................
Payment.......... - ........................... ................ - ......... Proc. 3/6.............
Reg. 10...............
Exec. Ord. 3/10Penalty for violation as to delivery.................. A ct, 3/9...............
Transactions, authority of President to reg­ Proc. 3/6.............
ulate or prohibit.
Transfer................................ ................ ................... ____do...
Transportation costs paid by Secretary of A ct, 3/9.
Treasury.
Withdrawal___________________________________ Proc. 3/6.............
Exec. Ord. 3/10.
Gold for use in industry, profession or art:
Federal reserve banks to deliver___________ Reg. 25— ...........
Records of disposition........................................ Tr. Stat. 3/13___
Restrictions not applicable to_____________ Tr. Stat. 3 /1 0 ...
Requests for, to be sent to Federal reserve T r. Stat. 3 /1 3 ...
banks.

13

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p d .

10501

26
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Government obligations. (See United States
obligations.)
Grain, whole, included in “ food or feed prod­
ucts” .
Guam to perform usual banking functions____
Guardian National Bank of Commerce of D e­
troit, conservator appointed.
Guardian of estates, banks acting as___________

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Loan businesses, types to which bank holiday
applies.
Loans, making of, prohibited__________________

Inter. 6_

For pay-roll purposes.

Bank holiday applicable to.
Export or withdrawal of gold b y __________
Gold coin, bullion, and certificates, de­
livery by.
Inquiries for information___________________
Industry, gold for use in. (See Gold for use in
industry, profession, or art.)
Industrial loan companies, bank holiday appli­
cable to.
Inquiries for information to be made to Federal
reserve banks.
Insular possessions:
Bank holiday applicable to________________
Banking transactions, except gold_________

Medicine, banking transactions necessary to
provide.

Reg. 13.
Reg. 31.

Melting of gold, silver, etc., authority of Presi­
dent to regulate or prohibit.
Mortgage loan companies:
Bank holiday applicable to________________
Defined_____________________________________

Branch banks in , advances to______ ______
Internal revenue stamps, release of funds for
purchase of.
Interpretations_________________________________

Joint stock land banks, opening oL
Legislation:
Public N o. 1, banking act_________________
Public N o. 4, amendment to banking act
providing for direct loans by Federal re­
serve banks to State banks or trust com­
panies.
Public Resolution 58, additional powers
for Comptroller of the Currency with re­
spect to national banks.
Public Resolution 70, Comptroller of the
Currency to prescribe regulations for
banks in the District of Columbia.
Licenses:
Approved by Congress_____________________
Authority for_______________________________
Opening of banks_____ ______ ______________

Livestock on way to slaughter, included in
“ food or feed products.”




Comptroller of Currency to exercise addi­
tional powers with respect to.
Conservators_______________________________
Preferred stock authorized_________________
Reconstruction Finance Corporation to
subscribe to or loan on preferred stock.
Reorganization--------------------------------------------Reorganized and opened, March 15 to 25,
1933.
Necessities of life, banking transactions neces­
sary to provide.

Tr. Stat. 3/7.
Inter. 3______
Tr. Stat. 3/7.
2
21-22

22

12
15
15

Reg. 22-

Act, 3 /9 ..
Act, 3/24.

Pub. Res. 2/25.
Pub. Res. 3 /3 ...

Act, 3/9...............
Proc. 3/6_______
Tr. Stat. 3/10—
Exec. Ord. 3/10.
Tr. Stat. 3/1 0 ...
Pr. Stat. 3/11__
T r. Stat. 3/11__
Tr. Stat. 3/15__
Inter. 1................

Reg. 10—
Reg. 28^.
Inter. 13.
Proc. 3/6.
Inter. 3 ..
Inter. 10.

N
National banking associations (see also under
Federal Reserve System):
Bank conservation act applicable to_______
Bank holiday applicable to________________
Banking transactions to meet community
needs.

Act, 3/9_________
Tr. Stat. 3/13___
Reg. 10_________
Tr. Stat. 3/10—
Reg. 28_________
Inter. 13________
Proc. 3/6________
Inter. 3_________
Exec. Ord. 3/10..
Act, 3/9_________

Proc. 3/6_____
Tr. Ords. 3/6..
Tr. Ord. 3/9_
Reg. 11______
Inter. 8______

Proc. 3/6

M

Tr. Ord. 3 / 6 Tr. Stat. 3/13.

Hawaii to perform usual banking functions___ Tr. Ord.
Hoarding:
Gold, silver, et.g.:
Authority of President to regulate or Proc. 3/6.
prohibit.
Restrictions____________________________ ____ do__________
Precautions by banks to prevent__________ Reg. 10_________
Withdrawals for_________ __________________ ____ do__________
Exec. Ord. 3/10..
Reg. 21_________
Reg. 23_________
Tr. Stat. 3/1 2 ....
Tr. Stat. 3/16___
Individuals, partnerships, corporations, asso­
ciations, etc.:
Advances by Federal reserve banks:
Authority.—___________________________

Inter. 3..

Nonsupervised banking institutions, opening
of.
Notes or debentures of State banks or trust
companies, Reconstruction Finance Corpo­
ration authorized to purchase.
Notes, drafts, etc., collateral for issue of Fed­
eral reserve bank notes.
Notes, rediscounting and pledging of renewals
b y banks not licensed to open.
Nursery stock, release of funds for purchase of-

Act, 3/9_________
Proc. 3/6________
Reg. 1 0 ________
Reg. 28__________
Inter. 13 ..............
Pub. Res. 2/25. _

4
2
12
14
15
1

Act, 3/9_________
. -do___
-.

4
5
5

Tr. Stat. 3/31— .
Reg. 10__________
Tr. Stat. 3/10— .
Inters. 2, 5, and
7.
Tr. Stat. 3/12___
Reg. 28__________
Inter. 1 3 ..............
Reg. 2 1 ...............

12
17
15

Act, 3/24________

7

Act, 3/9_________
Tr. Stat. 3/11___
Reg. 29............ ..

5
18
14

Inter. 9............ .. .

15

O
Obligations of United States. (See United
States obligations.)
Obligations payable at banks, acceptance of
payments on.
Opening of banks:
Authority requested b y President................
Clearing-house association cities....................
Corporations organized under the Federal
reserve act.
Federal home-loan banks___________ _______
Federal intermediate-credit b a n k s .............
Federal land banks________________________
Federal reserve bank agencies........................
Federal reserve bank branches*___________
Federal reserve bank cities.............................
Federal reserve banks............ ..........................
Joint-stock land banks..... ............... ...............
Members of Federal reserve system______

National banking associations (see also
Members, above)________________________
Nonmembers of Federal Reserve System..

4
20

Reg. 5—.
Inter. 4.
Mes. 3/9_______
Pr. Stat. 3/11__
T r. Stat. 3/11—
Reg. 22.............. ..
____ do..................
____ d o ..................
____ do____ _____
____ do__________

Reg. 20...... ......... .
Pr. Stat. 3/11__
Tr. Stat. 3/11__
Reg. 20................
Reg. 22_______
Tr. Stat. 3/10...
Exec. Ord. 3/10.
Tr. Stat. 3/10__
Pr. Stat. 3/11__
Tr. Stat. 3/11__
Tr. Stat. 3/31__
Tr. Stat. 3/10__
Exec. Ord. 3/10.
Tr. Stat. 3/10—
Pr. Stat. 3/11__
Tr. Stat. 3/11__

Reg. 21................

19
14
15
13

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority p d .

10 5 0 1

27
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Opening of banks— Continued
Nonsupervised banking institutions.
Program for___________________________
Reconstruction Finance Corporation_____
Regional agricultural credit corporations. .
Seeretary of Treasury authorized to permit
members of Federal Reserve System and
banks organized under laws of United
States to perform banking functions____

Penalties for violation as to:
Bank conservation a c t - . ................
Banking transactions____________
Conservators..______ _____________
Gold:
Delivery to Treasurer________
Restrictions__________________
Regulations, licenses, orders, etc.
Silver restrictions________________
Pensions, payments on account of___




21-22
22

Act, 3/9.
____ d o ..
____ d o ..
____ d o . . .
Proc. 3/6.
Act, 3 /9 ..
Proc. 3/6.
Inter. 2 . .
Reg. 2 8 . .
Inter. 13.
Inter. 3 . .

R
Reconstruction Finance Corporation:
Notes or debentures of State banks or trust
companies, authorized to purchase.

Regulations:
Approved b y Congress—. . ...............................
Authority for_______________________________
Nos. 1 to 32 and supplementary regulation.
Relief and unemployment, payments on ac­
count of.

Reg. 26______
Inter. 3______
Reg. 10______
Tr. Stat. 3/10.
Reg. 28______
Inter. 13_____

Personal finance companies, bank holiday ap­
plicable to.
Personal requirements, foreign exchange per­ Exec. Ord. 3/10.
Reg. 21_________
mitted.
Philippine Islands to perform usual banking Tr. Ord. 3/6___
functions.
Pledging of renewals of notes b y banks not Reg. 29.
licensed to open.
Preferred stock:
Double liability, State banks and trust Act, 3/24.
companies, no subscriptions b y R .F .C .
National banks:
Holders not liable for debts, assess­ Act, 3/9.
ments to restore capital, etc.
Issue authorized_________ ■_____________ ____ do___
R .F .C . authorized to subscribe for or loan ____ d o . . .
on
A ct, 3/24.
President:
Address over radio.................................. ...........
Executive orders___________________________
Message to Congress_______________________
Proclamations______________________________
Statement__________ ___________ _______ ____
Proclamations:
Approved by Congress____________________ A ct, 3/9.
March 6,1933, bank holiday_______________
March 9, 1933, continuing bank h o lid a y...
Profession, gold for use in. (See Gold for use in
industry, profession, or art.)
Receiver, banks acting as............. ........... ...............

Reconstruction Finance Corporation— Contd.
Obligations authorized increased in amount
Opening of__________________________________
Preferred stock of banks, purchase of or
loans on.
Redeposits b y banks of deposits, payment of..
Rediscounting of renewals of notes by banks
not licensed to open.
Regional agricultural credit corporations,
opening of.
Registrar of stocks and bonds, banks acting a s ..

Reg. 21________
Pr. Stat. 3/11—
Tr. Stat. 3/11__
Reg. 22________
____ do---------------

Exec. Ord. 3/10..
Tr. Stat. 3/10___
State banks........................................... ............... ____ do---------------Pr. Stat. 3/11— .
Tr. Stat. 3 /1 1 ....
____ do---------------Supervisors of State banks, etc., authorized
to permit State banks, nonmembers of
Federal Reserve System, etc., to perform
banking functions________________________ Exec. Ord. 3/10Tr. Stat. 3/10___
Trust companies. (See Nonmembers,
above).
Orders:
Approved by Congress_____________ _______ A ct, 3/9.
Regarding territories and insular posses­
sions___________ _______ ___________________ Tr. Ords. 3 /6 ...
Tr. Ord. 3/9___
Partnerships. (See Individuals, partnerships,
corporations, associations, etc.)
Patents, foreign and domestic, drafts issued for.
Pawnbrokers, bank holiday applicable to _____
Pay rolls, advances for_________________________

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Reg. 13...
Reg. 3 1 A ct, 3/24.

14

7,11
2
1.7

Relief of distress, banking transactions necescessary to provide.
Reorganization of banks:
Approval of plan by Comptroller of Cur­
rency.
Authority requested by President................
Bank conservation act_____________________
National banks reopened, M arch 15 to 25,
1933.

Page

A ct, 3 /9 ..
Reg. 22 ...
Act, 3 /9 ..
Act, 3/24.
Reg. 1 5...
Reg. 29 ...
Reg. 2 2 ...
Reg. 13—
Reg. 3 1 ..
A ct, 3 /9 ..
Proc. 3/6.
Inter. 2_______
Reg. 28_______
Inter. 13______
Reg. 10_______
Reg. 28.............

12
14
3

1

11-15
15
14
15

12
14

A ct, 3/9_______
M es. 3/9_____
A ct, 3/9______
Tr. Stat. 3/31.

Safekeeping, documents and securities held Reg. 9.
for, return of.
Reg. 2 . . .
Safes, free access to_____________________________
Safety deposit boxes, free access to_____________ ____ do_...
Salaries and wages, banking transactions nec­ Reg. 10...
Reg. 28...
essary to meet.
Inter. 13.
(See American Samoan Islands.)
Savings banks, bank holiday applicable to ____ Proc. 3/6.
Secretary of State, drafts on____________________ Reg. 24__
Secretary of the Treasury:
Authorization______________ ________________
Interpretations- - ________________ _____ _____
Orders_______ _____ _________________ _____ _
Regulations__________________________ ______
Statements_________________________________
Securities held for safekeeping, return of______ Reg. 9___
Seeds, vegetable and agricultural, release of Inter. 5_.
Reg. 2 8 of funds for purchase of.
Inter. 13.
Segregated deposits. (See Deposit accounts,
special trust.)
Silver coin, bullion, and certificates:
Authority of President to regulate or pro­ Proc. 3/6.
hibit transactions.
Earmarking________________ ______ _________ ____ do________
A ct, 3/9...........
Proc. 3/6.........
Export.
A ct, 3/9...........
Tr. Stat. 3/16.
Proc. 3/6_____
Hoarding, prevention of.
T r. Stat. 3/16.
Melting, authority of President to regulate Proc. 3/6.........
or prohibit.
.d o .
Paym ent___________________________________
.d o .
Transactions, authority of President to
regulate or prohibit.
Transfer____________________________________ ____ do________
Withdrawal_________________________ _____ _ ____ do________
Silver export and commercial transactions, re­ Tr. Stat. 3/16.
strictions for hoarding and on banks not
open.
Speculation in foreign exchange (see also For­ Proc. 3/6.
eign exchange transactions).
State banks (see also under Federal Reserve
System ):
Banking transactions to meet community Reg. 1 0...
Reg. 2 8 needs.
Inter. 13Capital notes or debentures to be pur­ A ct, 3/24.
chased b y Reconstruction Finance Cor­
poration.
Nonmembers of Federal Reserve System:
Advances by Federal reserve b a n k s... Tr. Stat. 3/13.
A ct, 3/24.........

12
11
11

12
14
15

2
13

22

15

21-22
11-15
16-20
12
15
14
15

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p X). ( 0 5 0 )

28
Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

Proclamation,
Presidential
message, act,
Executive order,
regulation,
interpretation,
Treasury order,
or press state­
ment

State banks— Continued
Nonmembers of Federal Reserve S y ste m Continued
Banking transactions authorized by
authorities having supervision of.
Currency requirements available from
member banks and Reconstruction
Finance Corporation.
Reserve balance with Federal reserve
bank during existence of loan.
Opening of__________________________________

Preferred stock to be subscribed for or
loaned on by Reconstruction Finance
Corporation.

U
Unemployment, payments on account ofTr. Stat. 3/10__
Exec. Ord. 3/10Tr. Stat. 3/13__

United States obligations:
Collateral for issue of Federal reserve bank
notes.
C .P .D . transactions________________________
Coupons, payment by Federal reserve
banks.
Deposits in special trust accounts invested
in.

Aet, 3/24.
Tr. Stat. / 3 1 0 Exec. Ord. 3/10,
Tr. Stat. 3/10__
Pr. Stat. 3/11__
Tr. Stat. 3/13__
Act, 3/9________
Act, 3/24_______

Exchange by Federal reserve banks_____
Matured, redemption by Federal reserve
banks.
Security for advances by Federal reserve
banks to individuals, etc.

T
Territories:
Bank holiday applicable to________________
Banking transactions, except gold________
Tim e notes to secure advances by Federal re­
serve banks:
Member banks_____________________________
Nonmember banks________________________
Trade-marks, foreign and domestic, drafts is­
sued for.
Transfer agent, banks acting as______________
Traveling requirements:
Drafts on Secretary of State_______________
Foreign exchange__________________________
Treasurer of United States, checks cashed by
banks.
Treasury bills, payment on subscriptions for..
Trust accounts, special, for new deposits. ( See
Deposit accounts, special trust.)
Trust companies (see also under Federal Re­
serve System):
Advances by Federal reserve banks_____
Bank holiday applicable to________________
Capital notes or debentures to be pur­
chased by Reconstruction Finance Cor­
poration.
Preferred stock to be subscribed for or
loaned on by Reconstruction Finance
Corporation.
Reserve balance with Federal reserve
bank during existence of loan.
Trust or other fiduciary business transacti ms
by banks.
Trustee, banks acting as_______________________




Proc. 3/6_______
Tr. Ords. 3/6__
Tr. Ord. 3/9___
Act, 3/9________
A ct, 3/24_______
Reg. 26_________
Reg. 13________
Reg. 31_________
Reg. 24_________
Exec. Ord. 3/10Reg. 21_________
Reg. 4--------------Reg. 16_________

Subscriptions for and payments by banks.
Transactions by Federal reserve b a n k s...
Treasury bill subscription payments al­
lowed.
V

2
21-22
22

Act, 3/24
Reg.
Reg.
Reg.
Reg.

13-_
31..
13_.
31._

Act, 3/9_______
Reg. 14_______
Reg. 18_______
Proc. 3/6______
Reg. 7------------Act, 3/9_______
Reg. 14_______
Reg. 18________
Act, 3/9_______
Reg. in _____
Tr. Stat. 3/10-..
Reg. 28_______
Reg. 18„_______
Reg. 14_______
Reg. 16________

Virgin Islands to perforin usual banking func­
tions.
W

Tr. Ord. 3 /6 .--.

Wages and salaries, banking transactions nec­
essary to meet.

Reg. 10_______
Tr. Stat. 3/10—
Reg. 28_______
Inter. 13______

Withdrawals:
For fulfillment of contracts entered into
prior to March 6, 1933.
For hoarding_______________________________

Reg. 21_______

Reg. 10_______
Exec. Ord. 3/10
Reg. 21_______
Reg. 23_______
Tr. Stat. 3/12—.
Tr. Stat. 3/16—
For shipment of food and feed products___ Reg. 6________
Reg. 28_______
From special trust accounts for new
Reg. 7________

Act, 3/24
Proc. 3/6
A ct, 3/24
Act, 3/9_
Act, 3/24

Inter. 2_______
Reg. 28_______
Inter. 13______

deposits.
From State banks not licensed to open:
Deposits secured by collateral_________
Five per cent of amounts due depositors
and creditors.
Statement of purpose for which required..
Trust or fiduciary funds___________________
W orkm en’s compensation disability insur­
ance, payments on account of.

o

Reg. 32_______
Reg. 27_______
Inter. 12______
Reg. 23_______
Reg. 13_______
Inter. 2_______
Reg. 28_______
Inter. 13______

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

,L). ( 0 5 0 1

DOCUMENTS
AND STATEMENTS PERTAINING TO THE
BANKING EMERGENCY

fO

Federal Legislation, Executive Orders, Regulations, and Official Statements
pertaining primarily to gold, currency, and foreign exchange




PART II
APRIL 5-JUNE 5, 1933

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1933

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p

i-

(0 S O j

CONTENTS
Page

tK

00
05




(ii)

1
2
2
CO

Executive order, April 5 ___________________________________________________________________________________
Statement by Secretary of the Treasury, April 5 __________________________________________________________
Executive order, April 20__________________________________________________________________________________
Statement by Secretary of the Treasury, April 25_________________________
Regulations relating to licensing the purchase and export of gold, April 29.
Title III of Public No. 10, May 12________________________________________
Memorandum, May 26_____________________________________________________
Public resolution, June 5 ------------------------------------------------------------------------------------------------------------------------------

10

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
r-

Authority ^ AX (0

I

Documents and statements pertaining primarily to the emergency banking restrictions
and regulations are presented as Part I of this publication, and material pertaining primarily
to gold, currency, and foreign exchange is herein presented as Part II.




(in)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

“ E X E C U T IV E ORDER FORBIDDING THE HOARDING
GOLD

COIN,

GOLD

B U LLIO N

AND

GOLD

CERTIFICATES

“ By virtue of the authority vested in me by
section 5 (b) 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’, in which amendatory act
Congress declared that a serious emergency
exists, I, Franklin D. Roosevelt, President of
the United States of America, do declare that
said national emergency still continues to
exist and pursuant to said section do hereby
prohibit the hoarding of gold coin, gold bullion,
and gold certificates within the continental
Ugited States by individuals, partnerships,
associations and corporations and hereby pre­
scribe the following regulations for carrying
out the purposes of this order:
“ S e c t i o n 1. For the purposes of this regula­
tion, the term ‘ hoarding’ means the with­
drawal and withholding of gold coin, gold
bullion or gold certificates from the recognized
and customary channels of trade. The term
‘ person’ means any individual, partnership,
association or corporation.
“ S e c . 2. All persons are hereby required to
deliver on or before 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 legitimate and customary use
in industry, profession or art within a
reasonable time, including gold prior to
refining and stocks of gold in reasonable
amounts for the usual trade requirements
of owners mining and refining such gold.
“ (b) Gold coin and gold certificates in
an amount not exceeding in the aggregate
$100 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.




A)» ( 0 5 0 1

“ (d) Gold coin and bullion licensed for
other proper transactions (not involving
hoarding) including gold coin and bullion
imported for reexport or held pending
action on applications for export licenses.

On April 5 the President issued the following
order forbidding the hoarding of gold:

OF

p

“ S e c . 3. Until otherwise ordered any person
becoming the owner of any gold coin, gold
bullion, or gold certificates after April 28, 1933,
shall, within 3 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 pur­
poses specified in paragraphs (a), (b), or (c) of
section 2; or unless such gold coin or gold
bullion is held for purposes specified in para­
graph (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.
“ S e c . 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 there­
for an equivalent amount of any other form of
coin or currency coined or issued under the
laws of the United States.
“ S e c . 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 sec. 2) to the
Federal reserve banks of their respective dis­
tricts and receive credit or payment therefor.
“ S e c . 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
transportation 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
satisfactory evidence of such costs. Voucher
forms for this purpose may be procured from
Federal reserve banks.
“ S e c . 7. In cases where the delivery of gold
coin, gold bullion, or gold certificates by the
owners thereof within the time set forth above
will involve extraordinary hardship or diffi­
culty, the Secretary of the Treasury may, in
his discretion, extend the time within which such
delivery must be 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 bank. Each appli-

(1)

/
M p l
f i )

*X ^

HfeJM1

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ X )« (0 S O |

2
cation must state the date to which the exten­
sion 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.
“ S e c . 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 is­
sue licenses thereunder, through such officers or
agencies as he may designate, including licenses
permitting the Federal reserve banks and mem­
ber banks of the Federal Reserve System, in
return for an equivalent amount of other coin,
currency, or^ credit, to deliver, earmark, or
hold in trust" gold coin and bullion to or for
persons showing the need for the same for any
of the purposes specified in paragraphs (a), (c),
and (d) of section 2 of these regulations.
“ S e c . 9. Whoever willfully violates any pro­
vision of this Executive order or of these regu­
lations or of any rule, regulation, or license
issued thereunder may be fined not more than
$10,000, or, if a natural person, may be im­
prisoned for not more than 10 years, or both;
and any officer, director, or agent of any cor­
poration 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.
“ F r a n k l i n D. R o o s e v e l t .
“ T h e W h ite H ou se,

“A p ril 5, 1988”

“ STATEM EN T B Y TH E SECR ETAR Y OF TH E TR EAS­
U R Y , A P R IL 5

“ The President’s order of to-day requiring
the turning in of hoarded gold, and at the same
time providing that gold shall be available for
all proper purposes, is an expected step in the
process of regularizing our monetary position
and furnishing adequate banking and currency
facilities for all customary needs.
“ Such an order was in contemplation from
the time of the passage of the emergency bank­
ing act. As the President indicated to-day,
while many of our citizens voluntarily and
helpfully turned in their gold, there were others
who did not so respond. In fairness, the conduct
of all citizens with reference to gold should be
•the same in this emergency, and this is assured
by the order. Those surrendering gold, of




course, receive an equivalent amount of other
forms of currency, and other forms of currency
may be used for obtaining gold in an equivalent
amount where authorized for proper purposes.
“ Gold held in private hoards serves no use­
ful purpose under present circumstances.
When added to the stock of the Federal reserve
banks it serves as a basis for currency and
credit. This further strengthening of the
banking structure adds to its power of service
toward recovery.
“ A vital provision of the order is that author­
izing the Secretary of the Treasury to issue
licenses for gold for proper business needs not
involving hoarding. Applications will be
passed upon as the facts in each case warrant.
“ Regulations governing the procedure of the
Treasury under the new order are in course
of preparation.”

On April 20, 1933, the following Executive
order was issued by the President:
“ E X E C U T IV E

ORDER
TH E

R E L A T IN G

TO F O R E IG N

CHANGE

AND

E A R M A R K IN G

AND

OF GOLD

C O IN O R B U L L IO N O R C U R R E N C Y

EX­

EXPORT

“ By virtue of the authority vested in me
by section 5 (b) 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/ 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 and by virtue of
all other authority vested in me, do hereby issue
the following Executive order:
“ 1. Until further order, the earmarking for
foreign account and the export of gold coin,
gold bullion, or gold certificates from the United
States or any place subject to the jurisdiction
thereof are hereby prohibited, except that the
Secretary of the Treasury, in his discretion and
subject to such regulations as he may prescribe,
may issue licenses authorizing the export of
gold coin and bullion (a) earmarked or held in
trust for a recognized foreign government or
foreign central bank or the Bank for Interna­
tional Settlements, (b) imported for reexport or
gold in reasonable amounts for usual trade
requirements of refiners importing gold bear­
ing materials under agreement to export gold,
(c) actually required for the fulfillment of any
contract entered into prior to the date of this

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

^

(0

SO
1

3
order, by an applicant who in obedience to
the Executive order of April 5, 1933, has de­
livered gold coin, gold bullion, or gold certifi­
cates, and (d) with the approval of the Presi­
dent, for transactions which he may deem
necessary to promote the public interest.
“ 2. Until further order, the Secretary of the
Treasury is authorized, through any agency
that he may designate, to investigate, regulate,
or prohibit, under such rules and regulations as
he may prescribe, by means of licenses or other­
wise, any transactions in foreign exchange,
transfers of credit from any banking institution
within the United States or any place subject
to the jurisdiction thereof to any foreign branch
or office of such banking institution or to any
foreign bank or banker, and the export or with­
drawal of currency from the United States or
any place subject to the jurisdiction of the
United States, by any individual, partnership,
association, or corporation within the United
States or any place subject to the jurisdiction
thereof; and the Secretary of the Treasury may
require any individual, partnership, association,
or corporation engaged in any transaction re­
ferred to herein to furnish under oath, complete
information relative thereto, including the pro­
duction of any books of account, contracts,
letters, or other papers, in connection therewith
in the custody or control of such individual,
partnership, association, or corporation either
before or after such transaction is completed.
“ 3. The provisions relating to foreign ex­
change transactions contained in the Executive
order of March 10, 1933, shall remain in full
force and effect except as amended or supple­
mented by this order and by regulations issued
hereunder;
“ 4. Applicants who have gold coin, gold
bullion, or gold certificates in their possession, or
who in obedience to the Executive order of
April 5, 1933, have delivered gold coin, gold
bullion, or gold certificates shall be entitled to
licenses as provided in section 8 of said Execu­
tive order for amounts not exceeding the equiva­
lent of such coin, bullion, or certificates held or
delivered. The Secretary may in his discretion
issue or decline to issue any other licenses under
said Executive order, which shall in all other
respects remain in full force and effect.
“ 5. Whoever willfully violates any provision
of this Executive order or of any rule, regulation
or license issued thereunder may be fined not
more than $10,000, or, if a natural person, may
be imprisoned for not more than 10 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 may be modified or revoked at
any time.
“ F
“ T

he

W

h it e

H

r a n k l in

D. R

o o sevelt.

ouse,

“ A p ril 20, 1938”

“

state m e n t b y th e se c r etar y of th e tr eas­
ury,

APR IL 25

“ Secretary Woodin to-day called attention
to the fact that under the provisions of the
President’s order of April 5, 1933, forbidding
the hoarding of gold coin, gold bullion, and gold
certificates, persons who own gold coin, gold
bullion, or gold certificates are required to
deliver their holdings to a Federal Reserve
Bank, branch or agency, or to any member
bank of the Federal Reserve System, on or
before next Monday, May 1, 1933, except as
provided in certain cases specified in the
order. A fine of $10,000 or 10 years imprison­
ment, or both, may be imposed as the penalty
for failure to comply with the terms of the
order.
“ Gold in reasonable amount, actually re­
quired for use in industry, profession or art,
is excepted from the order to deliver on or
before May 1. An exception is also allowed
in the case of gold coin and gold certificates in
an amount not exceeding $100 belonging to
any one person, and in the case of gold coins
having a recognized special value to collectors
of rare and unusual coins.
“ In a final effort to acquaint the public with
the requirements of the President’s order, and
the criminal penalties provided for violations
of the order, the Treasury Department is for­
warding to every post office and banking insti­
tution a printed notice, in the form of a poster
and intended for public display, setting forth
the Executive order in full. Persons having
gold coin, gold bullion, or gold certificates
should acquaint themselves with the exact
terms of the Executive order.
“ To facilitate the identification of gold certifi­
cates, as distinguished from other currency,
the Treasury points out that gold certificates
may be identified by the words ‘Gold certifi­
cate’ appearing thereon. In the case of gold
certificates of the small-size currency, which
were first issued in 1929, the title ‘ Gold certifi­
cate’ appears on the face of the certificate,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
I"

Authority ]p A ) - ( 0 S C ) )

and in the case of gold certificates of the largesize currency (the issue of which was discon­
tinued in 1929), the title ‘ Gold certificate’
appears on the back. The serial number and
the Treasury seal on the face of a gold certifi­
cate are printed in yellow. While Federal
reserve notes and United States notes are re­
deemable in gold and bear a provision to that
effect, they are not ‘ gold certificates,’ and are
not, therefore, required to be surrendered.”
The Secretary of the Treasury issued the
following regulations relating to licensing the
purchase and export of gold:
R E G U LA TIO N S R E LA T IN G
TO LIC E N SIN G
PUR CHASE A N D E X P O R T OF GOLD

“ T

r ea su r y

“ O

f f ic e

D

epa rtm en t

of th e

S

THE

,

ec r eta r y

,

“A p ril 29, 1933.
“A
“

r t ic l e

m is c e l l a n e o u s

I

p r o v is io n s

“ Section 1. Authority for regulations.— In
pursuance of the provisions of section 5 (b) of
the act of October 6, 1917, as amended by
section 2 of the act of March 9, 1933, and the
Executive orders of the President dated March
10, 1933, April 5, 1933, and April 20, 1933, these
regulations are prescribed.
“ Sec. 2. Definitions.— For the purposes of
these regulations, the term ‘person’ means an
individual, partnership, association or corpora­
tion; and the term ‘United States’ means the
continental United States, including Alaska.
“ Sec. 3. Licenses nontransferable.— Licenses
or permits issued or granted under these regu­
lations shall not be transferred.
“ Sec. 4. Scope.— These regulations shall be

operative within the United States as defined,
unless otherwise indicated.
“ Sec. 5. Penalties.-—Whoever willfully vio­
lates any provision of these regulations or of
any license issued hereunder may be fined not
more than $10,000, or, if a natural person, may
be imprisoned for not more than 10 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.
“A
“ PURCHASE

OF

r t ic l e

GOLD

FOR

II
USE

IN

IN D U STR Y

PROFESSION o r a r t

‘ ‘Section 1. Eligible applicants.— Any person
having a legitimate and customary use for gold




in industry, profession, or art (including
research and scientific work), or any person
customarily supplying gold to others for such
use (hereinafter called a ‘dealer’ ), may file
with a Federal reserve bank an application to
purchase such quantity of gold as may be
required for legitimate and customary use
within a reasonable time.
“ Sec. 2. Applications.— Such application
shall be filed in duplicate, executed under oath
and verified before an officer duly authorized
to administer oaths, and shall contain (a) the
name and address of the applicant, (6) the
industry, profession or art or business in which
the applicant is engaged, (c) the amount of
gold usually required for use in the applicant’s
business for a period of 90 days, (d) the amount
of gold used or sold during the preceding
calendar year, (<?) the amount and a description
of all gold on hand at the date of the applica­
tion, (/) the amount of gold applied for, (g) a
statement that the applicant will use such gold
as he may be permitted to purchase only for
the legitimate and customary requirements of
industry, profession, or art, or for sale exclu­
sively in industry, profession, or art, and (h) a
statement that no other application is pending.
“ Sec. 3. Purchase of gold.—Upon receipt of

the application and after making such investi­
gation of the case as it may deem advisable,
the Federal reserve bank, if satisfied that the
gold is necessary for the legitimate and custo­
mary requirements of the applicant’s business,
industry, profession or art, within a reasonable
time, may permit the applicant to purchase
such quantity of gold (not in excess of the
amount applied for) as may be necessary for
such use upon payment therefor of an equiva­
lent amount of coin or currency coined or is­
sued under the laws of the United States. The
applicant shall keep an exact record of the dis­
position of such gold, and, in the case of a dealer
furnishing gold for use in industry, profession
or art, such dealer shall keep a record which
shall show the amounts and dates of sales and
the names and addresses of the purchasers.
Such records shall be available for examination
by a representative of the Treasury Depart­
ment for at least one year after the date of
the disposition of the gold. The gold so pur­
chased shall be used or disposed of only in ac­
cordance with this article and the Executive
order of April 5, 1933. Dealers withdrawing
gold under this article shall require of the per­
sons who purchase gold from them an affidavit
that the gold so purchased will be used exclu­
sively in the industry, profession, or art in
which such purchasers are engaged,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

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5
“ S e c . 4. P rio r regulation revoked.— Emer­ gold certificates delivered in obedience to the
gency Banking Regulation No. 25, issued March Executive order of April 5, 1933, and the date
13, 1933, is hereby revoked.
and place of such delivery, and (2) the amount
of gold coin or gold bullion actually required
“ A r t i c l e III
for the fulfilment of the contract. A certified
copy of the contract or obligation shall accom­
“ e x p o r t o f g o l d c o in o r g o l d b u l l io n
pany the application.
“ Sec. 3. Filing of application.— 'The applica­
“ S e c t i o n 1. License required.— No gold coin, tion shall be filed with a Federal reserve bank,
gold bullion, or gold certificates shall be ex­ and such bank, after making such investigation
ported from the United States or any place of the case as it may deem necessary, shall
subject to the jurisdiction thereof, or ear­ transmit the original of such application to the
marked for foreign account unless a license Secretary of the Treasury, together with (a)
therefor shall first have been obtained from such supplemental information as it may deem
the Secretary of the Treasury in accordance appropriate and (b) a recommendation as to
with this article or Article IV of these regula­ whether the license should be granted or denied.
tions. Licenses may be issued, in the discre­ A copy of the application shall be retained by
tion of the Secretary, authorizing the export of the Federal reserve bank for its records.
gold coin and gold bullion:
“ Sec. 4. Issuance of license.— If the Secretary
(a) Earmarked or held in trust for a recog­ of the Treasury, in his discretion, determines to
nized foreign government or foreign central grant a license upon an application filed under
bank or the Bank for International Settle­ section 3, he will authorize the Federal reserve
ments ;
bank through which the application was trans­
(b f Imported for reexport;1
mitted to issue on his behalf a license to export
'(c) Actually required for the fulfillment of a specified amount of gold coin or gold bullion,
any contract calling for payment or delivery and such bank shall thereupon issue such
of gold coin or bullion, entered into prior to license to the applicant. If the license applied
April 20, 1933, by an applicant who in obedi­ for is not granted, the bank through which the
ence to the Executive order of April 5, 1933, application was transmitted will be advised and
has delivered gold coin, gold bullion, or gold such bank shall thereupon so notify the appli­
certificates in accordance with such order; or
cant.
(d)
With the approval of the President, for
“ Sec. 5. License.— Each license for the export
transactions which he may deem necessary to
of
gold
coin or bullion shall be numbered serially
promote the public interest.
“ Sec. 2. Application fo r license.—-Applica­ and shall bear (a) the date of issue, (b) the name
tion for license under section 1 to export from and address of the licensee, (c) the name and
the United States or any place subject to the address of the consignee, (d) the amount and
jurisdiction thereof any gold coin or gold description of the gold licensed, {e) the port of
bullion shall be made to the Secretary of the export, and (/) a statement, 'This license
Treasury. Each such application shall be shall expire 15 days from date of issue/
“ Sec. 6. Notification of issuance of license.—
executed in duplicate under oath and verified
before an officer duly authorized to administer At the time the license is issued, the issuing
oaths, and shall state in detail (a) the name and Federal reserve bank shall transmit a copy
address of the applicant, (b) the name and thereof to the collector of customs at the port
address of the owner of the gold to be exported, of export designated thereon. No collector of
(c) the amount and a description of gold coin customs shall permit the export of any gold
or gold bullion and the location thereof, (d) coin or bullion under this article except upon
the port from which export will be made, (e) surrender of a license to export, a copy of which
the name and address of the consignee, and (/) has been received by him from the Federal
the nature of the transaction and the facts reserve bank issuing such license.
making necessary the export. In the case of
“ Sec. 7. Expiration of license.— All licenses to
an application for a license under section 1 (c ) export gold coin or bullion issued under this
of this article, the application, in addition to article shall expire 15 days after date of issue,
the above, shall state in detail, (1) the amount, and any person holding a license who fails to
respectively, of the gold coin, gold bullion, or export gold coin or bullion in accordance with
> Export of gold by refiners importing gold-bearing materials is covered by Article I V of these regulations.

173500— 33------- 2




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
T

Authority

p

A ). ( Q S O l

6
the terms of the license shall forthwith deliver to administer oaths, and shall show (a) the
such gold coin or bullion to a Federal reserve name and address of the applicant, ( b) the
port at which the importation was formally
bank.
entered, (c) the entry number, (d) the date of
“ A r t i c l e IV
entry, (e) the plant at which the importation
was first treated, (/) the gross wet weight, (g)
“ I M P O R T F O R S M E L T I N G A N D /O R R E F I N I N G A N D
the weight of the containers (if any), (h) the net
EXPORT
wet weight, (i ) the percentage and weight of
“ S e c t i o n 1. Notation upon entry.— Upon the moisture, (j ) the net dry weight, (k ) the gold
formal entry into the United States of gold- content, (I ) the amount of gold bullion required
bearing ores, or any other gold-bearing mate­ to be exported under the agreement, and (m)
rials imported into the United States for the name and address of the proposed con­
smelting and/or refining under an agreement signee of the exportation. The application
providing for the export of gold bullion, the shall be accompanied by two duly attested
importer shall notify the collector of customs copies of the settlement sheet.
“ Sec. 5. Issuance of serial numbered certifi­
at the port where the gold-bearing ore or mate­
rial is formally entered that the importation cate.— If the superintendent of the assay office
is made under such agreement. The collector or of the mint is satisfied as to the accuracy of
shall make a notation on the entry to this effect the data shown on such application, he shall
and forward a copy of the entry to the United issue to the importer a dated serial numbered
States Assay Office at New York, N. Y., or to certificate which shall show the amount of gold
the United States Mint at San Francisco, Calif., specified by the application and the amount
specified by the settlement sheet. The Direc­
whichever is designated by the importer.
tor of the Mint shall prescribe the form of such
“ S e c . 2 . Sampling and assaying.— Promptly
upon the receipt of each importation of gold- certificate.
“ Sec. 6. Issuance of export license.— Upon de­
bearing ore or material at the plant where it is
first to be treated, it shall be weighed, sampled, livery to the assay office or the mint, within 120
and assayed for gold content. A reserve com­ days from the date it was issued, of the serial
mercial sample shall be retained at such plant numbered certificate the superintendent of the
for at least one year from the date the impor­ assay office or mint shall issue to the importer
tation was received by the plant unless the a license to export gold bullion in the amount
assay is sooner verified by the Treasury Depart­ applied for, but not in excess of the amount
ment.
specified by the settlement sheet as shown on
“ Sec. 3. Plant records.— The importer shall such certificate.
cause an exact record, covering each importa­
“ Sec. 7. Licenses.—Each license for the ex­
tion, to be kept at the plant of first treatment. port of gold bullion under this article shall be
The record shall show the gross wet weight of numbered serially and shall bear (a) the date of
the importation, the weight of containers (if issue, (b) the name and address of the licensee,
any), the net wet weight, the percentage and (c) the name and address of the consignee, (d)
weight of moisture, the net dry weight, the the amount and description of the gold licensed,
gold content shown by the settlement assay, (e) the port of export, and (f ) a statement,
and the amount of gold bullion required to be ‘ This license shall expire 15 days from date of
exported under the agreement. An attested issue.’
copy of such record shall be filed promptly
“ Sec. 8. Notification of issuance of license— At
with the assay office or the mint, whichever the time the license is issued, the issuing assay
has been designated to receive a copy of the office or mint shall transmit a copy thereof to
entry.
the collector of customs at the port of export
“ S e c . 4. Application fo r export license.— Not designated thereon.
No collector of customs
later than 15 days from the date of entry, the shall permit the export of any gold bullion under
importer shall file an application with the I this article except upon surrender of a license to
assay office or the mint, whichever has been export, a copy of which has been received by
designated to receive a copy of the entry, for him from the assay office or mint issuing the
a license to export gold bullion not in excess license.
of the amount shown by the settlement sheet
“ Sec. 9. Expiration of license.—All licenses to
covering the importation. Such application export gold bullion issued under this article
shall be filed in duplicate, executed under oath shall expire 15 days after date of issue and any
and verified before an officer duly authorized person holding a license who fails to export the




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Authority 'j r . ’O- 1 0 5 0 1

7
gold bullion in accordance with the terms of the plemental information it may deem appropri­
license shall forthwith deliver such bullion to a ate and (b) a recommendation whether a license
Federal reserve bank.
should be granted or denied. The Federal re­
serve bank shall retain a copy of the application
for its records.
“ A rticle V
“ Sec. 3. Granting or denial of the license.— Upon
“ ACQUISITION OR R E TE N T IO N OF GOLD COIN, GOLD receipt of the original application- and the rec-B U L L IO N , OR GOLD CERTIFICATES FOR PROPER ommendation of the Federal reserve bank
transmitting it, the Secretary of the Treasury
TRAN SACTIONS NOT IN V O L V IN G HOARDING
will grant or deny the license. A license will
“ Section 1. Licenses fo r proper transactions be granted on application for the retention or
and fo r purposes not covered in preceding arti­ acquisition of gold coin or bullion made by any
cles.—Any person showing the need for gold coin person showing the need for such gold coin or
or gold bullion for a proper transaction not in­ bullion in accordance with the provisions of
volving hoarding or for gold coin or gold bullion section 8 of the Executive order of April 5, 1933,
for a purpose specified in the Executive order of in cases where such person has gold coin, gold
April 5, 1933, and not covered by the foregoing bullion, or gold certificates in his possession, or
articles of these regulations, may make applica­ in obedience to said Executive order, has
tion to the Secretary of the Treasury for a li­ delivered such coin, bullion or certificates.
cense to purchase, or if such coin' or bullion is A license so granted shall be for an amount of
already in his possession, to retain such coin or gold coin or bullion not exceeding the amount
bullion, in amounts as may be reasonably nec­ of such coin, bullion, or certificates held or
essary for such proper transaction or purpose. delivered. When the issuance of a license is
Applications shall be filed with any Federal re­ approved by the Secretary of the Treasury
serve bank. The application shall be filed in the Federal reserve bank, through which appli­
duplicate, executed under oath and verified be­ cation was made, will issue a license to the
fore an officer duly authorized to administer applicant. If denied, the Federal reserve bank
oaths and shall contain (a) the name and ad­ will be so advised and shall immediately notify
dress of the applicant, ( b) the amount of gold the applicant. The decision of the Secretary
coin or gold bullion desired to be purchased or of the Treasury shall be final. The Federal
retained, (c) the amount and description of the reserve bank shall note upon the retained copy
gold coin or bullion on hand (if any) at the date of the application whether or not a license has
of the application, (d) the proper transaction or been granted, and, if granted, the date of the
purpose to which the gold coin or gold bullion license and the amount of the gold coin or gold
will be devoted and the facts making necessary bullion covered thereby.
“ S e c . 4. Acquisition of gold.— Upon presenta­
its purchase or retention, (e) such other facts as
will enable the Secretary of the Treasury to de­ tion of a license for the acquisition of gold coin
termine whether the transaction is proper, and or bullion to a Federal reserve bank, such bank
(/) a statement that the applicant will use such shall deliver to the licensee the amount of gold
gold coin or gold bullion as he may be permitted coin or gold bullion authorized in such license
to purchase or retain only for the transaction or upon payment therefor in an equivalent amount
purpose set forth in the application. In the of any form of coin or currency coined or issued
case of an applicant for a license who has de­ under the laws of the United States.
“ Sec. 5. Reports required on the disposition of
livered in obedience to the Executive order of
April 5, 1933, gold coin, gold bullion, or gold gold coin or bullion.—Any person holding a
certificates, the application, in addition to the license for the retention or acquisition of gold
above, shall state in detail (1) the amount of coin or bullion issued under this article, who
gold coin, gold bullion, or gold certificates de­ shall at any time dispose of such gold coin or
livered in obedience to the Executive order of bullion in accordance with the terms of the
.April 5, 1933; (2) the date of such delivery; license or otherwise, shall immediately file a
written report in duplicate with the Federal
and (3) the bank at which delivered.
“ Sec. 2. Disposition of applications.—On the reserve bank through which the license was
receipt of any such application, the Federal re­ issued. Such report shall be executed under
serve bank shall make such investigation of the oath and verified before an officer duly author­
case as it may deem advisable and shall trans­ ized to administer oaths and shall contain (a)
mit to the Secretary of the Treasury the original the names and addresses of the person or
of such application, together with (a) any sup­ persons to whom such gold coin or bullion was




Reproduced from the Unclassified / Declassified Holdings of the National Archives

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r

Authority jp AX ( 0 3 0 )

8
prior to the termination of such period or periods the
Secretary shall consent to their sale. No suspension of
reserve requirements of the Federal Reserve banks,
under the terms of section 11(c) of the Federal Reserve
Act, necessitated by reason of operations under this
section, shall require the imposition of the graduated
tax upon any deficiency in reserves as provided in
said section 11(c). Nor shall it require any automatic
increase in the rates of interest or discount charged by
any Federal Reserve bank, as otherwise specified in
that section. The Federal Reserve Board, with the
approval of the Secretary of the Treasury, may require
the Federal Reserve banks to take such action as may
be necessary, in the judgment of the Board and of the
Secretary of the Treasury, to prevent undue credit
expansion.
(b)
If the Secretary, when directed by the President,
is unable to secure the assent of the several Federal
Reserve banks and the Federal Reserve Board to the
agreements authorized in this section, or if operations
under the above provisions prove to be inadequate to
meet the purposes of this section, or if for any other
reason additional measures are required in the judg­
ment of the President to meet such purposes, then the
President is authorized—
(1) To direct the Secretary of the Treasury to cause
to be issued in such amount or amounts as he may from
“ These regulations may be supplemented, time to time order, United States notes, as provided in
the Act entitled “ An Act to authorize the issue of United
modified, or revoked at any time.
States notes and for the redemption or funding thereof
and for funding the floating debt of the United States” ,
“ W. H. W o o d i n ,
approved February 25, 1862, and Acts supplementary
“ Secretary of the Treasury.”
thereto and amendatory thereof, in the same size and
of similar color to the Federal Reserve notes heretofore
issued and in denominations of $1, $5, $10, $20, $50,
$100, $500, $1,000, and $10,000; but notes issued under
On May 12, 1933, the President approved this subsection shall be issued only for the purpose of
meeting maturing Federal obligations to repay sums
legislation which includes the following title:
borrowed by the United States and for purchasing
United States bonds and other interest-bearing obliga­
T IT L E III-----F IN A N C IN G -----A N D E X E R C IS IN G P O W E R CO N ­
tions of the United States: Provided, That when any
F E R R E D B Y SE C T IO N 8 O F A R T IC L E I O F T H E C O N S T IT U ­
such notes are used for such purpose the bond or other
T IO N : TO C O IN M O N E Y A N D TO R E G U L A T E T H E V A L U E
obligation so acquired or taken up shall be retired and
TH EREOF
canceled. Such notes shall be issued at such times and
in such amounts as the President may approve but the
S e c . 43. Whenever the President finds, upon investi­
aggregate
amount of such notes outstanding at any
gation, that (1) the foreign commerce of the United
States is adversely affected by reason of the deprecia­ time shall not exceed $3,000,000,000. There is hereby
tion in the value of the currency of any other govern­ appropriated, out of any money in the Treasury not
ment or governments in relation to the present standard otherwise appropriated, ,an amount sufficient to enable
value of gold, or (2) action under this section is neces­ the Secretary of the Treasury to retire and cancel 4
sary in order to regulate and maintain the parity of per centum annually of such outstanding notes, and
currency issues of the United States, or (3) an economic the Secretary of the Treasury is hereby directed to re­
emergency requires an expansion of credit, or (4) an tire and cancel annually 4 per centum of such out­
expansion of credit is necessary to secure by interna­ standing notes. Such notes and all other coins and
tional agreement a stabilization at proper levels of currencies heretofore or hereafter coined or issued by
the currencies of various governments, the President or under the authority of' the United States shall be
legal tender for all debts public and private.
is authorized, in his discretion—
(a)
To direct the Secretary of the Treasury to enter (2) By proclamation to fix the weight of the gold
into agreements with the several Federal Reserve dollar in grains nine tenths fine and also to fix the
banks and with the Federal Reserve Board whereby weight of the silver dollar in grains nine tenths fine at
the Federal Reserve Board will, and it is hereby author­ a definite fixed ratio in relation to the gold dollar at
ized to, notwithstanding any provisions of law or rules such amounts as he finds necessary from his investiga­
and regulations to the contrary, permit such reserve tion to stabilize domestic prices or to protect the for­
banks to agree that they will, (1) conduct, pursuant to eign commerce against the adverse effect of depreciated
existing law, throughout specified periods, open market foreign currencies, and to provide for the unlimited
operations in obligations of the United States Govern­ coinage of such gold and silver at the ratio so fixed, or
ment or corporations in which the United States is the in case the Government of the United States enters
majority stockholder, and (2) purchase directly and into an agreement with any government or govern­
hold in portfolio for an agreed period or periods of time ments under the terms of which the ratio between the
Treasury bills or other obligations of the United value of gold and other currency issued by the United
States Government in an aggregate sum of $3,000,000,- States and by any such government or governments is
000 in addition to those they may then hold, unless established, the President may fix the weight of the

delivered (b) the amounts thereof and whether
gold coin or gold bullion, and (c) the reason
for such delivery. On the receipt of any such
report, the Federal reserve bank receiving it
shall immediately transmit the original to the
Secretary of the Treasury in Washington and
shall retain a copy for its records. Upon the
transfer of any gold coin or bullion by a person
licensed to retain or acquire the same, such
licensee shall advise the transferee of the pro­
visions of the Executive order of April 5, 1933,
and of the penalties for its violation, and such
transferee shall deliver such gold coin or
bullion so received to a Federal reserve bank
or branch or agent thereof or any member bank
of the Federal Reserve System in accordance
with the Executive order of April 5, 1933, and
shall be subject to the penalties of said Execu­
tive order for any violation thereof.

-




Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority f x ) .

gold dollar in accordance with the ratio so agreed upon,
and such gold dollar, the weight of which is so fixed,
shall be the standard unit of value, and all forms of
money issued or coined by the United States shall be
maintained at a parity with this standard and it shall
be the duty of the Secretary of the Treasury to main­
tain such parity, but in no event shall the weight of
the gold dollar be fixed so as to reduce its present
weight by more than 50 per centum.
S e c . 44. The Secretary of the Treasury, with the
approval of the President, is hereby authorized to make
and promulgate rules and regulations covering any
action taken or to be taken by the President under
subsection (a) or (b) of section 43.
S e c . 45. (a) The President is authorized, for a period
of six months from the date of the passage of this Act,
to accept silver in payment of the whole or any part
of the principal or interest now due, or to become due
within six months after such date, from any foreign
government or governments on account of any inT
debtedness to the United States, such silver to be
accepted at not to exceed the price of 50 cents an
ounce in United States currency. The aggregate value
of the silver accepted under this section shall not
exceed $200,000,000.
(b) The silver bullion accepted and received under
the provisions of this section shall be subject to the
requirements of existing law and the regulations of the
mint service governing the methods of determining the
amount of pure silver contained, and the amount of
the-charges or deductions, if any, to be made; but such
silver bullion shall not be counted as part of the silver
bullion authorized or required to be purchased and
coined under the provisions of existing law.
(c) The silver accepted and received under the pro­
visions of this section shall be deposited in the Treasury
of the United States, to be held, used, and disposed of
as in this section provided.
(d) The Secretary of the Treasury shall cause silver
certificates to be issued in such denominations as he
deems advisable to the total number of dollars for
which such silver was accepted in payment of debts.
Such silver certificates shall be used by the Treasurer
of the United States in payment of any obligations of
the United States.
(e) The silver so accepted and received under this
section shall be coined into standard silver dollars and
subsidiary coins sufficient, in the opinion of the Secre­
tary of the Treasury, to meet any demands for redemp­
tion of such silver certificates issued under the provi­
sions of this section, and such coins shall be retained
in the Treasury for the payment of such certificates on
demand. The silver so accepted and received under
this section, except so much thereof as is coined under
the provisions of this section, shall be held in the Treas­
ury for the sole purpose of aiding in maintaining the
parity of such certificates as provided in existing law.
Any such certificates or reissued certificates, when pre­
sented at the Treasury, shall be redeemed in standard
silver dollars, or in subsidiary silver coin, at the option
of the holder of the certificates: P rovided , That, in the
redemption of such silver certificates issued under this
section, not to exceed one third of the coin required
for such redemption may in the judgment of the Secre­
tary of the Treasury be made in subsidiary coins, the
balance to be made in standard silver dollars.
(f) When any silver certificates issued under the pro­
visions of this section are redeemed or received into the
Treasury from any source whatsoever, and belong to
the United States, they shall not be retired, canceled,
or destroyed, but shall be reissued and paid out again
and kept in circulation; but nothing herein shall prevent




10561

the cancelation and destruction of mutilated certificates
and the issue of other certificates of like denomination
in their stead, as provided by law.
(g)
The Secretary of the Treasury is authorized to
make rules and regulations for carrying out the provi­
sions of this section.
S e c . 46. Section 19 of the Federal Reserve Act, as
amended, is amended by inserting immediately after
paragraph (c) thereof the following new paragraph:
“ Notwithstanding the foregoing provisions of this
section, the Federal Reserve Board, upon the affirma­
tive vote of not less than five of its members and with
the approval of the President, may declare that an
emergency exists by reason of credit expansion, and
may by regulation during such emergency increase or
decrease from time to time, in its discretion, the reserve
balances required to be maintained against either
demand or time deposits.”
Approved May 12th 1933

On May 26,1933, the following memorandum
was issued:
“

g o ld

clau se”

o b l ig a t io n s

“ A joint resolution was introduced today
in both Houses of Congress designed to clarify
the effect of recent legislation upon the status
of the ‘gold clause' in public and private obliga­
tions. This resolution has the support of the
administration.
“ Since March 6, when the President declared
a bank holiday, transactions involving pay­
ments in gold have been brought under control
in order to protect and maintain the supply
which constitutes a reserve for the Nation’s
currency. Gold is not now paid, nor is it
available for payment, upon public or private
debts.
“ Recently the Thomas amendment to the
Agricultural Relief Act has made all coins and
currencies of the United States legal tender
for the payment of every debt, public and
private. Due, however, to the language used
doubt has arisen whether obligations expressed
to be payable in a particular kind of money,
such as gold coin, may be satisfied by payment
in other forms of legal tender.
“ While the Supreme Court of New York is
reported to have held in a recent case that an
obligation calling for payment in gold coin
could be satisfied by payment of other lawful
forms of money, confusion may be created if
the existing legislation is differently construed
in other jurisdictions. One of the purposes of
the resolution is to remove any doubt and to
avoid confusion, so that debtors and creditors
may have a clear definition of their legal
position.
“ Another purpose of the resolution is to
make clear that future obligations, public and

Reproduced from the Unclassified I Declassified Holdings of the National Archives

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10
the United States measured thereby, is declared to be
against public policy; and no such provision shall be
contained in or made with respect to any obligation
hereafter incurred. Every obligation, heretofore or
hereafter incurred, whether or not any such provision
is contained therein or made with respect thereto, shall
be discharged upon payment, dollar for dollar, in any
coin or currency which at the time of payment is legal
tender for public and private debts. Any such pro­
vision contained in any law authorizing obligations to
be issued by or under authority of the United States, is
hereby repealed, but the repeal of any such provision
The President approved on June 6, 1933, the shall not invalidate any other provision or authority
following joint resolution:
contained in such law.
(b)
As used in this resolution, the term “ obligation”
means an obligation (including every obligation of and
[ P u b l i c R e s o l u t i o n — No. 1 0 — 7 3 d C o n g r e s s ]
to the United States, excepting currency) payable in
[H.J.Res. 192]
money of the United States; and the term “ coin or
currency” means coin or currency of the United States,
'
J O IN T R E S O L U T IO N
including Federal Reserve notes and circulating notes
T o assure uniform value to the coins and currencies of the United
of Federal Reserve banks and national banking associ­
States.
ations.
S e c . 2. The last sentence of paragraph (1) of sub­
Whereas the holding of or dealing in gold affect the
public interest, and are therefore subject to proper section (b) of section 43 of the Act entitled "A n Act
to relieve the existing national economic emergency by
regulation and restriction; and
''Whereas the existing emergency has disclosed that pro­ increasing agricultural purchasing power, to raise
visions of obligations which purport to give the revenue for extraordinary expenses incurred by reason
obligee a right to require payment in gold or a par­ of such emergency, to provide emergency relief with
ticular kind of coin or currency of the United States, respect to agricultural indebtedness, to provide for the
or in an amount in money of the United States meas­ orderly liquidation of joint stock land banks, and for
ured thereby, obstruct the power of the Congress to other purposes” , approved May 12, 1933, is amended
regulate the value of the money of the United States, to read as follows:
“ All coins and currencies of the United States (in­
and are inconsistent with the declarecd policy of the
Congress to maintain at all times the equal power of cluding Federal Reserve notes and circulating notes of
every dollar, coined or issued by the United States, Federal Reserve banks and national banking associa­
in the markets and in the payment of debts. Now, tions) heretofore or hereafter coined or issued, shall be
legal tender for all debts, public and private, public
therefore, be it
Resolved by the Senate and H ouse o f Representatives o f charges, taxes, duties, and dues, except that gold coins,
the United States o f A m erica in Congress assembled, when below the standard weight and limit of tolerance
That (a) every provision contained in or made with provided by law for the single piece, shall be legal
respect to any obligation which purports to give the tender only at valuation in proportion to their actual
obligee a right to require payment in gold or a particular weight.”
kind of coin or currency, or in an amount in money of
Approved, June 5, 1933, 4.40 p.m.

private, shall not contain the ‘gold clause.’ The
Thomas amendment did not contain specific
provision to this effect. Such a provision is
contained in the resolution.
“ The resolution makes it clear that all obliga­
tions past and future will be upon the same
footing.”




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(0 5 0 1

INDEX
Legislation, E x­
ecutive order,
regulation, or
statement

Legislation, Ex­
ecutive order,
regulation, or
statement

Page

Gold coin and bullion— Continued
Imported for reexport:
Delivery to Federal reserve banks,
etc., not required.

A
Art, gold for use in. (See gold for use in in­
dustry, profession, or art.)

Page

Exec. Ord. 4/5—

1

Exec. Ord. 4/20—

2
5

Exec. Ord. 4/20—
Reg. 4/29________

3
5
5
5

0
License to export:
Coin collectors, delivery of gold coins to Fed­
eral reserve banks, etc., not required.
Coinage, gold and silver, President authorized
to provide for.
Contracts, “ gold clause” in____________________
Credit expansion:
Declaration of emergency by reason of____
Credit transfers from the United States, regula­
tion or prohibition b y Secretary of Treasury
authorized.
Currency export or withdrawal from the
United States, regulation or prohibition by
Secretary of Treasury authorized (see also
entries beginning Gold coin).
Currency stabilization agreements with gov­
ernments, President authorized to fix weight
of gold dollar in accordance with.
Customs collector, notification concerning
gold export.

Exec. Ord. 4 /5 ...

1

Act, 5/12...............

8

T r. Stat. 5/26___
Pub. Res. 6/5___

9
10

A ct, 5 /12..............

9
8
3

Exec. Ord. 4/20—

3

A ct, 5/12......... ..

8

Miscellaneous transactions:
Licensed, delivery to Federal reserve
banks, etc., not required.

Exec. Ord. 4/5__

7
7
1

Gold coin and certificates, not over $100, de­
livery to Federal reserve banks, etc., not re­
quired.
Gold coin, bullion, and certificates:
Application for extension of time for de­
livery.
Delivery to Federal reserve banks, etc.—
Acquired after April 28, 1933..................

Exec. Ord. 4 /5 ...

7
1

Tr. Stat. 4/25___

3

Exec. Ord. 4 /5 ...

1

Reg. 4/29________ 5,6,10

Acquired before April 28,1933_________

Exec. Ord. 4/5__

Paym ent__________ ____________ _______

Exec. Ord. 4/5__
Tr. Stat. 4/5____
Exec. Ord. 4/5__

D
Reg. 4/29________

Transportation costs paid b y Secre­
tary of Treasury.

4

1
7
1
7
1
2
1
2

E

5
Export under license. _____________________

Export of gold coin, bullion, and certificates.
(See entries beginning Gold.)
F
Federal reserve banks:
Act, 5/12...............
Reserve balances, change authorized........... ____ do___________
Reserve requirements, suspension under _____do....................
act.
Federal reserve banks and members, receipt Exec. Ord. 4/5__
of gold coin and certificates.
A ct, 5/12________
Foreign exchange transactions:
Executive order, M ar. 10, 1933, continued. Exec. Ord. 4/20—
Regulation or prohibition b y Secretary of
Treasury authorized.
Foreign governments, central banks, and
Bank of International Settlements, gold
Delivery to Federal reserve banks not
required.

8
9
8
1
9
3
3

Exec. Ord. 4/5__

1

Exec. Ord. 4/20—

2
5

Extension of time for delivery_____________ Exec. Ord. 4/5—
Hoarding prohibited- _________ ___________
Licenses, authority of Secretary of Treas­ .........do...... .............
ury to issue.
Penalties for violation of orders, regula­ .........do___________
tions, etc.
Exec. Ord. 4/20—
Reg. 4/29_____. . .
Public notice setting forth requirements of Tr. Stat. 4/25___
Executive order forbidding hoarding.
Receipt b y Federal reserve banks and Exec. Ord. 4/5__
members.
Regulations, authority of Secretary of
Treasury to issue.
Gold coinage_____________________________ ______ A ct, 5/12________
Gold coins, rare, delivery to Federal reserve Exec. Ord. 4/5__
banks, etc., not required.
Gold dollar:
President authorized to change weight____ Act, 5/12!_______
Reduction in weight limited______________
W eight in accordance with agreements

Gold coin and bullion:
Application for export license pending,
delivery to Federal reserve banks, etc.,
not required.
Export under license:
Contract fulfillment, required for_____
Earmarked___________________ ______ ___

Tmpnrtfid for reexport.
Public interest, necessary to prom ote.




2
5
1
1
2
2
3
4
3
1
2
8
1
8
8
8

Gold for use in industry, profession, or art:
Delivery to Federal reserve banks, etc.,
not required.

G
Gold-bearing ores. ( See Gold prior to refin­
ing.)
Gold certificates, description (see also entries
beginning Gold coin).
“ Gold clause” in obligations________ _____ _____

Exec. Ord. 4/20..

Tr. Stat. 4/25—

3

Tr. Stat. 5/26___
Pub. Res. 6/5___

8
8

Exec. Ord. 4/5__

1

Exec. Ord. 4/20—
Reg. 4/29________
Exec. Ord. 4/20—

2
5
2
5
2
5
3
5

Exec. Ord. 4/20—
Reg. 4/29________
Exec. Ord. 4/20—
Reg. 4/29...............

Records of disposition_____________________
Regulation N o. 25 r e v o k e d ._________ _____
Gold prior to refining:
Delivery to Federal reserve banks, etc.,
not required.
Import for export of bullion:

4
Exec. Ord. 4/5__

1

Reg. 4/29...............

4

4
5
Exec. Ord. 4/5—

Customs collector to be notified of ------- do...... ..............
agreement.
License to export:

1
6
6
6
6

D u r a tio n .................................... .........
6
Refiners, importing, license to export
gold.
Gold stocks of miners and refiners, delivery
to Federal reserve banks, etc., not required.

(ID

Exec. Ord. 4/20—

6
2

Reg. 4/29________
Exec. Ord. 4/5__

6
1

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DECLASSIFIED
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r-

10501

12
Legislation, E x­
ecutive order,
regulation, or
statement

Hoarding:
Defined_____________________________________
Gold coin, bullion, and certificates, pro­
hibited.

Legislation, E x­
ecutive order,
regulation, or
statement

Exec. Ord. 4 /5 ____ do__________

I

Industry, gold for use in. ( See Gold for use in
industry, profession, or art.)
Legislation:
Currency and credit.
“ Gold clause” _______
Licenses (see also Gold coin and bullion; Gold
coin, bullion, and certificates; Gold prior to
refining):
Authority of Secretary of Treasury to issue.
N ontransferable.___________________________

Act, 5/12_______
Tr. Stat. 5/20__
Pub. Res. 6/5__

10

Exec. Ord. 4/5__
Exec. Ord. 4/20Reg. 4/29_______

M
Miners, delivery of gold stocks to Federal
reserve banks, etc., not required.

Exec. Ord. 4/5__

Obligations, “ gold clause” --------------------------------

Tr. Stat. 5/26__
Pub. Res. 6/5__
Act, 5/12_______

Open market operations by Federal reserve
banks.
P
Penalties for violation of Executive orders,
regulations, licenses, etc., relating to gold.

Treasury bills, direct purchase by Federal
reserve banks.

Exec. Ord. 4/5—
Exec. Ord. 4/20Exec. Ord. 4/5—
Exec. Ord. 4/20A ct, 5/12_______

United States notes:
Issue________________________________________ ___ doRedemption of United States obligations. ___ doRetirement_________________________________ ___ do.
United States obligations:
Open market operations by Federal re­ ------ do.
serve banks.
Purchase directly by Federal reserve ------ do.
banks.
Silver certificates to pay___________________
-dd.
_do.
Treasury bills, direct purchase by Federal
reserve banks.
United States notes to redeem____________
-do-

o

I




.do-

U
Exec. Ord. 4/5—
Exec. Ord. 4/20_
Reg. 4/29_______

Profession, gold for use in. (See Gold for use
in industry, profession, or art.).
R
Refiners’ gold:
Delivery to Federal reserve banks, etc.,
not required.
Export under license_______________________
Regulations, authority of Secretary of Treas­
ury to issue.

10

Silver:
Coinage____________________________________
A ct, 5/12Payments for foreign debts________________ ____ do___
Receipts from foreign governments:
Disposition____________________________
-d o .
Silver certificates:
Authorized________________________
-do_
Redemption_______________________
_doReissue____________________________
-d o .
United States obligation payment.
_doSilver dollar coinage___________________
-d o .
Subsidiary coinage_____________________
-d o .
Silver bullion received from foreign govern­
ments:
N ot part of bullion authorized to be pur­ ____ do___
chased and coined under existing law.
Subject to M int Service regulations_______ ____ do___
Silver certificates. (See Silver, Receipts from
foreign governments.)
Silver dollar, President authorized to change
—d o . . .
weight (see also Silver, Receipts from foreign
governments).
Stabilization of currency, weight of gold dollar
__do___
in accordance with.
Subsidiary coinage. (See Silver, Receipts
from foreign governments.)

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority J p a .

(0501

U -Io

GOLD REGULATIONS

:.f|
it O -

PRESCRIBED BY THE SECRETARY OF THE TREASURY
UNDER

THE EXECUTIVE ORDER OF AUGUST 28, 1933
RELATING TO THE

HOARDING, EXPORT, AND EARMARKING OF GOLD COIN
BULLION, OR CURRENCY AND TO TRANSACTIONS
IN FOREIGN EXCHANGE




AND

THE EXECUTIVE ORDER OF AUGUST 29, 1933
RELATING TO

THE SALE AND EXPORT OF GOLD RECOVERED
FROM NATURAL DEPOSITS

TREASURY DEPARTMENT
OFFICE

OF THE SECRETARY
SEPTEMBER 12, 1933

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1933

&

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
r-

Authority 'j r . ’D . (0 5 0 1

T

reasury

O f f ic e

D

of

epartm ent,
th e

Se c r e t a r y ,

September 12, 1933.

GOLD REGULATIONS
Issued under the authority of Section 5 (b) of the Act of October 6, 1917, as amended by
Section 2 of the Act of March 9, 1933, and the Executive Orders of August 28, 1933, Relating
to the Hoarding, Export, and Earmarking of Gold Coin, Bullion, or Currency and to Transac­
tions in Foreign Exchange, and of August 29, 1933, Relating to the Sale and Export of Gold
Recovered from Natural Deposits.
P a rt

I

EXECUTIVE ORDER OP AUGUST 28, 1933

Bv virtue of the authority vested in me by Section 5 (b) 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, F r a n k l i n D. R o o s e v e l t , P r e s i d e n t of the U n i t e d S t a t e s o f A m e r i c a ,
do declare that a period of national emergency exists, and by virtue of said authority and of all other authority
vested in me, do hereby prescribe the following provisions for the investigation and regulation of the hoarding,
earmarking, and export of gold coin, gold bullion, and gold certificates by any person within the United States
or Sny place subject to the jurisdiction thereof; and for the investigation and regulation of transactions in
foreign exchange and transfers of credit and the export or withdrawal of currency from the United States or
any place subject to the jurisdiction thereof by any person within the United States or any place subject to the
jurisdiction thereof.

GENERAL PRO VISIO N S
A r t i c l e 1. Scope.-—These Regulations shall be operative throughout the United States
and every place subject to the jurisdiction thereof, unless otherwise indicated.
EXECUTIVE ORDER OP AUGUST 28, 1933
S e c t i o n 9. The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he
may deem necessary to carry out the purposes of this Order. Such regulations may provide for the detention
in the United States of any gold coin, gold bullion, or gold certificates sought to be transported beyond the
limits of the continental United States, pending an investigation to determine if such coin, bullion, or certificates
are held or are to be acquired in violation of the provisions of this Executive Order. Licenses and permits
granted in accordance with the provisions of this Order and the regulations prescribed hereunder, may be issued
through such officers or agencies as the Secretary may designate.

A r t i c l e 2. Authority jo r regulations and licenses.— These Regulations are issued under the
authority of Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of
March 9, 1933, and the Executive Orders of the President dated August 28, 1933, and August
29, 1933. Licenses authorized under the provisions of the Executive Orders of August 28, 1933,
and August 29, 1933, may be issued in accordance with these Regulations by the Secretary of
the Treasury or by such officers or agencies as the Secretary of the Treasury may designate.
EXECUTIVE ORDER OP AUGUST 28, 1933
S e c t io n 2. D efin ition s .— As used in this Order the term “ person” means an individual, partnership, associa­
tion, or corporation; and the term “ the United States” means the United States and any place subject to the
jurisdiction thereof.

A r t i c l e 3. Definitions.— The terms “ person” and “ the United States” are given the same
meaning in these Regulations as in the Executive Order of August 28, 1933.
The term “ the continental United States” means the States of the United States, the District
of Columbia, and the Territory of Alaska.




(1)

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DECLASSIFIED
Authority fc .O . 1 0 5 0 1

2
References to “ Sections” are to the designated sections of the Executive Order of August
28, 1933, Relating to the Hoarding, Export, and Earmarking of Gold Coin, Bullion, or Currency
and to Transactions in Foreign Exchange.
References to “ Articles” are to the numbered Articles of these Regulations.
The term “ M in t” will be used to include any person in charge of a United States Mint
or Assay Office.
Whenever reference is made to amounts of gold coin or gold bullion herein or in any license
granted under the Executive Orders of August 28, 1933, and August 29, 1933, in terms of
dollars, each dollar of such amount equals twenty-five and eight-tenths grains of gold ninetenths fine. (See R.S., sec. 3511; March 14, 1900, c. 41, sec. 1, 31 stat. 45.)
A r t i c l e 4. General provisions affecting applications.— Every application for a license to ac­
quire, hold, earmark, and/or export gold coin, gold bullion or gold certificates shall be made upon
the appropriate application form prescribed by the Secretary of the Treasury and shall be executed
under oath before an officer authorized to administer oaths. Consideration of any application
may be withheld pending the furnishing of any or all of the information required in such forms
or of such additional information as may be deemed necessary by the Secretary of the Treasury,
or the agency through which the license is to be issued. There shall be attached to the applications
such instruments as may be specified therein or required by the Secretary of the Treasury, or
by such agency. Whenever additional information is requested it shall be furnished under oath.
A r t i c l e 5. General provisions affecting licenses.— Licenses issued pursuant to the Executive
^ Orders or these Regulations shall be upon the appropriate form prescribed by the Secretary of
the Treasury. They shall be nontransferable and shall entitle the licensee to hold, acquire,
earmark, and/or export gold coin, gold bullion, or gold certificates only in accordance with the
conditions and limitations specified therein.
Licenses may be modified or revoked at any time in the discretion of the Secretary of the
Treasury. In the event that a license is modified or revoked, the Secretary of the Treasury,
or the designated agency through which the license was issued, shall advise the licensee by
letter mailed to the address of the licensee set forth in the application. The licensee, upon
receipt of such advice, shall forthwith surrender his license to the Secretary of the Treasury
or the agency through which the license was issued. If the license has been modified but not
revoked, the Secretary of the Treasury, or the agency through which the original license was
issued, shall thereupon issue a modified license. A person holding gold coin, gold bullion, or
gold certificates under a license that has been revoked, shall not hold such gold coin, gold bulSon, or gold certificates for more than fifteen days after the delivery of the notice of revocation,
and a person holding gold coin, gold bullion, or gold certificates under a license which has been
modified, shall not hold such gold coin, gold bullion, or gold certificates for more than fifteen
days after the delivery of the notice of modification except as permitted under the modified
license.
RETURNS
EXECUTIVE ORDER OP AUGUST 28, 1033
S e c t i o n 3 . R eturns .—

Within fifteen days from the date of this Order every person in possession of and every
person owning gold coin, gold bullion, or gold certificates shall make under oath and file as hereinafter provided
a return to the Secretary of the Treasury containing true and complete information relative thereto, including
the name and address of the person making the return; the kind and amount of such coin, bullion, or certificates
held and the location thereof; if held for another, the capacity in which held and the person for whom held,
together with the post office address of such person; and the nature of the transaction requiring the holding of
such coin, bullion, or certificates and a statement explaining why such transaction cannot be carried out by the
use of currency other than gold certificates; provided that no returns are required to be filed with respect to—
(a) Gold coin, gold bullion, and gold certificates in an amount not exceeding in the aggregate $100
belonging to any one person;
(b) Gold coin having a recognized special value to collectors of rare and unusual coin;
(c) Gold coin, gold bullion, and gold certificates acquired or held under a license heretofore granted
by or under authority of the Secretarj^ of the Treasury; and
(d) Gold coin, gold bullion, and gold certificates owned by Federal Reserve banks.
Such return required to be made by an individual shall be filed with the Collector of Internal Revenue for
the collection district in which such individual resides, or, if such individual has no legal residence in the United
States, then with the Collector of Internal Revenue at Baltimore, Maryland. Such return required to be made
by a partnership, association, or corporation shall be filed with the Collector of Internal Revenue of the collection




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority jlZ l)- (0^C )1

3
district in which is located the principal place of business or principal office or agency of such partnership, asso­
ciation, or corporation, or, if it has no principal place of business or principal office or agency in the United States,
then with the Collector of Internal Revenue at Baltimore, Maryland. Such return required to be made by an
individual residing in Alaska shall be filed with the Collector of Internal Revenue at Seattle, Washington. Such
return required to be made by a partnership, association, or corporation having its principal place of business or
principal office or agency in Alaska shall be filed with the Collector of Internal Revenue at Seattle, Washington.
The Secretary of the Treasury may grant a reasonable extension of time for filing a return, under such rules
and regulations as he shall prescribe. No such extension shall be for more than forty-five days from the date of
this Executive Order. An extension granted hereunder shall be deemed a license to hold for a period ending
fifteen days after the expiration of the extension.
The returns required to be made and filed under this Section shall constitute public records; but they shall
be open to public inspection only upon order of the President and under rules and regulations prescribed by the
Secretary of the Treasury.
A return made and filed in accordance with this Section by the owner of the gold coin, gold bullion, and gold
certificates described therein, or his duly authorized agent, shall be deemed an application for the issuance under
Section 5 hereof of a license to hold such coin, bullion, and certificates.
S e c t i o n 7 . United States possessions — *
* *.— The provisions of Sections 3 and 5 of this Order shall
not apply to gold coin, gold bullion, or gold certificates which are situated in the Philippine Islands, American
Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States, and are
owned by a person not domiciled in the continental United States. * * *

A r t ic le 6 Persons required, to file returns (Section 3).— Except as provided in Section 3
(a), (b), (c), and (d), returns must be filed with respect to all gold coin, gold bullion, and gold
certificates situated within the continental United States by all persons in actual or constructive
possession thereof, and, in addition, by all persons owning such coin, bullion, and certificates
unless such persons are not subject to laws effective within the limits of the United States.
Gpld acquired as scrap gold or sweepings is not to be considered as gold acquired under license
within the meaning of Section 3 (c) and must be included in the return. The returns made
and filed by the owners of the coin, bullion, or certificates described in the returns, or by their
duly authorized agents, shall be deemed to be applications for the issuance of a license under
Section 5 to hold such coin, bullion, and certificates.
A r t i c le 7. Form oj returns (Section 3).— Returns shall be made upon Form TG-1. Such
returns shall contain true and complete information relative to all gold coin, gold bullion, and
gold certificates owned by, and/or in the possession of the person making the return, or on
whose behalf the return is made and filed, and shall include all the information required in the
form of return.
A r t ic le 8. Filing of returns (Section 3).— Returns shall be executed and filed in triplicate
with the Collector of Internal Revenue as provided in Section 3. A return shall be deemed
to have been filed when it is received by the proper Collector of Internal Revenue or when it
is properly addressed and mailed and bears a postmark dated prior to midnight of September
18, 1933. At the close of each business day the Collectors of Internal Revenue shall forward
one executed copy of every return filed on that day to the Secretary of the Treasury and another
executed copy to the Federal Reserve bank of the Federal Reserve district which embraces the
city in which the Collector of Internal Revenue has his office. As promptly as possible each
Federal Reserve bank shall forward to the Secretary of the Treasury its recommendations as
to whether the application for a license to hold the gold coin, gold bullion, or gold certificates
described in the return should be granted or denied, in whole or in part.
A r t ic le 9. Extensions oj time jor filing returns (Section 3).— Upon a verified written
request made to the Secretary of the Treasury by a person possessing or owning gold coin, gold
bullion, or gold certificates, setting forth reasons why the return cannot be made or filed on or
before September 18, 1933, the Secretary of the Treasury, in his discretion, may grant such
an extension of time for making the return as under the circumstances shall appear to be required,
provided, however, that any extension so granted shall not be for a period ending after October
12, 1933.




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4
A r t i c l e 10. Publication of returns (Section 3).— Returns filed under Section 3 shall con­
stitute public records, but they shall be open to public inspection only upon order of the President
and under rules and regulations which may be prescribed by the Secretary of the Treasury.
ACQU ISITION
EXECUTIVE OBDEE OF AUGUST 28, 1933
S e c t i o n 4. A cq u isition o f gold coin and gold bullion. — No person other than a Federal Reserve bank shall after
the date of this Order acquire in the United States any gold coin, gold bullion, or gold certificates except under
license therefor issued pursuant to this Executive Order, provided that member banks of the Federal Reserve
System may accept delivery of such coin, bullion, and certificates for surrender promptly to a Federal Reserve
bank, and provided further that persons requiring gold for use in the industry, profession, or art in which they
are regularly engaged may replenish their stocks of gold up to an aggregate amount of $100, by acquisitions of
gold bullion held under licenses issued under Section 5(b), without necessity of obtaining a license for such
acquisitions.
The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses
authorizing the acquisition of—
(a) Gold coin or gold bullion which the Secretary is satisfied is required for a necessary and lawful
transaction for which currency other than gold certificates cannot be used, by an applicant who estab­
lishes that Fince March 9 , 1 9 3 3 , he has surrendered an equal amount of gold coin, gold bullion, or gold
certificates to a banking institution in the continental United States or to the Treasurer of the United
States;
(b) Gold coin or gold bullion which the Secretary is satisfied is required by an applicant who holds a
license to export such an amount of gold coin or gold bullion issued under subdivisions (c) or (d) of Section
6 hereof, and
(c) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for
legitimate and customary use in industry, profession, or art by an applicant regularly engaged in such
industry, profession, or art, or in the business of furnishing gold therefor.
Licenses issued pursuant to this Section shall authorize the holder to acquire gold coin and gold bullion only
from the sources specified by the Secretary of the Treasury in regulations issued hereunder.
S e c t i o n 7. United States possessions— shipments thereto. — *
* * The provisions of Section 4 shall not apply
to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion which has not been taken or
sent thereto since April 5, 1933, from the continental United States or any place subject to the jurisdiction
thereof.

A r t i c l e 11. Acquisition of gold without license (Sections 4 and 7).— Any person regularly
engaged in an industry, profession, or art for which gold is required may hold, without a license,
a stock of gold bullion which, together with all other gold coin, gold bullion, and gold certifi­
cates held by such person, does not exceed, in the aggregate, $100. Such person may replenish
his stock of gold as it is used in the industry, profession, or art in which he is engaged, by
acquisitions of gold bullion from persons holding licenses to hold gold bullion issued in accord­
ance with Section 5 (b) without obtaining a license for such acquisitions, provided the aggregate
amount of gold coin, gold bullion, and gold certificates owned by him after making such acqui­
sitions does not exceed $100. Federal Reserve banks may acquire gold coin, gold bullion, and
gold certificates without the necessity of obtaining a license for such acquisitions and member
banks of the Federal Reserve system may acquire such coin, bullion, and certificates for
surrender promptly to a Federal Reserve bank.1
A person in the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United States may acquire gold coin or gold bullion
situated therein, without obtaining a license under Section 4 of the Executive Order of August
28, 1933, excepting gold coin or gold bullion shipped or taken to any such place from a place
in the continental United States or any place subject to the jurisdiction thereof, after April 5,
1933, in which case a license to acquire such gold coin or gold bullion is necessary.
i The Executive Order of March 10, 1933, provides in part as follows:
“ N o permission to any banking institution to perform any banking functions shall authorize such institution to pay out any gold coin, gold
bullion, or gold certificates except as authorized by the Secretary of the Treasury, nor to allow withdrawal of any currency for hoarding, nor to
engage in any transaction in foreign exchange except such as may be undertaken for legitimate and normal business requirements, for reasonable
traveling and other personal requirements, and for the fulfillment of contracts entered into prior to March 6, 1933.”
Under this provision Federal Reserve banks are prohibited from paying out any gold coin, gold bullion, or gold certificates except as
authorized by the Secretary of the Treasury.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

__________ __ ______________

DECLASSIFIED

Authority h . O . 1 0 5 0 1
~~T '
"

.>

5
12. Acquisition of gold for necessary and lawful transactions (Section 4 (a)).—
(1) Applications.— Every application for a license under Section 4 (a) to acquire gold coin
or gold bullion required for a necessary and lawful transaction for which currency other than
gold certificates cannot be used (not including acquisitions for industry, profession, or art for
which see Article 14), shall be made on Form TG-2 and shall be filed in duplicate with the
Federal Reserve bank of the district in which the applicant has surrendered gold coin, gold
bullion, or gold certificates since March 9, 1933.
(2) Disposition of applications (Section 4 (a)).— The Federal Reserve bank receiving the
application shall make such investigation of the case as it may deem necessary and shall trans­
mit to the Secretary of the Treasury the original of the application together with (i) anj^ supple­
mental information it may deem appropriate, and (ii) its recommendation whether a license
should be granted or denied, in whole or in part. The Federal Reserve bank shall retain the
duplicate of the application for its records.
(3) Licenses (Section 4 (a)).— Upon receipt of the application for a license and the recom­
mendation of the Federal Reserve bank transmitting the application, the Secretary of the
Treasury will grant or deny the license. A license on Form TGL-2 will be granted to an appli­
cant who has filed an application in accordance with paragraph 1 of this Article for the acquisi­
tion of gold coin or gold bullion which the Secretary of the Treasury is satisfied is required for a
necessary and lawful transaction for which currency other than gold certificates cannot be used,
providing the applicant shall have established that he has surrendered an equal amount of gold
coin, gold bullion, or gold certificates to a banking institution in the continental United States,
to the Treasurer of the United States, or to a Mint, since March 9, 1933. A license shall not be
granted for an amount of gold coin or bullion exceeding the amount of gold coin, bullion, or certi­
ficates so surrendered or for any coin, bullion, or certificates with respect to which acquisitions
have been made previously under license granted by the Secretary of the Treasury. When the
issuance of a license shall have been approved by the Secretary of the Treasury, a license will
be issued to the applicant through the Federal Reserve bank which received and transmitted
the application. Such license shall authorize the applicant to hold the gold to be acquired
thereunder for the period specified therein unless it is sooner used for the transaction with
respect to which the license was granted. If a license is denied, the Federal Reserve bank will be
so advised and shall immediately notify the applicant. The decision of the Secretary of the
Treasury with respect to granting or denying a license is final. The Federal Reserve bank shall
make a notation upon the duplicate of the application whether a license has been granted, and, if
granted, the date of the license and the amount of the gold coin or gold bullion specified therein.
(4) Delivery of gold coin or gold bullion (Section 4 (a)).— Upon presentation and surrender of a
license issued pursuant to Section 4 (a) to the Federal Reserve bank at which the application
was received, such bank is authorized to deliver the amount of gold coin or gold bullion specified
in such license to the licensee upon payment therefor of an equivalent amount of any form of
coin or currency coined or issued by the United States.
(5) Reports of disposition (Section 4 (a)).— Immediately upon the disposition of gold coin
or gold bullion acquired under a license issued pursuant to Section 4 (a), the licensee shall file a
report in duplicate with the Federal Reserve bank through which the license was issued. Such
report shall be on Form TGR-2 and shall be executed under oath before an officer authorized
to administer oaths. Upon receipt of such report, the Federal Reserve bank shall immediately
transmit the original thereof to the Secretary of the Treasury and retain the duplicate for its
records.
A r tic le

A r t i c l e 13. (1) Acquisition for export (Section 4 (b)):— An application for a license to
acquire gold coin or gold bullion for export under a license issued pursuant to Section 6 (c) or
(d) shall be made in duplicate on Form TG-3 and shall be filed with a Federal Reserve
bank. The Federal Reserve bank, after making such investigation of the case as it may deem
necessary, shall transmit the original of the application to the Secretary of the Treasury, together
with such supplemental information as it may deem appropriate, and its recommendation as to
whether the license should be granted or denied. The Federal Reserve bank shall retain the
duplicate of the application for its records.




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(2) Licenses (Section 4 (b)).— If the Secretary of the Treasury, in his discretion, determines
to grant s license to the applicant under this Article, the Federal Reserve bank through which
the application was transmitted will be authorized to issue a license on his behalf to such appli­
cant to acquire gold coin or gold bullion for export under a license issued pursuant to Section
6 (c) or (d). Such license shall be on Form TGL-3.
(3) Delivery of gold coin or gold bullion (Section 4 (b)).—Upon presentation and surrender
to the Federal Reserve bank at which the application was filed, of a license issued pursuant to
Section 4 (b), such bank is authorized to deliver to the licensee the amount of gold coin or gold
bullion specified in such license upon payment therefor of an equivalent amount of any form of
coin or currency coined or issued by the United States.
(4) Report of disposition (Section 4 (b)).— Immediately upon the disposition of gold coin or
gold bullion acquired under a license issued pursuant to Section 4 (b), the licensee shall file a
report in duplicate with the Federal Reserve bank through which the license was issued. Such
report shall be made on Form TGR-3 and shall be executed under oath before an officer author­
ized to administer oaths. Upon the receipt of such report, the Federal Reserve bank shall
immediately transmit the original thereof to the Secretary of the Treasury and shall retain the
duplicate for its records.
14. Acquisition of gold for use in industry, profession, or art (Section 4 (c)).—
(1) Applications (Section 4 (c)).— Any person having a legitimate and customary use for
gold in industry, profession, or art, or any dealer customarily supplying gold for such use, may
file with a Mint an application for a license under Section 4 (c) to acquire from time to time, and
thereafter to hold in stock, such quantity of gold as may be required for this use. Such applica­
tion shall be made on Form TG-4 and filed with a Mint.
(2) Licenses (Section 4 (c)).— Upon receipt of the application and after making such investi­
gation of the case as it may deem advisable, the Mint, if satisfied that the gold is necessary for the
legitimate and customary requirements of the applicant’s industry, profession, art, or business,
shall issue to the applicant on behalf of the Secretary of the Treasury a license on Form TGL-4
to acquire from time to time, and hold in stock, such quantity of gold (not in excess
of the amount applied for) as in the opinion of the Mint may be necessary for the applicant’s
requirements.
Every holder of a license issued pursuant to this Article shall be entitled to hold an amount
of gold not exceeding at any one time the amount of gold stated in the license, so long as he
remains engaged in the industry, profession, art, or business stated in the application. As the
licensee’s stock of gold shall become depleted by its use in the industry, profession, or art in
which he is engaged, or the industry, profession, or art which is supplied by the licensee as a
dealer, the licensee shall be entitled to replenish his stock of gold by acquisitions in accordance
with the provisions of his license, without being required to file further applications.
(3) Records (Sections 4 (c) and 5 (b)).— Every person holding a license issued pursuant to
Sections 4 (c) or 5 (b) shall keep an exact record of all acquisitions and deliveries of fine gold, gold
contained in alloyed golds in any form for further manufacture, and gold derived from (i) refined
bars, ingots, plates, and the like, (ii) refinings, and (iii) dental scrap, broken-up jewelry, watch
cases, optical frames, and the like, which have not been melted. Such record shall contain the
name address, and license number of each person from whom he acquires and to whom he delivers
such gold, and shall be available for examination by a representative of the Treasury Department
for at least one year after the date of the disposition of such gold.
(4) Reports (Sections 4 (c) and 5 (b)).— A report shall be made by every person holding
a license issued pursuant to Sections 4 (c) or 5 (b) for each month in which such person acquires,
holds or disposes of fine gold, gold contained in alloyed golds in any form for further manufacture,
and gold derived from (i) unrefined bars, ingots, plates, and the like, (ii) refinings, and (iii) dental
scrap, broken-up jewelry, watch cases, optical frames, and the like, which have not been melted.
Such report shall be made on Form TGR-4, shall be executed under oath before an officer author­
ized to administer oaths, and shall be filed with the Secretary of the Treasury on or before the
15th day of each month. Such report shall cover the period of the calendar month preceding
the month in which the report is filed.
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A r t i c l e 15. Persons from whom acquisitions may be made (Section 4 (c)).— A license to
acquire and hold gold for legitimate and customary use in industry, profession, or art, issued
under Section 4 (c) of the Executive Order shall authorize the licensee to acquire only (1) gold
bullion recovered from natural deposits in the United States or any place subject to the juris­
diction thereof and sold under consignment in accordance with Articles 29 to 35, inclusive,
(2) gold held under license to acquire or hold in stock for use in industry, profession, or art, or
(3) dental scrap, broken-up jewelry, watch cases, optical frames, and the like, which have not
been melted.
H O LD IN G
E X E C U T IV E

ORDER OF AU G U ST 28, 1933

S e c t i o n 5. H olding o f gold coin, gold bullion., and gold certificates .— After thirty days from the date of this
Order no person shall hold in his possession or retain any interest, legal or equitable, in any gold coin, gold
bullion, or gold certificates situated in the United States and owned by any person subject to the jurisdiction
of the United States, except under license therefor issued pursuant to this Executive Order; provided, however,
that licenses shall not be required in order to hold in possession or retain an interest in gold coin, gold bullion,
or gold certificates with respect to which a return need not be filed under Section 3 hereof.
The Secretaryof the Treasury, subject to such further regulations as he may prescribe, shall issue licenses
authorizing the holding of—
(a) Gold coin, gold bullion, and gold certificates, which the Secretary is satisfied are required by
the person owning the same for necessary and lawful transactions for which currency, other than gold
certificates, cannot be used;
(b) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required
for legitimate and customary use in industry, profession, or art by a person regularly engaged in such
*"
industry, profession, or art or in the business of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or held in trust since before April 20, 1933, for a recognized
foreign government or foreign central bank or the Bank for International Settlements; and
(d) Gold coin and gold bullion imported for reexport or held pending action upon application for
export licenses.

A r t i c l e 16. Returns considered as applications to hold (Sections 3 and 5).— A return made
on Form TG-1 and filed in accordance with Section 3 by the owner of gold coin, gold bullion, or
gold certificates described therein, or his duly authorized agent, shall be deemed an application
for the issuance under Section 5 of a license to hold such coin, bullion, and certificates. Further
application is not required to be made or filed with respect to such gold. The Secretary of the
Treasury may, however, withhold action upon any such return pending receipt from the applicant,
or the determination by further investigation, of such additional information as the Secretary
deems necessary to establish that the gold coin, gold bullion, or gold certificates described in the
return are required by the person owning the same for the purpose specified in Section 5 (a)
or (b), or that the application comes within the provisions of Section 5 (c) or (d).

A r t i c l e 17. Licenses to hold (Sections 3 and 5).— A license on Form TGL-1 to hold gold
coin, gold bullion, or gold certificates will entitle the holder to hold such coin, bullion, or certifi­
cates stated in the license during the period of time, and for the purpose or purposes, specified
in the license. The license will be mailed to the person who executed the return at the address
given in the return. If a license is denied, the Secretary of the Treasury will advise the person
who executed the return by telegraph or by letter mailed to the address given in the return.
Failure to receive advice that a license has been denied shall not be construed as evidence that
the license has been granted.

A r t i c l e 18. (1) Reports of disposition of gold held (Sections 3 and 5).— Any person holding
gold coin, gold bullion, or gold certificates under a license issued pursuant to Article 17 who
shall at any time dispose of such gold coin, gold bullion, or gold certificates in accordance with
the terms of the license (or otherwise), shall immediately file a report in duplicate on the appro­
priate form designated in the license with the Secretary of the Treasury. Such report shall be
executed under oath before an officer authorized to administer oaths.
10229°—33------ 2




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E X E C U T IV E

O R D E K O F A U G U S T 28, 1933

S e c t i o n 7. United States possessions — Shipm ents thereto.— The provisions of Sections 3 and 5 of this Order
shall not apply to gold coin, gold bullion, or gold certificates which are situated in the Philippine Islands, Ameri­
can Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States, and
are owned by a person not domiciled in the continental United States. The provisions of Section 4 shall not
apply to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama
Canal Zone, Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion which has not
been taken or sent thereto since April 5, 1933, from the continental United States or any place subject to the
jurisdiction thereof.

A r t i c l e 19. United States possessions (Section 7).— A person not domiciled in the conti­
nental United States who owns gold coin, gold bullion, or gold certificates situated in the
Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or
the Virgin Islands of the United States is not required to obtain a license from the Secretary
of the Treasury to hold such gold coin, gold bullion, or gold certificates.
EA R M A R K IN G AND EX PO RT
E X E C U T IV E
S e c tio n

6.

ORDER

O P A U G U S T 28, 1933

Earm arking and export o f gold coin and gold bullion. — After the date of this Order no person shall

earmark or export any gold coin, gold bullion, or gold certificates from the United States, except under license
therefor issued by the Secretary of the Treasury pursuant to the provisions of this Order.
The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, may
issue licenses authorizing—
(a) The export of gold coin or gold bullion earmarked or held in trust since before April 20, 1933,
for a recognized foreign government, foreign central bank, or the Bank for International Settlements;
(b) The export of gold, (i) imported for reexport, (ii) refined from gold-bearing materials imported by
the applicant under an agreement to export gold, or (iii) in bullion containing not more than five ounces
of gold per ton;
(c) The export of gold coin or gold bullion to the extent actually required for the fulfillment of a contract
entered into by the applicant prior to April 20, 1933; but not in excess of the amount of the gold coin, gold
bullion, and gold certificates surrendered by the applicant on or after March 9, 1933, to a banking institu­
tion in the continental United States or to the Treasurer of the United States; and
0d) The earmarking for foreign account and/or export of gold coin or gold bullion, with the approval of
the President, for transactions which the Secretary of the Treasury may deem necessary to promote the
public interest.
S e c t i o n 7. United States p o s s e s s i o n s — Shipm ents thereto.— The provisions of Sections 3 and 5 of this order shall
not apply to gold coin, gold bullion, or gold certificates which are situated in the Philippine Islands, American
Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States, and are
owned by a person not domiciled in the continental United States. The provisions of Section 4 shall not apply
to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone,
Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion which has not been taken or
sent thereto since April 5, 1933, from the continental United States or any place subject to the jurisdiction
thereof.
A r t i c l e 20. Earmarking or export of gold coin or bullion (Sections 4 (b) and 6 (a), (c),
and (d)).—
(1) Applications.— An application for a license to export under Section 6 (a) or (c) or to
earmark for foreign account or export under Section 6 id) shall be made on Form TG-3
and shall be filed with a Federal Reserve bank. The application shall also constitute an appli­
cation for a license to acquire gold for purposes of Section 6 (c) and {d) as provided in Article 13.
The bank, after making such investigation of the case as it may deem necessary, shall transmit
the original of the application to the Secretary of the Treasury, together with (a) such supple­
mental information as it may deem appropriate and (b) its recommendation as to whether the
license should be granted or denied. The duplicate of the application shall be retained by the
Federal Reserve bank for its records.
(2) Licenses (Sections 4 (b) and 6 (a), (c), and (d)).— If the Secretary of the Treasury in
his discretion determines to grant a license upon an application filed under this Article, he will
advise the Federal Reserve bank through which the application was transmitted to issue, on his
behalf, a license to export a specified amount of gold coin or gold bullion, and to acquire and hold
for such export a specified amount of gold coin or gold bullion, and the Federal Reserve bank shall
thereupon issue on behalf of the Secretary of the Treasury such license to the applicant on
Form TGL-3. If the license is not granted, the Federal Reserve bank through which the appli­
cation was transmitted will be advised and shall thereupon so notify the applicant.




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21. Import fo r smelting and!or refining and export (Section 6 (b) (ii)).—
(1) Notation upon entry (Section 6 (b) (ii)).—Upon the formal entry into the United
States of gold-bearing ores, or any other gold-bearing materials imported into the United States
for smelting and/or refining under an agreement providing for the export of gold bullion, the
importer shall notify the Collector of Customs at the port where the gold-bearing ore or material
is formally entered that the importation is made under such agreement. The Collector shall
make a notation on the entry to this effect and forward a copy of the entry to the United States
Assay Office at New York, New York, or to the United States Mint at San Francisco, California,
whichever is designated by the importer.
(2) Sampling and assaying (Section 6 (b) (ii)).— Promptly upon the receipt of each importa­
tion of gold-bearing ore or material at the plant where it is first to be treated, it shall be weighed,
sampled and assayed for gold content. A reserve commercial sample shall be retained at such
plant for at least one year from the date the importation was received by the plant unless the
assay is sooner verified by the Treasury Department.
(3) Plant records (Section 6 (b) (ii)).— The importer shall cause an exact record, covering
each importation, to be kept at the plant of first treatment. The record shall show the gross
wet weight of the importation, the weight of containers, if any, the net wet weight, the per­
centage and weight of moisture, the net dry weight, the gold content shown by the settlement
assay, and the aftiount of gold bullion required to be exported under the agreement. An attested
copy of such record shall be filed promptly with the Assay Office or the Mint, which has been
designated to receive a copy of the entry.
(4) Application fo r export license (Section 6 (b) (ii)).— Not later than sixty days from the
date of entry, the importer shall file an application on Form TG-5 with the Assay Office or
the Mint, which has been designated to receive a copy of the entry, for a license to export gold
bullion not in excess of the amount shown by the settlement sheet covering the importation.
The application shall be accompanied by two duly attested copies of the settlement sheet.
(5) Issuance of serial numbered certificates (Section 6 (b) (ii)).— If the Mint is satisfied as to
the accuracy of the data shown on such application, it shall issue to the importer a dated serial
numbered certificate which shall show the amount of gold specified by the application and
the amount specified by the settlement sheet. The Director of the Mint shall prescribe the
form of such certificate.
(6) Licenses (Section 6 (b) (ii)).— Upon delivery to the Mint, within 120 days from the date
it was issued, of the serial numbered certificate the Mint shall issue to the applicant on behalf
of the Secretary of the Treasury a license on Form TGL-5 to export gold bullion in an amount
not exceeding the amount specified in the settlement sheet as shown on such certificate.
(7) Exportation prior to receipt of settlement sheets (Section 6 (b) (ii)).— Upon a showing in
the application that an exportation with respect to any gold-bearing ores or materials imported
into the United States for smelting and/or refining under an agreement providing for the export
of gold bullion is necessary prior to the time when the settlement sheet can be procured, the
Mint may receive the application with duplicate certified copies of the report of the applicant’s
actual test assay. If prior reports of such applicant have been substantiated approximately
by the settlement sheets, the Mint may grant a license to export up to 90% of the amount of
gold which such report estimates will be realized from such gold-bearing ores or materials.
A r tic le

A r t i c l e 22. Gold imported fo r reexport (Section 6 (b) (i)).— The provisions of Article 20
insofar as applicable shall be complied with by every person desiring a license to export gold
imported for reexport. A license is not required for the export of gold shipments from abroad
invoiced for continuous transshipment and reexport from a designated point, if such shipments
remain under Customs’ custody throughout the period of transit within the United States.

23. Gold contained in other metals (Section 6 (b) (iii)).—
(1)
Applications.-—Applications for licenses under Section 6 (b) (iii) for the export of gold
in metals containing not more than five troy ounces of gold per short ton of such metals shall
be made on Form TG-6 and filed with a Mint. A commercial sample of the metal shall
accompany the application whenever required by the Mint.
A r tic le




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(2)
Licenses (Section 6 (b)(iii)).— If the Mint is satisfied as to the accuracy of the data
shown on such application and is satisfied that the exportation is made in the course of the
applicant’s regular business of supplying the metal other than the gold contained therein, he
may issue to the applicant a license on Form TGL-6 to export the metal described in the applica­
tion in an amount not in excess of the amount for which application has been made.
A r t ic le 24. Notice to Collectors oj Customs of license to export (Section 6).— At the time any
license to export gold coin or gold bullion (including metals containing gold) is issued, the issuing
Federal Reserve bank or Mint shall transmit a copy thereof to the Collector of Customs at the
port of export designated in the license. Collectors of Customs shall not permit the export of
any gold coin or gold bullion (including metals containing gold) except upon surrender of a
license to export, a copy of which has been received by him from the Federal Reserve bank or
the Mint issuing such license. The Collector of Customs to whom a license to export is sur­
rendered shall cancel such license and return it to the Federal Reserve bank or Mint which
issued the same. In the event that the shipment is to be made by mail, a copy of the export
license shall be sent to the Postmaster of the post office designated in the application, who will
act under the instructions of the Postmaster General in regard thereto.
A r t ic le 25. Expiration of export licenses (Section 6).-—All licenses to export gold coin or
-gold bullion shall expire 15 days after the date of issue, and no person shall hold such gold coin
or gold bullion in the United States after the expiration of his license to export, unless otherwise
licensed to hold the gold coin or gold bullion described in the license to export.
EXECUTIVE ORDER OF AUGUST 28, 1933

The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he
may deem necessary to carry out the purposes of this Order. Such regulations may provide for the detention
in the United States of any gold coin, gold bullion, or gold certificates sought to be transported beyond the limits
of the continental United States, pending an investigation to determine if such coin, bullion, or certificates are
held or are to be acquired in violation of the provisions of this Executive Order. * * *
S e c t io n 9.

A r t ic le 26. Investigation in connection with shipments oj gold coin, gold bullion, or gold certifi­
cates (Section 9).— Each Collector of Customs or Postmaster may cause an investigation

to be made to determine if any of the gold coin, gold bullion, or gold certificates presented
to him in the course of, or for, transportation beyond the limits of the continental United States
are held or are to be acquired in violation of the provisions of the Executive Orders. Such gold
coin, gold bullion, or gold certificates may be detained pending such investigation and pending
receipt of instructions from the Commissioner of Customs or the Postmaster General, or the
persons designated by them for that purpose.
In the event that any gold is presented to a Collector of Customs or Postmaster in the course
of, or for, transportation to any foreign country, and the export is not covered by a proper
license to export, the Collector of Customs shall refuse to permit the gold to pass and the Post­
master shall refuse to accept the gold for mailing, until the person carrying, shipping, or mailing
the gold has filed an affidavit containing information required by the Commissioner of Customs
or Postmaster General, respectively, with respect to each article containing gold and until advice
is received from the Commissioner of Customs or the Postmaster General, or the persons desig­
nated by them that such shipment is not in violation of the Executive Orders.
EXECUTIVE ORDER OF AUGUST 28, 1933
S e c t i o n 10. Whoever willfully violates any provision of this Executive Order or of any license, order, rule, or
regulation issued or prescribed hereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural
person, may be imprisoned for not more than 10 years, or both; and any officer, director, or agent of any corpora­
tion who knowingly participates in such violation may be punished by a like fine, imprisonment, or both.

A r t ic le 27. Penalties (Section 10).— Whoever willfully violates any provision of these
Regulations or of any license, order, rule, or regulation issued or prescribed hereunder, shall, upon
conviction, be fined not more than $10,000, or, if a natural person, may be imprisoned for not



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more than ten years, or both; and any officer, director, or agent of any corporation who knowingly
participates in such violation may be punished by a like fine, imprisonment, or both. The making
and filing of any return, application, report, or record for the acquisition, earmarking, export,
holding or disposition of gold coin, gold bullion, or gold certificates, which contains false infor­
mation is a violation of the Executive Orders of August 28, 1933 and August 29, 1933 and of
these Regulations. The disposition of gold held under a license for purposes other than those
stated in the application for such license or in the license shall constitute a violation of the
Executive Orders and of these Regulations.
E X E C U T IV E

ORDER

O P A U G U S T 28, 1933

11. The Executive Orders of April 5 , 1933, forbidding the hoarding of gold coin, gold bullion, and gold
certificates, and April 20, 1933, relating to foreign exchange and the earmarking and export of gold coin or
bullion or currency, respectively, are hereby revoked. The revocation of such prior Executive Orders shall
not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in any
civil or criminal cause prior to said revocation, but all liabilities under said Executive Orders shall continue
and may be enforced in the same manner as if said revocation had not been made. This Executive Order and
any regulations or licenses issued hereunder may be modified or revoked at any time.
S e c t io n

A r t i c l e 28-. Regulations o j A p ril 29, 19SS, revoked (Section 11).— The Regulations issued
April 29, 1933, under the Executive Orders of April 5 and April 20, 1933, are revoked. The
revocation of such Regulations shall not affect any act done or any right accruing or accrued or
any suit had or commenced in any civil or criminal cause prior to said revocation, but all liabili­
ties under said Regulations shall continue and may be enforced as if said revocation had not
been made.
A license issued pursuant to the Regulations issued April 29, 1933, to acquire, withhold,
earmark, or export gold coin, gold bullion, and gold certificates shall not be deemed to have
been modified or revoked by reason of the revocation of such Regulations.
P art

II

E X E C U T I V E O R D E R O F A U G U S T 2t, 1933

By v i r t u e o f t h e a u t h o r i t y v e s t e d i n me b y S e c t i o n 5 ( b ) o f t h e A c t o f O c t o b e r 6,1917, as a m e n d e d b y Section
t h e A c t o f M a r c h 9, 1933, e n t i t l e d “ A n A c t t o P r o v i d e R e l i e f in t h e E x i s t i n g N a t i o n a l E m e r g e n c y in B a n k i n g
a n d f o r o t h e r P u r p o s e s ” , I, F r a n k l i n D. R o o s e v e l t , P r e s i d e n t o f t h e U n i t e d S t a t e s o f A m e r i c a , d o d e c l a r e
t h a t a p e r i o d o f n a t i o n a l e m e r g e n c y e x i s t s , a n d b y v i r t u e o f s a id a u t h o r i t y a n d o f a l l o t h e r a u t h o r i t y v e s t e d in me,
do h e r e b y i s s u e t h e f o l l o w i n g E x e c u t i v e Order:
2 of

The Secretary of the Treasury is hereby authorized to receive on consignment for sale, subject to such
rules and regulations and upon such conditions as he shall prescribe, gold recovered from natural deposits in the
United States or any place subject to the jurisdiction thereof. Sales may be made:
(a) To persons licensed to acquire gold for use in the arts, industries, or professions, or
(b) By export to foreign purchasers.
Such sales shall be made at a price which the Secretary shall determine to be equal to the best price obtain­
able in the free gold markets of the world after taking into consideration any incidental expenses such as shipping
costs and insurance.
Such sales may be made through the Federal Reserve banks or such other agents as the Secretary may
from time to time designate and shall be subject to such charges as the Secretary may from time to time in
his judgment determine.
Every person depositing gold for sale as provided herein shall be deemed to have agreed to accept as con­
clusive without any right of recourse or review, the determination of the Secretary or his duly authorized agent
as to the amount due such person as a result of any sale.
Consignments shall be sold as nearly as may be in the order of their receipt.
*

*

*

*

*

A r t i c l e 29. Gold received on consignment fo r sale.— The Secretary of the Treasury under the
conditions specified in this and the following Articles of these Regulations, and subject to the
appropriate regulations governing the Mints and Assay Offices, will receive at any United
States Mint or Assay Office on consignment for sale under the provisions of the Executive
Order of August 29, 1933, gold recovered from natural deposits in the United States or any
place subject to the jurisdiction thereof, unless such gold was held prior to August 28, 1933,
in noncompliance with the terms of the Executive Order of April 5, 1933, and/or the Regu­
lations issued thereunder, or was held after August 28, 1933, in noncompliance with the Exec­
utive Order of August 28, 1933, and/or the Regulations issued thereunder. Gold which was
at any time prior to August 28, 1933, in the possession of or owned in whole or in part by a




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d e c l a s s if ie d

Authority ^ <0* ( Q - ^ 1 —

12
bank (except gold in its natural state purchased by a bank directly from miners and which gold
has not been held by such bank in noncompliance with the Executive Orders of April 5 and
August 28, 1933), Mint or Assay Office in the form of coin or bullion, will not be received on
consignment for sale.
Gold will be received in amounts of not less than two ounces of fine gold and in the following
forms: Bars, kings, buttons, retort sponge, lumps, grains, and dust in their native state free from
earth and stone, or nearly so. Consignments shall not contain less than 200 parts of gold in 1,000
by assay. In the case of gold forwarded to a Mint by mail or express, the original package will
not be opened until an invoice of the description and weight of each such package shall have
been received. When there is a material discrepancy between the actual and invoice weights
of a consignment, further action with regard to it will be deferred pending communication
with the consignor.
A r t i c l e 30. Rejection of gold by M in t. — Consignments which are unsuitable for Mint treat­
ment shall be rejected and returned to the person delivering the same at his risk and expense.
Consignments which the Mint is not satisfied were recovered from natural deposits in the United
States or otherwise do not meet the requirements of these Regulations will be disposed of in
accordance with applicable law.

A r t i c l e 31. Affidavits accompanying delivery of gold.— Every person delivering gold pro- duced exclusively from a mine or placer deposit owned, controlled, or leased by him, to the
Secretary of the Treasury for sale shall at the time of the delivery of such gold file with the
Mint a proper affidavit, in duplicate, on Form TG-7. Every person engaged in the business
of operating a custom mill, smelter, or refinery shall at the time of such delivery file with the
Mint a proper affidavit, in duplicate, on FormTG-8. If any person other than a person engaged in
the business of operating a custom mill, smelter, or refinery, who delivers gold, has purchased
the same in its natural state directly from persons who have recovered such gold from mines
wholly owned, controlled, or leased by the sellers, such consignor shall at the time of delivery
submit an affidavit, in duplicate, on Form TG-8 to which shall be attached affidavits on
Form TG-7, executed by each person from whom any of such gold was purchased. One copy
of such affidavit shall be forwarded by the Mint to the Director of the Mint.

A r t i c l e 32. Records and reports.— Every person delivering gold on consignment for sale shall
keep accurate records of all gold mined or acquired and such records shall be available for
examination by a representative of the Treasury Department for at least one year after such
delivery. Such person shall also file with the Director of the Mint, on or before the twenty-fifth
day of each month after the date the first consignment of gold is made, a report covering the
period of the preceding calendar month, provided, that the first report shall cover the period from
April 1, 1933, to the end of the calendar month preceding the date of the report. Such report
shall be made under oath on Form TGR-7, if the consignor produces gold exclusively from
mines or placer deposits which are wholly owned, controlled or leased by him, and on Form
TGR-8, if the consignor is engaged in the business of operating a custom mill, smelter, or refinery.
If the person delivering the gold is engaged in the business of purchasing gold in its natural
state from others, such report shall be made on Form TGR-8.

A r t i c l e 33. Agreement by consignor.— A Mint shall not receive gold for sale under the
provisions of the Executive Order of August 29, 1933, unless full compliance with these Regu­
lations is shown to its satisfaction, and until the person owning the gold, or his duly authorized
agent, has signed a written agreement to accept as conclusive without any right of recourse
or review, the determination of the Secretary of the Treasury or his duly authorized agent as
to the amount due such person as a result of any sale of the gold deposited.

A r t i c l e 34. Disposition of gold received on consignment fo r sale.— When, after a delivery of
gold on consignment for sale, the Mint is satisfied that the same may properly be sold under the




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DECLASSIFIED
Authority ' j r £ > - ( 0 5 0 1

13
provisions of the Executive Order of August 29, 1933, and of these Regulations, and that the
consignor has fully complied with the same, and after assay, it shall certify to the Federal Reserve
bank in the district in which the Mint is located that it has available for sale, in accordance with
the Executive Order of August 29,1933, for the account of the person by whom or on whose
behalf the gold was consigned, the amount of gold shown by such assay, and shall also certify
the Mint charges applicable thereto.
The Federal Reserve banks are authorized^ to sell such gold, as nearly as may be in the
order of certification, to persons licensed to acquire gold for use in the arts, industries, or profes­
sions, at the price determined from time to time by the Secretary of the Treasury. The Secre­
tary of the Treasury will telegraph daily to the Federal Reserve banks the price which he deter­
mines is equal to the best price obtainable in the free gold markets of the world less expenses
incident to shipment and sale. If such gold is not sold upon the day of or the two days (exclu­
sive of Saturdays, Sundays, and Holidays) following its certification to a Federal Reserve bank,
it shall be offered for sale to foreign purchasers by the Federal Reserve Bank of New York.
Proceeds of sales, less the charges determined by the Secretary, and Mint charges, shall be
paid to the consignor by the Federal Reserve bank of the district where such gold was deposited.
In cases of sales made abroad 98 percent of such net proceeds shall be paid upon receipt of
telegraphic remittance from abroad, the remainder upon receipt of final statement by mail.
A r t i c l e 35. Export of gold.— Gold sold to foreign purchasers under Article 34 may be ex­
ported by the Federal Reserve Bank of New York without requirement of a license. Such bank
shall certify to the Collector of Customs of the port at which export is to be made that such
g(51d was so sold, and the Collector is authorized to permit the export thereof.
EXECUTIVE ORDER OP AUGUST 29, 1933

The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, is
hereby authorized to issue licenses permitting the export of articles fabricated from gold sold pursuant to this
Executive Order.

A r t i c l e 36. Export of fabricated gold.— No article fabricated from gold shall be exported
unless the value thereof depends upon the form and not upon the gold content of the article,1
except that articles fabricated from gold sold to the applicant by a Federal Reserve bank pur­
suant to the Executive Order of August 29, 1933, may be exported under license issued pur­
suant to this Article.
(1) Application fo r license.— Application for license to export articles fabricated from gold
sold pursuant to the Executive Order of August 29, 1933, shall be made on Form TG-9 and filed
with the Federal Reserve bank from which the applicant acquired such gold. Each application
shall be executed under oath before an officer authorized to administer oaths.
(2) Licenses.—Upon receipt of the application and after maldng such investigation as it
may deem advisable, the Federal Reserve bank may issue a license on Form TGL-9 to export
articles fabricated from an amount of gold not in excess of the gold sold to the applicant by such
bank pursuant to the Executive Order of August 29, 1933.
(3) Notice to Collectors of Customs and Postmasters.— At the time any license is granted to
export articles fabricated from gold, the issuing Federal Reserve bank shall notify the Collector of
Customs at the port of export or the Postmaster designated in the application, as is required
by Article 24, and the provisions of that Article shall be complied with insofar as applicable.
1 See article 26 with respect to the export of articles the value of which depends upon the form.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

d e c l a s s if ie d

Authority

14
P a rt III
A r t i c l e 37. Forms available.—Any form, the use of which is prescribed in these Regulations,
may be obtained at United States Mints and Assay Offices and Federal Reserve banks and at the
Treasury Department, Washington.

A r t i c l e 38. Revocation of prior regulations.—The temporary Regulations issued under dates
of August 31, September 1, and September 5, 1933, are revoked. The revocation of such Regu­
lations shall not affect any act done or any right accruing or accrued or any suit had or com­
menced in any civil or criminal cause prior to said revocation, but all liabilities under said Regu­
lations shall continue and may be enforced as if said revocation had not been made.
A license issued pursuant to the Regulations issued August 31, September 1, and Septem­
ber 5, 1933, to acquire, hold, earmark, or export gold coin, gold bullion, or gold certificates
shall not be deemed to have been modified or revoked by reason of the revocation of such
Regulations.

A r t ic C e 39. Modification of regulations.—The provisions of these Regulations may be
revoked or modified at any time.




D

ean

A

ch eson,

Acting Secretary o f the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority p

SECTION 2 OF TH E ACT APPROVED M ARCH 9,
[P u b lic —

No.

1— 7 3 d

10 5 C) |

1933

C on gress]

S ection 2. Subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat.L. 411), as amended, is
hereby amended to read as follows:
“ (b) During time of war or during any other period of national emergency declared by the President, the
President may, through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under
such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign
exchange, transfers of credit between or payments by banking institutions as defined by the President, and export,
hoarding, melting, or earmarking of gold or silver coin or bullion or currency, by any person within the United
States or any place subject to the jurisdiction thereof; and the President may require any person engaged in any
transaction referred to in this subdivision to furnish under oath, complete information relative thereto, including
the production of any books of account, contracts, letters or other papers, in connection therewith in the custody
or control of such person, either before or after such transaction is completed. Whoever willfully violates any
of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon con­
viction, 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 such violation
may be punished by a like fine, imprisonment, or both. As used in this subdivision the term ‘ person’ means an
individual, partnership, association, or corporation.”
E X E C U TIV E ORDER
R E L A T IN G TO

TH E

H O A R D IN G , E X P O R T , A N D E A R M A R K IN G O F GOLD C O IN ,
T R A N S A C T IO N S IN F O R E IG N E X C H A N G E

B U L L IO N ,

OR CURRENCY

AND

TO

By virtue of the authority vested in me by Section 5 (b) 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, F R A N K L IN D. ROOSEVELT, P RESIDEN T of the U N IT E D STATES OF
AM E R IC A , do declare that a period of national emergency exists, and by virtue of said authority and of all
other authority vested in me, do hereby prescribe the following provisions for the investigation and regulation
of the hoarding, earmarking, and export of gold coin, gold bullion, and gold certificates by any person within the
United States or any place subject to the jurisdiction thereof; and for the investigation and regulation of trans­
actions in foreign exchange and transfers of credit and the export or withdrawal of currency from the United
States or any place subject to the jurisdiction thereof by any person within the United States or any place subject
to the jurisdiction thereof.
S e c t i o n 2. D efin ition s .— As used in this Order the term “ person” means an individual, partnership, asso­
ciation, or corporation; and the term “ the United States” means the United States and any place subject to
the jurisdiction thereof.
S e c t i o n 3. R eturns .— Within fifteen days from the date of this Order every person in possession of and
every person owning gold coin, gold bullion, or gold certificates shall make under oath and file as hereinafter
provided a return to the Secretary of the Treasury containing true and complete information relative thereto,
including the name and address of the person making the return; the kind and amount of such coin, bullion,
or certificates held and the location thereof; if held for another, the capacity in which held and the person for
whom held, together with the post office address of such person; and the nature of the transaction requiring
the holding of such coin, bullion, or certificates and a statement explaining why such transaction cannot be
carried out by the use of currency other than gold certificates; provided that no returns are required to be filed
with respect to— ■
(o) Gold coin, gold bullion, and gold certificates in an amount not exceeding in the aggregate $100
belonging to any one person;
(6) Gold coin having a recognized special value to collectors of rare and unusual coin;
(c)
Gold coin, gold bullion, and gold certificates acquired or held under a license heretofore granted
by or under authority of the Secretary of the Treasury; and
(id) Gold coin, gold bullion, and gold certificates owned by Federal reserve banks.
Such return required to be made by an individual shall be filed with the Collector of Internal Revenue for
the collection district in which such individual resides, or, if such individual has no legal residence in the United
States, then with the Collector of Internal Revenue at Baltimore, Maryland. Such return required to be made
by a partnership, association, or corporation shall be filed with the Collector of Internal Revenue of the collection
district in which is located the principal place of business or principal office or agency of such partnership, asso­
ciation, or corporation, or, if it has no principal place of business or principal office or agency in the United
States, then with the Collector of Internal Revenue at Baltimore, Maryland. Such return required to be made
by an individual residing in Alaska shall be filed with the Collector of Internal Revenue at Seattle, Washington.
Such return required to be made by a partnership, association, or corporation having its principal place of business
or principal office or agency in Alaska shall be filed with the Collector of Internal Revenue at Seattle, Wash­
ington.
(1 5 )




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Authority J l A X J 0 5 0 ] _ _

16
The Secretary of the Treasury may grant a reasonable extension of time for filing a return, under such rules
and regulations as he shall prescribe. No such extension shall be for more than forty-five days from the date
of this Executive Order. An extension granted hereunder shall be deemed a license to hold for a period ending
fifteen days after the expiration of the extension.
The returns required to be made and filed under this Section shall consititute public records; but they shall
be open to public inspection only upon order of the President and under rules and regulations prescribed by the
Secretary of the Treasury.
A return made and filed in accordance with this Section by the owner of the gold coin, gold bullion, and gold
certificates described therein, or his duly authorized agent, shall be deemed an application for the issuance under
Section 5 hereof of a license to hold such coin, bullion, and certificates.
S e c t i o n 4. Acquisition of gold coin and gold bullion.— No person other than a Federal Reserve bank shall
after the date of this Order acquire in the United States any gold coin, gold bullion, or gold certificates except
under license therefor issued pursuant to this Executive Order, provided that member banks of the Federal
Reserve System may accept delivery of such coin, bullion, and certificates for surrender promptly to a Federal
Reserve bank, and provided further that persons requiring gold for use in the industry, profession, or art in which
they are regularly engaged may replenish their stocks of gold up to an aggregate amount of $100, by acquisitions
of gold bullion held under licenses issued under Section 5 (b), without necessity of obtaining a license for such
acquisitions.
The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses
authorizing the acquisition of—
(o) Gold coin or gold bullion which the Secretary is satisfied is required for a necessary and lawful
transaction for which currency other than gold certificates cannot be used, by an applicant who estab­
lishes that since March 9, 1933, he has surrendered an equal amount of gold coin, gold bullion, or gold
certificates to a banking institution in the continental United States or to the Treasurer of the United
States;
(6)
Gold coin or gold bullion which the Secretary is satisfied is required by an applicant who holds a
license to export such an amount of gold coin or gold bullion issued under subdivisions (c) or (d) of Section
6 hereof, and
(c)
Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for
legitimate and customary use in industry, profession, or art by an applicant regularly engaged in such
industry, profession, or art, or in the business of furnishing gold therefor.
Licenses issued pursuant to this Section shall authorize the holder to acquire gold coin and gold bullion only
from the sources specified by the Secretary of the Treasury in regulations issued hereunder.
S e c t i o n 5. Holding of gold coin, gold bullion, and gold certificates.— 'After thirty days from the date of this
Order no person shall hold in his possession or retain any interest, legal or equitable, in any gold coin, gold
bullion, or gold certificates situated in the United States and owned by any person subject to the jurisdiction
of the United States, except under license therefor issued pursuant to this Executive Order; Provided, however,
That licenses shall not be required in order to hold in possession or retain an interest in gold coin, gold bullion,
or gold certificates with respect to which a return need not be filed under Section 3 hereof.
The Secretary of the Treasury, subject to such further regulations as he may prescribe, shall issue licenses
authorizing the holding of—
(a) Gold coin, gold bullion, and gold certificates, which the Secretary is satisfied are required by the
person owning the same for necessary and lawful transactions for which currency, other than gold
certificates, cannot be used;
(b ) Gold bullion which the Secretary, or such agency as he may designate, is satisfied is required for
legitimate and customary use in industry, profession, or art by a person regularly engaged in such
industry, profession, or art or in the business of furnishing gold therefor;
(c) Gold coin and gold bullion earmarked or held in trust since before April 20, 1933, for a recognized
foreign government or foreign central bank or the Bank for International Settlements; and
(d) Gold coin and gold bullion imported for reexport or held pending action upon application for

export licenses.
6. Earmarking and export of gold coin and gold bullion.— After the date of this Order no person shall
earmark or export any gold coin, gold bullion, or gold certificates from the United States, except under license
therefor issued by the Secretary of the Treasury pursuant to the provisions of this Order.
The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, may
issue licenses authorizing—
(a) The export of gold coin or gold bullion earmarked or held in trust since before April 20, 1933, for a
recognized foreign government, foreign central bank, or the Bank for International Settlements;
(b) The export of gold, (i) imported for reexport, (ii) refined from gold-bearing materials imported by
the applicant under an agreement to export gold, or (in) in bullion containing not more than five ounces
of gold per ton;
(c) The export of gold coin or gold bullion to the extent actually required for the fulfillment of a con­
tract entered into by the applicant prior to April 20, 1933; but not in excess of the amount of the gold
coin, gold bullion, and gold certificates surrendered by the applicant on or after March 9, 1933, to a bank­
ing institution in the continental United States or to the Treasurer of the United States; and
(d) The earmarking for foreign account and/or export of gold coin or gold bullion, with the approval
of the President, for transactions which the Secretary of the Treasury may deem necessary to promote
the public interest.
S e c t i o n 7. United States possessions— Shipments thereto.— The provisions of Sections 3 and 5 of this Order
shall not apply to gold coin, gold bullion, or gold certificates which are situated in the Philippine Islands, American
Samoa, Guam, Hawaii, Panama Canal Zone, Puerto Rico, or the Virgin Islands of the United States, and are
owned by a person not domiciled in the continental United States. The provisions of Section 4 shall not apply
to acquisitions by persons within the Philippine Islands, American Samoa, Guam, Hawaii, Panama Canal Zone,
S e c tio n




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r-

10501

17
Puerto Rico, or the Virgin Islands of the United States of gold coin or gold bullion which has not been taken or
Bent thereto since April 5, 1933, from the continental United States or any place subject to the jurisdiction thereof.
S e c t i o n 8. Until further order, the Secretary of the Treasury is authorized, through any agency that he
may designate, to investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by
means of licenses or otherwise, any transactions in foreign exchange, transfers of credit from any banking insti­
tution within the United States to any foreign branch or office of such banking institution or to any foreign
bank or banker, and the export or withdrawal of currency from the United States, by any peison within the
United States; and the Secretary of the Treasury may require any person engaged in any transaction referred to
herein to furnish under oath complete information relative thereto, including the production of any books of
account, contracts, letters, or other papers, in connection therewith in the custody or control of such person either
before or after such transaction is completed.
S e c t i o n 9. The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as
he may deem necessary to carry out the purposes of this Order. Such regulations may provide for the detention
in the United States of any gold coin, gold bullion, or gold certificates sought to be transported beyond the
limits of the continental United States, pending an investigation to determine if such coin, bullion, or certificates
are held or are to be acquired in violation of the provisions of this Executive Order. Licenses and permits
granted in accordance with the provisions of this Order and the regulations prescribed hereunder, may be issued
through such officers or agencies as the Secretary may designate.
S e c t i o n 1 0 . Whoever willfully violates any provision of this Executive Order or of any license, order, rule,
or regulation issued or prescribed hereunder, shall, upon conviction, be fined not more than $10,000, or, if a
natural person, may be imprisoned for not more than 10 years, or both; and any officer, director, or agent
of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment,
or both.
S e c t i o n 11. The Executive Orders of April 5 , 1933, Forbidding the Hoarding of Gold Coin, Gold Bullion,
and Gold Certificates, and April 20, 1933, relating to Foreign Exchange and the Earmarking and Export of Gold
Coin or Bullion or Currency, respectively, are hereby revoked. The revocation of such prior Executive Orders
shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in
any civil or criminal cause prior to said revocation, but all liabilities under said Executive Orders shall continue
and may be enforced in the same manner as if said revocation had not been made. This Executive Order and
any regulations or licenses issued hereunder may be modified or revoked at any time.
F R A N K LIN D. ROOSEVELT.
T

he

W

h it e

H

ouse,

A ugust 28, 1938.

E XE C U T IV E ORDER
r e la tin g t o

th e

s a le a n d e x p o r t o f g o ld

recov ered

fro m

n a tu ra l

d e p o s its

By virtue of the authority vested in me by Section 5 (b) 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, FR A N K L IN D. ROOSEVELT, P R E SID E N T of the U N IT E D
STATES OF A M E R IC A , do declare that a period of national emergency exists, and by virtue of said authority
and of all other authority vested in me, do hereby issue the following executive order:
The Secretary of the Treasury is hereby authorized to receive on consignment for sale, subject to such rules
and regulations and upon such conditions as he shall prescribe, gold recovered from natural deposits in the United
States or any place subject to the jurisdiction thereof. Sales may be made:
(a) To persons licensed to acquire gold for use in the arts, industries or professions, or
(b) By export to foreign purchasers.
Such sales shall be made at a price which the Secretary shall determine to be equal to the best price obtainable
in the free gold markets of the world after taking into consideration any incidental expenses such as shipping
costs and insurance.
Such sales may be made through the Federal Reserve banks or such other agents as the Secretary may from
time to time designate, and shall be subject to such charges as the Secretary may from time to time in his judgment
determine.
Every person depositing gold for sale as provided herein shall be deemed to have agreed to accept as
conclusive without any right of recourse or review, the determination of the Secretary or his duly authorized
agent as to the amount due such person as a result of any sale.
Consignments shall be sold as nearly as may be in the order of their receipt.
The Secretary of the Treasury, in his discretion and subject to such regulations as he may prescribe, is
hereby authorized to issue licenses permitting the export of articles fabricated from gold sold pursuant to this
executive order.
This executive order may be modified or revoked at any time.
The

W h ite

FR A N K L IN D. ROOSEVELT.

H ouse,

A ugu st 29, 1983.




o

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

A)-

(0 5 0 1

[ P u b l i c — N o . 1 — 73d C o n g r e s s ]
[H. R. 1491]
AN ACT
To provide relief in the existing national emergency in banking, and for other
purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the Con­
gress hereby declares that a serious emergency exists and that it is
imperatively necessary speedily to put into effect remedies of
uniform national application.
T IT L E I
S ection 1. The actions, regulations, rules, licenses, orders and
proclamations heretofore or hereafter taken, promulgated, made, or
issued by the President of the United States or the Secretary of the
Treasury since March 4, 1933, pursuant to the authority conferred
by subdivision (b) of section 5 of the Act of October 6, 1917, as
amended, are hereby approved and confirmed.
S e c . 2. Subdivision (b) of section 5 of the Act of October 6, 1917
(40 Stat. L. 411), as amended, is hereby amended to read as follows:
“ (b) During time of war or during any other period of national
emergency declared by the President, the President may, through
any agency that he may designate, or otherwise, investigate, regulate,
or prohibit, under such rules and regulations as he may prescribe, by
means of licenses or otherwise, any transactions in foreign exchange,
transfers of credit between or payments by banking institutions as
defined by the President, and export, hoarding, melting, or ear­
marking of gold or silver coin or bullion or currency, by any person
within the United States or any place subject to the jurisdiction
thereof; and the President may require any person engaged in any
transaction referred to in this subdivision to furnish under oath,
complete information relative thereto, including the production of
any books of account, contracts, letters or other papers, in connec­
tion therewith in the custody or control of such person, either before
or after such transaction is completed. Whoever willfully violates
any o f the provisions of this subdivision or of any license, order,
rule or regulation issued thereunder, shall, upon conviction, 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 such
violation may be punished by a like fine, imprisonment, or both.
As used in this subdivision the term ‘ person ’ means an individual,
partnership, association, or corporation.”
S ec. 3. Section 11 of the Federal Reserve Act is amended by
adding at the end thereof the following new subsection:
“ (n) Whenever in the judgment of the Secretary of the Treasury
such action is necessary to protect the currency system of the United
States, the Secretary of the Treasury, in his discretion, may require




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any or all individuals, partnerships, associations and corporations
to pay and deliver to the Treasurer of the United States any or all
gold coin, gold bullion, and gold certificates owned by such indi­
viduals, partnerships, associations and corporations. Upon receipt
of such gold coin, gold bullion or gold certificates, the Secretary
o f the Treasury shall pay therefor an equivalent amount of any
other form of coin or currency coined or issued under the laws of
the United States. The Secretary of the Treasury shall pay all
costs of the transportation of such gold bullion, gold certificates,
coin, or currency, including the cost of insurance, protection, and
such other incidental costs as may be reasonably necessary. Any
individual, partnership, association, or corporation failing to comply
with any requirement o f the Secretary o f the Treasury made under
this subsection shall be subject to a penalty equal to twice the value
o f the gold or gold certificates in respect of which such failure
occurred, and such penalty may be collected by the Secretary of the
Treasury by suit or otherwise."
S ec. 4. In order to provide for the safer and more effective oper­
ation o f the National Banking System and the Federal Reserve
System, to preserve for the people the full benefits of the currency
provided for by the Congress through the National Banking System
and the Federal Reserve System, and to relieve interstate commerce
of the burdens and obstructions resulting from the receipt on an
unsound or unsafe basis o f deposits subject to withdrawal by check,
during such emergency period as the President of the United States
by proclamation may prescribe, no member bank of the Federal
Reserve System shall transact any banking business except to such
extent and subject to such regulations, limitations and restrictions as
may be prescribed by the Secretary of the Treasury, with the
approval of the President. Any individual, partnership, corpora­
tion, or association, or any director, officer or employee thereof,
violating any of the provisions of this section shall be deemed guilty
of a misdemeanor and, upon conviction thereof, shall be fined not
more than $10,000 or, if a natural person, may, in addition to such
fine,-be imprisoned for a term not exceeding ten years. Each day
that any such violation continues shall be deemed a separate offense.
T IT L E II
201. This title may be cited as the “ Bank Conservation Act.”
202. As used in this title, the term “ bank” means (1) any
national banking association, and (2) any bank or trust company
located in the District o f Columbia and operating under the super­
vision of the Comptroller of the Currency; and the term “ State ”
means any State, Territory, or possession of the United States, and
the Canal Zone.
S ec. 203. Whenever he shall deem it necessary in order to conserve
the assets of any bank for the benefit of the depositors and other
creditors thereof, the Comptroller of the Currency may appoint a
conservator for such bank and require of him such bond and security
as the Comptroller of the Currency deems proper. The con­
under the direction of the Comptroller, shall take possession
Digitizedservator,
for FRASER
of the books, records, and assets of every description of such bank,
http://fraser.stlouisfed.org/
S ec.
S ec.

Federal Reserve Bank of St. Louis

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and take sucli action as may be necessary to conserve the assets o f
such bank pending further disposition of its business as provided
by law. Such conservator shall have all the rights, powers, and
privileges now possessed by or hereafter given receivers of insolvent
national banks and shall be subject to the obligations and penalties,
not inconsistent with the provisions of this title, to which receivers
are now or may hereafter become subject. During the time that such
conservator remains in possession of such bank, the rights o f all
parties with respect thereto shall, subject to the other provisions
of this title, be the same as if a receiver had been appointed therefor.
All expenses of any such conservatorship shall be paid out of the
assets of such bank and shall be a lien thereon which shall be prior
to any other lien provided by this Act or otherwise. The conservator
shall receive as salary an amount no greater than that paid to
employees of the Federal Government for similar services.
S ec. 204. The Comptroller of the Currency shall cause to be made
' such examinations of the affairs of such bank as shall be necessary
to inform him as to the financial condition of such bank, and the
examiner shall make a report thereon to the Comptroller of the Cur­
rency at the earliest practicable date.
S ec. 205. I f the Comptroller of the Currency becomes satisfied that
it may safely be done and that it would be in the public interest, he
may, in his discretion, terminate the conservatorship and permit such
bank to resume the transaction of its business subject to such terms,
conditions, restrictions and limitations as he may prescribe.
Sec. 206. While such bank is in the hands of the conservator .
appointed by the Comptroller of the Currency, the Comptroller may
require the conservator to set aside and make available for with­
drawal by depositors and payment to other creditors, on a ratable
basis, such amounts as in the opinion of the Comptroller may safely
be used for this purpose; and the Comptroller may, in his discre­
tion, permit the conservator to receive deposits, but deposits received
while the bank is in the hands of the conservator shall not be sub ject
to any limitation as to payment or withdrawal, and such deposits
shall be segregated and shall not be used to liquidate any indebted­
ness of such bank existing at the time that a conservator was
appointed for it, or any subsequent indebtedness incurred for the
purpose of liquidating any indebtedness of such bank existing at the
time such conservator was appointed. Such deposits received while
the bank is in the hands of the conservator shall be kept on hand in
cash, invested in the direct obligations of the United States, or
deposited with a Federal reserve bank. The Federal reserve banks
are hereby authorized to open and maintain separate deposit
accounts for such purpose, or for the purpose of receiving deposits
from State officials in charge of State banks under similar
circumstances.
S ec. 207. In any reorganization of any national banking associa­
tion under a plan of a kind which, under e x is t in g law, requires the
consent, as the case may be, (a) of depositors and other creditors
or (b) of stockholders or (c) of both depositors and other creditors
and stockholders, such reorganization shall become effective only (1)
when the Comptroller of the Currency shall be satisfied that the plan

of reorganization is fair and equitable as to all depositors, other cred

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■iters and stockholders and is in the public interest and shall have
approved the plan subject to such conditions, restrictions and limita­
tions as he may prescribe and (2) when, after reasonable notice of
such reorganization, as the case may require, (A ) depositors and
other creditors o f such bank representing at least 75 per cent in
amount of its total deposits and other liabilities as shown by the
books o f the national banking association or (B ) stockholders own­
ing at least two-thirds of its outstanding capital stock as shown by
the books of the national banking association or (C) both depositors
and other creditors representing at least 75 per cent in amount of the
total deposits and other liabilities and stockholders owning at least
two-thirds o f its outstanding capital stock as shown by the books of
the national banking association, shall have consented in writing
ter the plan of reorganization: Provided, however, That claims of
depositors or other creditors which will be satisfied in full under the
provisions of the plan of reorganization shall not be included among
the total deposits and other liabilities of the national banking asso­
ciation in determining the 75 per cent thereof as above provided.
When such reorganization becomes effective, all books, records, and
assets of the national banking association shall be disposed o f in
accordance with the provisions of the plan and the affairs of the
national banking association shall be conducted by its board of
directors in the manner provided by the plan and under the condi­
tions, restrictions and limitations which may have been prescribed
by the Comptroller of the Currency. In any reorganization which
shall have been approved and shall have become effective as provided
herein, all depositors and other creditors and stockholders of such
national banking association, whether or not they shall have con­
sented to such plan of reorganization, shall be fully and in all
respects subject to and bound by its provisions, and claims of all
depositors and other creditors shall be treated as if they had con­
sented to such plan of reorganization.
S e c . 208. After fifteen days after the affairs o f a bank shall have
been turned back to its board of directors by the conservator, either
with or without a reorganization as provided in section 207 hereof,
the provisions of section 206 of this title with respect to the segre­
gation of deposits received while it is in the hands of the conservator
and with respect to tlie use of such deposits to liquidate the indebted­
ness of such bank shall no longer be effective : Provided, That before
the conservator shall turn back the affairs of the bank to its board
of directors lie shall cause to be published in a newspaper published
in the city, town or county in which such bank is located, and if no
newspaper is published in such city, town or county, in a newspaper
to be selected by the Comptroller o f the Currency published in the
State in which the bank is located, a notice in form approved by the
Comptroller, stating the date on which the affairs of the bank will
be returned to its board of directors and that the said provisions of
section 206 will not be effective after fifteen days after such date;
and on the date of the publication o f such notice the conservator
shall immediately send to every person who is a depositor in such
bank under section 206 a copy of such notice by registered mail ad­
dressed to the last known address of such person as shown by the
records o f the bank, and the conservator shall send similar notice in



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like manner to every person making deposit in such bank under sec­
tion 206 after the date of such newspaper publication and before the
time when the affairs o f the bank are returned to its directors.
S e c . 209. Conservators appointed pursuant to the provisions of this
title shall be subject to the provisions of and to the penalties pre­
scribed by section 5209 of the Revised Statutes (U. S. C., Title 12,
sec. 592); and sections 112, 113,114,115, 116 and 117 of the Criminal
Code of the United States (U. S. C., Title 18, secs. 202, 203, 204, 205,
206 and 207), in so far as applicable, are extended to apply to con­
tracts, agreements, proceedings, dealings, claims and controversies
by or with any such conservator or the Comptroller of the Currency
under the provisions of this title.
S e c . 210. Nothing in this title shall be construed to impair in any
manner any powers of the President, the Secretary of the Treasury,
the Comptroller of the Currency, or the Federal Reserve Board.
S e c . 211. The Comptroller of the Currency is hereby authorized
and empowered, with the approval o f the Secretary o f the Treasury,
to prescribe such rules and regulations as lie may deem necessary in
order to carry out the provisions of this title. Whoever violates any
rule or regulation made pursuant to this section shall be deemed
guilty of a misdemeanor and, upon conviction thereof, shall be fined
not more than $5,000, or imprisoned not more than one year, or both.
T IT L E I I I
S ec. 301. Notwithstanding any other provision o f law, any national
banking association may, with the approval of the Comptroller of
the Currency and by vote of shareholders owning a majority of the
stock of such association, upon not less than five days’ notice, given
by registered mail pursuant to action taken by its board of directors,
issue preferred stock in such amount and with such par value as shall
be approved by said Comptroller, and make such amendments to its
articles of association as may be necessary for this purpose; but, in
the case of any newly organized national banking association which
has not yet issued common stock, the requirement o f notice to and
vote o f shareholders shall not apply. No issue of preferred stock
shall be valid until the par value of all stock so issued shall be paid in.
S e c . 302. ( a ) The holders of such preferred stock shall be entitled
to cumulative dividends at a rate not exceeding 6 per centum per
annum, but shall not be held individually responsible as such holders
for any debts, contracts, or engagements, of such association and shall
not be liable for assessments to restore impairments in the capital of
such association as now provided by law with reference to holders of
common stock. Notwithstanding any other provision of law, the
holders of such preferred stock shall have such voting rights, and
such stock shall be subject to retirement in such manner and on such
terms and conditions, as may be provided in the articles of associa­
tion with the approval of the Comptroller of the Currency.
(b) No dividends shall be declared or paid on common stock until
the cumulative dividends on the preferred stock shall have been paid
in fu ll; and, if the association is placed in voluntary liquidation or a
conservator or a receiver is appointed therefor, no payments shall be
made to the holders of the common stock until the holders of the




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preferred stock shall have been paid in full the par value of such
stock plus all accumulated dividends.
S ec. 303. The term “ common stock” as used in this title means
stock of national banking associations other than preferred stock
issued under the provisions of this title. The term “capital” as used
in provisions of law relating to the capital of national banking asso­
ciations shall mean the amount of unimpaired common stock plus
the amount of preferred stock outstanding and unimpaired; and the
term “ capital stock ” , as used in section 12 of the Act of March 14,
1900, shall mean only the amount of common stock outstanding.
S ec. 304. I f in the opinion of the Secretary of the Treasury any
national banking association or any State bank or trust company
is in need of funds for capital purposes either in connection with the
organization or reorganization of such association, State bank or
trust company or otherwise, he may, with the approval of the Presi­
dent, request the Reconstruction Finance Corporation to subscribe
for preferred stock in such association, State bank or trust company,
or to make loans secured by such stock as collateral, and the Recon­
struction Finance Corporation may comply with such request. The
Reconstruction Finance Corporation may, with the approval of the
Secretary of the Treasury, and under such rules and regulations as
he may prescribe, sell in the open market or otherwise the whole or
any part of the preferred stock of any national banking association,
State bank or trust company acquired by the Corporation pursuant
to this section. The amount of notes, bonds, debentures, and other
such obligations which the Reconstruction Finance Corporation is
authorized and empowered to issue and to have outstanding at any
one time under existing law is hereby increased by an amount suffi­
cient to carry out the provisions of this section,
T IT L E IV
S e c . 401. The sixth paragraph of Section 18 of the Federal
Reserve Act is amended to read as follow s:
“ Upon the deposit with the Treasurer of the United States, (a)
o f any direct obligations of the United States or (b) of any notes,
drafts, bills of exchange, or bankers’ acceptances acquired under
the provisions of this Act, any Federal reserve bank making such
deposit in the manner prescribed by the Secretary of the Treasury
shall be entitled to receive from the Comptroller of the Cur­
rency circulating notes in blank, duly registered and counter­
signed. When such circulating notes are issued against the security
of obligations of the United States, the amount of such circulating
notes shall be equal to the face value of the direct obligations of the
United States so deposited as security; and, when issued against the
security of notes, drafts, bills of exchange and bankers’ acceptances
acquired under the provisions of this Act, the amount thereof shall
be equal to not more than 90 per cent of the estimated value of such
notes, drafts, bills of exchange and bankers’ acceptances so deposited
as security. Such notes shall be the obligations of the Federal
reserve bank procuring the same, shall be in form prescribed by the
Secretary of the Treasury, shall be receivable at par in all parts of
the United States for the same purposes as are national bank notes,




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and shall be redeemable in lawful money of the United States on
presentation at the United States Treasury or at the bank of issue.
The Secretary of the Treasury is authorized and empowered to pre­
scribe regulations governing the issuance, redemption, replacement,
retirement and destruction of such circulating notes and the release
and substitution of security therefor. Such circulating notes shall
be subject to the same tax as is provided by law for the circulating
notes of national banks secured by 2 per cent bonds o f the United
States. No such circulating notes shall be issued under this para­
graph after the President has declared by proclamation that the
emergency recognized by the President by proclamation of March
6, 1933, has terminated, unless such circulating notes are secured by
deposits of bonds of the United States bearing the circulation priv­
ilege. When required to do so by the Secretary of the Treasury,
each Federal reserve agent shall act as agent of the Treasurer of
the United States or of the Comptroller of the Currency, or both,
for the performance of any of the functions which the Treasurer
or the Comptroller may be called upon to perform in carrying out
the provisions of this paragraph. Appropriations available for dis­
tinctive paper and printing United States currency or national bank
currency are hereby made available for the production of the circu­
lating notes of Federal reserve banks herein provided; but the United
States shall be reimbursed by the Federal reserve bank to which such
notes are issued for all expenses necessarily incurred in connection
with the procuring of such notes and all other expenses incidental to
their issue, redemption, replacement, retirement and destruction.”
S e c . 402. Section 10(b) of the Federal Reserve Act, as amended,
is further amended to read as follow s:
“ S e c . 10(b). In exceptional and exigent circumstances, and when
any member bank has no further eligible and acceptable assets avail­
able to enable it to obtain adequate credit accommodations through
rediscounting at the Federal reserve bank or any other method pro­
vided by this Act other than that provided by section 10 (a), any
Federal reserve bank, under rules and regulations prescribed bv the
Federal Reserve Board, may make advances to such member bank
on its time or demand notes secured to the satisfaction of such Federal reserve bank. Each such note shall bear interest at a rate not
less than 1 per centum per annum higher than the highest discount
rate in effect at such Federal reserve bank on the date of such note.
No advance shall be made under this section after March 3, 1934, or
after the expiration of such additional period not exceeding one year
as the President may prescribe.”
S e c . 403. Section 13 of the Federal Reserve Act, as amended, is
amended by adding at the end thereof the following new paragraph:
“ Subject to such limitations, restrictions and regulations as the
Federal Reserve Board may prescribe, any Federal reserve bank may
make advances to any individual, partnership or corporation on the
promissory notes of such individual, partnership or corporation
secured by direct obligations of the United States. Such advances
shall be made for periods not exceeding 90 days and shall bear inter­
est at rates fixed from time to time by the Federal reserve bank,
subject to the review an<i determination of the Federal Reserve
Board.”



lOOc'i

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T IT L E V
Sec. 501. There is hereby appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $2,000,000, which
shall be available for expenditure, under the direction of the Presi­
dent and in his discretion, for any purpose in connection with the
carrying out of this Act.
S ec. 502. The right to alter, amend, or repeal this Act is hereby
expressly reserved. I f any provision of this Act, or the application
thereof to any person or circumstances, is held invalid, the
remainder o f the Act, and the application of such provision to other
persons or circumstances, shall not be affected thereby.
Approved March 9th 1933 8.30 p. m.




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TREASURY DEPARTMENT

X ) - (0 S O )

FOR IMMEDIATE RELEASE,
MARCH 18,.1933.

EXECUTIVE ORDER

By virtue of the authority vested in me by Section 5(b) of the Act of
October 6, 1917 (40 Stat. L . , 411) as amended by the Act of March 9, 1933 and
by Section 4 of the said Act of March 9, 1933, and by virtue of all other
authority vested in me, I hereby issue the following executive order.
Whenever the appropriate authority having immediate supervision of any
hanking institution located in any State or place subject to the jurisdiction
of the United States, which is a member of the Federal Reserve System and
which has not been licensed by the Secretary of the Treasury to restune its
usrnl banking functions, shall deem it necessary or advisable in order to
conserve the assets of such banking institution for the benefit of the de­
positors or other creditors, such authority may, in accordance with the
provisions of the applicable lav/s of such state or place, appoint such
appropriate official as may be authorized under such laws to conserve the
assets of such banking institution pending further disposition of its
business as provided by such laws.
This order shall not authorize any such member hank to reopen for the
performance of usual and normal functions until it shall have received a
license from the Secretary of the Treasury as provided in Executive Order
of March 10, 1933.

m A M L W D. ROOSEVfcLT
The White Hou?r,
March I q , -933.



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(0501

Interpretation Ho. 1

LjU- |(i

You are authorized to inform all banking institutions and others con­
cerned that the term QUOTE food or feed products UNQUOTE in regulations six
■under the President’
s proclamation promulgated March sixth may be interpreted
to include live stock on the way to slaughter,

March 7, 1933,

W. H. Woodin,
Secretary of the Treasury,

Interpretation Ho, 2
Regulation Number ten of March seven under the P r e s i d e n t s proclamation
of March sixth is held to authorize payments on account of pensions, workmen*s
compensation disability insurance, relief and unemplpyment,

March 7, 1933,

W. H, Woodin,
Secretary of the Treasury,

Interpretation Ho. 3
The term QUOTE other corporations, partnerships, associations or persons
engaged in the business of receiving deposits, making loans UNQUOTE, as used
in the President’s proclamation of March 6 declaring a bank holiday, is held
to include brokers, pawn brokers, industrial loan companies, mortgage loan
companies, chattel loan companies, personal finance companies, automobile
finance companies and all other persons, firms and corporations engaged in
the business of making loans of any kind, secured or unsecured,

March 7, 1933,




W, H. Woodin,
Secretary of the Treasury,

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Interpretation No. 4
Regulation Number 5, dated March 6, 1933, is not to he interpreted as
permitting any ‘
banking institutions to accept payment of any obligation not
solely owned "by it in any form which is not authorized by the person entitled
to the proceeds.
March 8, 1933.

W. H. Woodin,
' Secretary of the Treasury.

Interpretation Ho. 5
Regulation No. 10 issued under the President’s proclamation is interpreted
to authorize payments for fertilizer and for vegetable and agricultural seeds
for spring planting, where such payments are absolutely necessary and where
the seed and/or fertilizer are for immediate use.

March 8, 1933.

W. H. Woodin,
Secretary of the Treasury.

Interpretation No. 6
"Food or feed products”as used in Regulation 6 may be construed as in­
cluding whole grain if such grain is intended for processing or consumption
in the immediate future.

March 8, 1933.

W. H. Woodin,
Secretary of the Treasury.

Interpretation No. 7
Release of funds for purchase of cotton where absolutely necessary to
maintain operation is interpreted as"necessary current expenditures for the
purpose of maintaining employment and for other similar essential purposes*1’
March 8, 1933.



W. H. Woodin,
Secretary of the Treasury.

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^interpretation U o # 8
Regarding release of funds for purchase of internal revenue stamps in
connection with cigar manufacturing.
tf

Cigar manufacturing company should "be

referred to collector of internal revenue.

March 8, 1933




W. H. VIoodin,
Secretary of the Treasury

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(0501

IUTERPREIATION HO. 10.

The term ’
’
mortgage loan companies”, as used in Interpre­
tation No. 3, is interpreted to include all corporations
whose principal business consists of the investment in, sale
and purchase of real estate mortgages and mortgage certifi­
cates guaranteed by such corporations.

W. H. WOODIN,
Secretary of the Treasury.
March 14, 1933




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!
March 16, 1933.

Interpretation Ho. 11
Regulation No. 12 is not to be construed as permitting a
“
b anking institution, open for normal and usual functions under
license of the Secretary of the Treasury, to require depositors
to accept clearing house certificates or other evidences of
claims against assets for all or any part of any withdrawal
requested.




W. H. WOODIN
Secretary of the Treasury.

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INTERPHETAT102T NO* 12
Regulation Ho. 27 is interpreted to permit any banking institu­
tion acting thereunder to carry on such usual banking functions
as may be essential to permit restricted withdrawals and payments
authorized by such regulation, subject to all of the provisions
and restrictions therein contained and except as otherwise pro­
hibited.




W. H. WOODIN
Secretary of the Treasury

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(DSC)?

INTERPRETATION NO. 13

March 21, 1933
Regulation No. 28 is held not to prohibit the honoring
of checks or drafts drawn on or before March 18, 1933 under the
terms of Regulation No. 6 or Regulation No. 10, as amended:,
subject to all the provisions and restrictions contained in
such regulations and except as otherwise prohibited.




17. H. TOODIN,
Secretary of the Treasury.

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BY THE PRESIDENT OF THE M I TED STATES OF AMERICA
A PRO CLAI'-IATION

■WHEREAS, on March 6, 1933, I, FRANKLIN D. ROOSEVELT, President of
the United States of America, by Proclamation declared the existence of
a national emergency and proclaimed a "bank holiday extending from Monday
the 6th day of March, to Thursday the 9th day of March, 1933, "both dates
inclusive, in order to prevent the export, hoarding or earmarking of
gold or silver coin, or bullion or currency, or speculation in foreign
exchange; and
‘
VHEREAS, under the Act of March 9, 1933, all Proclamations hereto­
fore or hereafter issued by the President pursuant to the authority con­
ferred by section 5(b) of the Act of October 6, 1917, as amended, are ap­
proved and confirmed; and
WHEREAS, said national emergency still continues, and it is necessary
to take further measures extending beyond March 9, 1933, in order to ac­
complish such -ourposes:
NOW, THEREFORE, I, F R A M L I N D . ROOSEVELT, President of the United
States of America, in view of such continuing national emergency and by
virtue of the authority vested in me by Section 5(b) of the Act of October
6, 1917 (40 Stat. L . , 411) as amended by the Act of March 9, 1933, do
hereby proclaim, order, direct and declare that all the terms and provisions
of said Proclamation of March 6, 1933, and the regulations and orders
issued thereunder are hereby continued in full force and effect until
further proclamation by the president.
IiT WITNESS WHEREOF I have hereunto set my hand and have caused the
seal of the United States to be affixed*
Done in the District of Columbia, this 9th day of March,
in the Year of Our Lord One
Thousand Nine Hundred and Thirtythree, and of the Independence of
(SEAL)
the United States the One Hundredth
and Fifty-seventh.
FRANKLIN D. ROOSEVELT
By the President:




CORDELL HULL
Secretary of State.

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10501

A joint resolution was introduced today in both houses of Congress de­
signed to plarify the effect of recent legislation upon the status of the
’
’
gold clause" in public and private obligations.

This resolution has the

support of the Administration#
Since March 6th, when the President declared a bank holiday, transactions
involving payments in gold have been brought under control in order to protect
and maintain the supply which constitutes a reserve for the nation1s currency*
Gold is not now paid, nor is it available for payment, upon public or private
debts.
Recently the Thomas Amendment to the Agricultural Relief Act. has made all
i f

-Gsins and currencies of the United States legal tender for the payment of
every debt, public and private.

Dae, however, to the language used doubt

has arisen whether obligations expressed to be payable in a particular kind
of money, -such as gold coin, may be satisfied by payment in other forms of
legal tender.
While the Supreme Court of New York is reported to have held in a recent
case that an obligation calling for payment in gold coin could be satisfied
by payment of other lawful forms of money, confusion may be created if the
existing legislation is differently construed in other jurisdictions.

One of

the purposes of the resolution is to remove any doubt and to avoid confusion,
so that debtors and creditors may have a clear definition of their legal
position.
Another purpose of the resolution is to make clear that future obligations
public and private shall not contain the gold clause.
did not contain specific provision to this effect.

The Thomas Amendment
Such a provision is con­

tained in the resolution.
The resolution makes it clear that all obligations past and future will
be upon the same footing.

•Hay 26, 1933.



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

(0561

Authority

A joint resolution was introduced today in 'both houses of Congress de~
signed to clarify the effect of recent legislation upon the status of the
"gold clause11 in public and private obligations.

This resolution has the

support of the Administration.
Since March 6th, when the President declared a bank holiday, transactions
involving payments in gold have been brought under control in order to protect
and maintain the supply which constitutes a reserve for the nation*s currency.
Gold is not now paid, nor is it available for payment, upon public or private
debts.
^ Recently the Thomas Amendment to the Agricultural Relief Act has made all
coins and currencies of the United States legal tender for the payment of
every debt* public and private.

Due, however, to the language used doubt

has arisen whether obligations expressed to be payable in a particular kind
of money, such as gold coin* may be satisfied by payment in other forms of
legal tender.
While the Supreme Court of New York is reported to have held in a recent
case that an obligation calling for payment in gold coin could be satisfied
by payment of other lawful forms of money, confusion may be created if the
existing legislation is differently construed in other jurisdictions.

One of

the purposes of the resolution is to remove any doubt and to avoid confusion,
so that debtors and creditors may have a clear definition of their legal
position.
Another purpose of tho resolution is to make clear that future obligations
public and private shall not contain the gold clause.
did not contain specific provision to this effect.

The Thomas Amendment
Such a provision is con­

tained in the resolution.
The resolution makes it clear that all obligations past and future will
be upon the same footing.
May 26, 1933*



Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

p\)« (056)

FOR IMMEDIATE RELEASE,
TUESDAY, APRIL 25, 1933.

STATEMENT BY-SECRETARY WOODIN
Secretary Woodin today called attention to the fact that under the
provisions ojf the President’
s Order of,April 5, 1933,. forbidding the
hoarding of gold coin, gold bullion and gold certificates, persons who
own gold coin, gold "bullion or gold certificates are required to deliver
their holdings to a Federal Reserve Bank, branch or agency, or to any
memher bank of the Federal Reserve System, on or before next Monday,
May 1st, 1933, except as provided in certain cases specified in the
Order*

A fine of $10,000 or ten years imprisonment, or both, may be

imposed as the penalty for failure to comply with the terms of the
Order.
Gold in reasonable amount, actually required for use in industry,
profession or art, is excepted from the order to deliver on or before
May 1st*

A n exception is also allowed in the case of gold coin and

gold certificates in an amount not exceeding $100 belonging to any one
person, and in the case of gold coins having a recognized special value
to collectors of rare and unusual coins.
In a final effort to acquaint the public with the requirements of
the President’
s Order, and the criminal penalties provided for violations
of the Order, the Treasury Department is forwarding to every post-office
and banking institution a printed notice, in the form of a poster and
intended for public display, setting forth the Executive Order in full.
Persons having gold coin, gold bullion or gold certificates should
acquaint themselve3 with the exact terms of the Executive Order.



Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p

U-

(0 5 0 1

- 2 ~
To facilitate the identification of gold certificates, as dis­
tinguished from other currency, the Treasury points out that Gold
Certificates may he identified by the words "Gold Certificate” appear­
ing thereon.

In the case of gold certificates-of the small-size currency,

which were first issued in 1929, the title.’
’
Gold Certificate” appears on
the face of the certificate, and in the case pf gold certificates of the
large-size currency, (the issue of which was discontinued in 1929), the
title ”Gold^Certificate” appears on the hack,

.The serial number and

the £t*oasury seal on the face of a Gold Certificate are printed in
yellow#

While Federal Reserve Notes and United States Notes are re-

deemable in gold a n d ,bear a provision to that effect, they are not
’
’
Gold Certificates” and are not, therefore, required.to be surrendered.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

. ; ...

jp A) » (0 SO 1

. FOR- IMMEDIATE -RELEASE,
TUESDAY, APRIL 25, 1933.

STATEMENT- BY SECRETARY TOODIN

.

Secretary Woodin today called attention to the fact that -under the
provisions of the President’
s Order of April 5, 1933, forbidding the
hoarding of gold coin, gold bullion and gold certificates, persons who
own gold coin, gold bullion or gold certificates are required to deliver
their holdings to a Federal Reserve Bank, branch or agency* or to any
member bank of the Federal Reserve System, on or before next Monday,
May 1st, 1933, except as provided in certain cases specified in the
Order*

A fine of $10,000 or ten years imprisonment, or both, may be

imposed as the penalty for failure to comply with the terms of the
Order.
Gold in reasonable amount, actually required for use in industry,
profession or art, is excepted from the order to deliver on or before
May 1st*

A n exception is also allowed in the case of gold coin and

gold certificates in an amount not exceeding $100 belonging to any one
person, and in the case of gold coins having a recognized special value
to collectors of rare and unusual coins.
In a final effort to acquaint the public with the requirements of
the President’
s Order, and the criminal penalties provided for violations
of the Order, the Treasury Department is forwarding to every post-office
and banking institution a printed notice, in the form of a poster and
intended for public display, setting forth the Executive Order in full.
Persons having gold coin, gold bullion or gold certificates should
acquaint themselve3 with the exact terms of the Executive Order.




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority ^

r

AX

(0 3 0 1

- 2 To facilitate- i & e 1identification of gold, certificates, as dis­
tinguished from other currency, the Treasury points out that Gold
Certificates may "be identified by the words "Gold Certificate” appear­
ing thereon.

In the case of gold certificates of the small-size currency,

which were first issued in 1929, the title “Gold Certificate11 appears on
the face of the certificate, and in the case of gold certificates of the
large-size currency, (the issue of which was discontinued in 1929), the
title "Gold^Certificate” appears on the hack#

The serial number and

the p o asury seal on the face of a Gold Certificate are printed in
yellow#

While Federal Reserve Notes and United States Notes are re­

deemable in gold and bear a provision to that effect, they are not
’
’
Gold Certificates” and are not, therefore, required to be surrendered#




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
f

Authority jp

TREASURY DEPART! .FKT

(OSO)

FOR IMMEDIATE RELEASE
Wednesday, April 5, 1933.

STATEMENT BY SECRETARY OF TEE TREASURY WOO DIN AS TO THE GOLD
ORDER OF APRIL 5, 1933.
The President’
s order of today requiring the turning in of hoarded gold,
and at the same time providing that gold shall be available for all proper pur­
poses, is an expected step in the process of regularizing our monetary position
and f u r n i s M n g adequate banking and currency facilities for all customary needs.
Such an order was in contemplation from the time of the passage of the
Emergency Banking Act.

As the President indicated today, while many of our

citizens voluntarily and helpfully turned in their gold, there were others who
di'd not so respond.

In fairness, the conduct of all citizens with reference

to gold should be the same in this emergency, and this is assured by the order.
Those surrendering gold, of course, receive an equivalent amount of other forms
of currency, and other forms of currency may be used for obtaining gold in an
equivalent amount where authorized for proper purposes.
G-old held in private hoards serves no useful purpose under present circum­
stances.

When added to the stock of the Federal reserve banks it serves as a

basis for currencsr and credit.

This further strengthening of the banking

structure adds to its power of service toward recovery.
A vital provision of the order is that authorizing the Secretary of the
Treasury to issue licenses for gold for proper business needs not involving
hoarding.

Applications will be passed upon as the facts in each case warrant.

Regulations governing the procedure of the Treasury under the new order
are in course of preparation.




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

Authority jp X ) «

TREASURY DEPARTMENT

(0 5 0 )

FOR IMMEDIATE RELEASE
Wednesday, April 5, 1933.

STATEMENT BY SECRETARY OF 'TEE TREASURY WOODIN AS TO THE GOLD
ORDER OF APRIL 5, 1933.
The President’
s order of today requiring the turning in of hoarded gold,
and at the same time providing that gold shall he available for all proper pur­
poses, is an expected step in the process of regularizing our monetary position
and furnishing adequate tanking and currency facilities for all customary needs.
Such an order was in contemplation from the time of the passage of the
Emergency Banking Act.

As the President indicated today, while many of our

citizens voluntarily and helpfully turned in their gold, there were others who
did not so respond.

In fairness, the conduct of all citizens with reference

to gold should be the seme in this emergency, and this is assured by the order.
Those surrendering gold, of course, receive an equivalent amount of other forms
of currency, and other forms of currency may be used for obtaining gold in an
equivalent amount where authorized for proper purposes.
Gold held in private hoards serves no useful purpose under present circum­
stances.

When added to the stock of the Federal reserve banks it serves as a

basis for currency and credit.

This further strengthening of the banking

structure adds to its power of service toward recovery.
A vital provision of the order is that authorizing the Secretary of the
Treasury to issue licenses for gold for proper business needs not involving
hoarding.

Applications will be passed upon as the facts in each case warrant.

Regulations governing the procedure of the Treasury under the new order
are in course of preparation.




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

TREASURY DEPAEtMM?

f c S . (0561

FOR IMMEDIATE RELEASE,
FRIDAY, MARCH 31, 1933.

Statement by Secretary of the Treasury Woodin.

Up to the close of business on Saturday, March 25, 1933,
265 National Banks with total deposits of approximately
$350,000,000 have been reorganized or strengthened so that
they could be reopened under license to perform their full
functions and that the deposits again became available to
depositors.

These results during the ten days from March

15th indicate the work which is actively in process in the
restoration of banks which were unable to open on the date
originally set, and the constmetive response being made by
stockholders and depositors.

As additional banks have been

reopened they have assumed on a sound basis the performance
of the same full functions as the banks opened on the first




days set.

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

TREASURY DEPARTMENT

p V - (OS O j

FOR IMMEDIATE RELEASE,
FRIDAY, MARCH 31, 1933.

Statement by Secretary of the Treasury Woodin.

Up to the close of business on Saturday, March 25, 1933,
265 National Banks with total deposits of approximately
$350,000,000 have been reorganized or strengthened so that
they could be reopened under license to perform their full
functions and that the deposits again became available to
depositors.

These results during the ten days from March

15th indicate the work which is actively in process in the




restoration of banks which were unable to open on the date
originally set, and the constructive response being made by
stockholders and depositors.

As additional banks have been

reopened they have assumed on a sound basis the performance
of the same full functions as the banks opened on the first
days set.

Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p

TREASURY DEPARTMENT

L)> ( 0 j O )

FOR IMMEDIATE RELEASE
March 16, 1933.

STATEMENT BY THE SECRETARY OF THE TREASURY
A number of inquiries have been made at the Treasury Department
as to whether a prohibition exists upon proper commercial dealings
in silver*'during the banking emergency.
No regulations have been issued restricting export or other
transactions in silver, except for limitations affecting withdrawals
by depositors for hoarding and restrictions on banks not permitted
to reopen*




W. H. WOODIN
Secretary of the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority jp A ) •> ( 0 5 C ) |

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE
March 16, 1933.

STATEMENT BY THE SECRETARY OF THE TREASURY
A number of inquiries have been made at the Treasury Department
as to whether a prohibition exists upon proper commercial dealings
in silver during the banking emergency.
No regulations have been issued restricting export or other
transact ions in silver, except for limitations affecting withdrawals
by depositors for hoarding and restrictions on banks not permitted
to reopen.




W. H. WOODIN
Secretary of the Treasury.

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

TREASURY DEPA.RTMEIfr

Authority jp A ) » ( 0 S O |

FOR IMMEDIATE RELEASE
Wednesday, March 15, 1933.

- STATEME53T BY S E C R ^ A R Y OF THE TREASURY WOODIN'

The country’
s response in oversubscribing the issue of United
States Certificates of Indebtedness at the moment when we were just
beginning to emerge from the banking difficulties is another fine
example of the cooperation of the country in carrying out the
Governments financial plan.

The leadership of the President in

insisting that the budget be balanced and urging the immediate en­
actment of a strong emergency measure to that end, has been a
powerful factor in the widespread and vigoro\is popular response.




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
f

TREASURY DEPARTMENT

Authority p

A ).

(0 5 0 )

FOR IMMEDIATE RELEASE
Wednesday, March 15, 1933.

STATEMENT BY S E C R ^ A R Y OF THE TREASURY WOODIN

The country’
s response in oversubscribing the issue of United
States Certificates of Indebtedness at the moment when we were just
beginning to emerge from the banking difficulties is another fine
example of trie cooperation of the country in carrying out the
Government’
s financial plan.. The leadership of the President in
insisting that the budget be balanced and urging the immediate en­
actment of a strong emergency measure to that end, ,has been a
powerful factor in the widespread and vigorous popular response.




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

TREASURY DEPARTMENT

px). (0501

FOR IMMEDIATE RELEASE,.
March 15, 1933.

STATEMENT BY SECRETARY OF THE TREASURY WOODIN.
Passing upon applications of member banks to reopen for
normal banking functions has taxed the personnel of the Treasury
and of the Office of the Comptroller of the Currency.

While

every possible effort has been made to act upon all applications,
delay in some cases has been found to be inevitable.

In some

cases, also, steps are being taken which as soon as completed will
make it possible for reopening to be licensed*.

I therefore wish

to direct especial attention to the statement of the President
in his radio address of last Sunday:
"Let me make
bank does not open
means justified in
open. A bank that
days is in exactly
opens tomorrow.11

it clear to you that if your
the first day you are by no
believing that it will not
opens on one of the subsequent
the same status as the bank that

Additional licenses will be issued from time to time and
the public should understand that banks hereafter licensed to be
opened for normal functions are to be regarded in the same way
as if it had been possible to issue the license by today..




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p

TREASURY DEPARTMENT

U.

(Q 5 C )|

FOR IMMEDIATE RELEASE,
March 15, 1933.

STATEMENT BY SECR'EIARY OF THE TREASURY WOODIN
Passing upon applications of member banks to reopen for
normal banking functions has taxed the personnel of the Treasury
and of the Office of the Comptroller of the Currency.

While

every possible effort has been made to act upon all applications,
delay in some cases has been found to be inevitable.

In some

cases, also, steps are being taken which as soon as completed will
make it possible for reopening to be licensed.

I therefore wish

to direct especial attention to the statement of the President
in his radio address of last Sunday:
nLet me make
bank does not open
means justified in
open, A bank that
days is in exactly
opens tomorrow."

it clear to you that if your
the first day you are by no
believing that it will not
opens on one of the subsequent
the same status as the bank that

Additional licenses will be issued from time to time and
the public should understand that banks hereafter licensed to be
opened for normal functions are to be regarded in the same way
as if it had been possible to issue the license by today.




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

TREASURY .DEPARTMENT

{0501

FOR IMMEDIATE RELEASE,,
TUESDAY, MARCH 14th, 1933.

Statement by Secretary of the Treasury Woodin.

In response to many inquiries as to the significance of
the appointment of conservators to hanks of high repute I
wish to say that there is no deduction to "be made that such
"banks are necessarily in difficulties.
of complications, some of them

There are a lot

concerning affiliate enter­

prises, which make it impractical for “
banks to open to the
full extent.

It is for the purpose of insuring that the banks

will be put in apple-pie order, pending reorganization or other
necessary processes

that conservators in many cases are

named.
Moreover this method makes it possible that the bank so
circumstanced will be able to continue to render service, as
for example the receiving of deposits to be segregated and
kept in cash or invested in Government bonds and such like
securities.

It also enables the conservator to set aside

and make available for withdrawal by depositors and payment
to other creditors on a ratable basis such amounts as in his
opinion it is safe to use for this purpose.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p d .

r-

TREASURY DEPARTMENT

10501

FOR IMMEDIATE RELEASE ,t
TUESDAY, MARCH 14th, 1933.

Statement by Secretary of the Treasury Woodin.

In response to many inquiries as to the significance of
the appointment of conservators to banks of high repute I
wish to say that there is no deduction to be made that such
banks are necessarily in difficulties.
of complications, some of them

There are a lot

concerning affiliate enter­

prises, which make it impractical for banks to open to the
full extent.

It is for the purpose of insuring that the banks

will be put in apple-pie order, pending reorganization or other
necessary processes

that conservators in many cases are

named.
Moreover this method makes it possible that the bank so
circumstanced will be able to continue to render service, as
for example the receiving of deposits to be segregated and
kept in cash or invested in Government bonds and such like
securities.

It also enables the conservator to set aside

and make available for withdrawal by depositors and payment
to other creditors on a ratable basis such amounts as in his
opinion it is safe to use for this purpose.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p

TREASURY DEPARTMENT

.I) • (0 S O )

FOR IMMEDIATE RELEASE,
MONDAY, MARCH 13, 1933.

Statement by Secretary of the Treasury Woodin.
Reports from all sections of the c o u ntr^from which we
have heard^indicate that the reopening of banka/in the twelve Federal
Reserve citie\ has caused no excitement, b u y of course considerable
gratification. \

The people have responded to the first step in the

Government*s plan\of financial reconstruction with common sense and
sober realization o ^ actual conditions.

\

/

A good manyXinquirieyiaave come to us about San Fran/
cisco where banks opened on jftie regular schedule as in the other
Reserve cities.

Deposi^Aand withdrawals are proceeding normally.
# \\
/"

Word from Np4 YorkSds that all the reopened banks are
/
\
/
\
functioning as if j^iere had been no interruption in their activities,
/
\
People are satisfied that their deposits are safe in these banks,
a feeling

ess to a large extend the result of President

Roosevelt^s radio speech last night,

\ Naturally the Treasury is

d e l i g M e d with this indication of the si
whiyfi regular banking was reestablished.




jess of the plan under

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

TREASURY DEPARTMENT

tX). (0501

FOR IMMEDIATE RELEASE,
MONDAY, MARCH 13, 1933.

Statement by Secretary of the Treasury Woodin.
Reports from all sections of the country from which we
have heard indicate that the reopening of "banks in the twelve Federal
Reserve cities has caused no excitement, but of course considerable
gratification.

The people have responded to the first step in the

Government1s plan of financial reconstruction with common sense and
sober realization of actual conditions.
A good many inquiries have come to us about San Fran­
cisco where banks opened on the regular schedule as in the other
Reserve cities.

Deposits and withdrawals are proceeding normally.

Word from New York is that all the reopened banks are
functioning as if there had been no interruption in their activities.
People are satisfied that their deposits are safe in these banks,
a feeling doubtless to a large extent the result of President
Roosevelt’
s radio speech last night.

Naturally the Treasury is

delighted with this indication of the success of the plan under
which regular banking was reestablished.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority f d

.

(0501

"t 4

TREASURY DEPARTMENT

POR IMMEDIATE RELEASE,
MONDAY, MARCH 13, 1933*

Statement by Secretary of the Treasury Woodin.
Reports from all sections of the country from which we
have heard indicate that the ''reopening of banks in the twelve Federal
Reserve cities has caused no excitement, but of course considerable
gratification.

The people have responded to the first step in the

Government1s plan of financial reconstruction with common sense and
sober realization of actual conditions.
A good many inquiries have come to us about San Fran­
cisco where banks opened on the regular schedule as in the other
Reserve cities.

Deposits and withdrawals are proceeding normally.

Word from New York is that all the reopened "banks are
functioning as if there had been no interruption in their activities.
People are satisfied that their deposits are safe in these banks,
a feeling doubtless to a large extent the result of President
Roosevelt’
s radio speech last night.

Naturally the Treasury is

delighted with this indication of the success of the plan under
which regular "banking was reestablished.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p x ) .

TREASURY DEPARTMENT

(0 5 0 1

POE IMMEDIATE RELEASE,
MONDAY, MARCH 13, 1933.

fetatemeitt by Secretary of the Treasury Woodin*
Reports from all sections of the country from which we
have heard indicate that the reopening of hanks in the twelve Federal
Reserve cities has caused no excitement, but of course considerable
gratification.

The people have responded to the first step in the

Government’
s plan of financial reconstruction with common sense and
sober realization of actual conditions.
A good many inquiries have come to us about San Fran­
cisco where banks opened on the regular schedule as in the other
Reserve cities.

Deposits and withdrawals are proceeding normally.

Word from New York is that all the reopened banks are
functioning as if there had been no interruption in their activities.
People are satisfied that their deposits are safe in these banks,
a feeling doubtless to a large extent the result of President
Roosevelt’
s radio speech last night.

Naturally the Treasury is

delighted with this indication of the success of the plan under
which regular banking was reestablished.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p
">*

(0501

"

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
MONDAY, MARCH 1.3, 1933.

Statement by Secretary of the Treasxiry Woodin.
Reports from all sections of the country from which we
have heard indicate that the reopening of hanks in the twelve Federal
Reserve cities has caused no excitement, "but of course considerable
gratification.

The people have responded to the first step in the

Government *s plan of financial reconstruction with common sense and
sober realization of actual conditions.
A good many inquiries have come to us about San Fran­
cisco where banks opened on the regular schedule as in the other
Reserve cities.

Deposits and withdrawals are proceeding normally.

Word from New York is that all the reopened banks are
functioning as if there had been no interruption in their activities.
People are satisfied that their deposits are safe in these banks,
a feeling doubtless to a large extent the result of President
Roosevelt’
s radio speech last night.

Naturally the Treasury is

delighted with this indication of the success of the plan under
which regular banking was reestablished.




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
i-

Authority

TREASURY DEPARTMENT

X) » (0 5 0 1

FOR IMMEDIATE RELEASE
Monday, March 13, 1933.

Statement by Secretary of the Treasury Woodin.

Proceeding under the new Bank Conservation act, the
Comptroller of the Currency has appointed conservators for the
First National Bank of Detroit and the Guardian National Bank of
Commerce of Detroit.

This course will permit the operation of

the institutions for the purpose of receiving deposits to he
segregated and kept in cash or invested in obligations of the
United States or deposited with the Federal Reserve Bank, and
permits the conservator to set aside and make available for
withdrawal by depositors and payment to other creditors on a
ratable basis such amounts as in the opinion of the Comptroller
may safely be used for this purpose.
The placing of these banks under conservators also gives
time for the development of a satisfactory permanent plan for
adequate banking facilities for Detroit,

A number of plans have

been discussed and much work has been done, but up to date there
has not been a general agreement as to the course which will be
most advantageous for this city.

The Government of the United

States is anxious to cooperate in the carrying out of such plan
as soon as agreed upon.




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

TREASURY DEPARTMENT

px). 10501

FOR IMMEDIATE RELEASE
Monday, March 13, 1933.

Statement by Secretary of the Treasury Woodin.

Proceeding under the new Bank Conservation act, the
Comptroller of the Currency has appointed conservators for the
First National Bank of Detroit and the Guardian National Bank of
Commerce of Detroit.

This course will permit the operation of

the institutions for the purpose of receiving deposits to be
segregated and kept in cash or invested in obligations of the
United States or deposited with the Federal Reserve Bank, and
permits the conservator to set aside and make available for
withdrawal by depositors and payment to other creditors on a
ratable basis such amounts as in the opinion of the Comptroller
may safely be used for this purpose.
The placing of these banks under conservators also gives
time for the development of a satisfactory permanent plan for
adequate banking facilities for Detroit,

A number of plans have

been discussed and much work has been done, but up to date there
has not been a general agreement as to the course which will be
most advantageous for this city.

The Government of the United

States is anxious to cooperate in the carrying out of such plan
as soon as agreed upon.




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

TREASURY DEPARTMENT

px). 10501

EOR IMMEDIATE RELEASE
Monday March 13, 1933.
STATEMENT BT SECRETARY 07 THE TREASURY WOODIN.

Responding to inquiries today as to what facilities are avail­
able for enabling state banks which are not members of the federal
Reserve System to obtain currency to meet their needs, Secretary
of the Treasury Woodin called attention to the statement of the
president, in M s radio talk on March 12, that "Uhese banks can and
will receive assistance from member banks and from the Reconstruction
Finance Corporation.11 The Secretary also pointed out that Federal
reserve banks are authorized to make advances to individuals, partner­
ships and corporations on their promissory notes, for periods not ex­
ceeding 90 days, secured by direct obligations of the United States,
and nonmember banks may avail themselves of this privilege.

The

Federal reserve banks also are authorized, he stated, to rediscount
for member banks, with their endorsement, eligible and acceptable
paper acquired from and bearing the signature or endorsement of non­
member Gariks; and to make advances to member banks secured by other
paper acquired from non-member banks.
The Secretary said that he understands that it is the purpose
and desire of the Reconstruction Finance Corporation and the Federal
reserve banks to b6 as helpful as possible in meeting the needs of
the present situation.’




Reproduced from the Unclassified I Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority jp X )♦

TREASURY DEPARTMENT

(Q3C)|

FOR IMMEDIATE RELEASE
Monday March 13, 1933.
STATEMENT BY SECRETARY 01 THE TREASURY WOODIN.

Responding to inquiries today as to what facilities are avail­
able for enabling state banks which are not members of the Federal
Reserve System to obtain currency to meet their needs, Secretary
of the Treasury Woodin called attention to the statement of the
president, in his radio talk on March 12, that ,!fhese banks can and
will receive assistance from member banks and from the Reconstruction
Finance Corporation.” The Secretary also pointed out that Federal
reserve banks are authorized to make advances to individuals, partner­
ships and corporations on their promissory notes, for periods not ex­
ceeding 90 days, secured by direct obligations of the United States,
and nonmember banks may avail themselves of this privilege.

The

Federal reserve banks also are authorized, he stated, to rediscount
for member banks, with their endorsement, eligible and acceptable
paper acquired from and bearing the signature or endorsement of non­
member banks; and to make advances to member banks secured by other
paper acquired from non-member banks.
The Secretary said that he understands that it is the purpose
and desire of the Reconstruction Finance Corporation and the Federal
reserve banks to be as helpful as possible in meeting the needs of
the present situation.




Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

px). 10501

PRESS RELEASE
March 13,1933,

TREASURY DEPARTMENT

Pending determination by tho Treasury Department upon a suitable
procedure for licensing the delivery of gold reasonably required for
legitimate and customary use in trade, profession or art, all requests
for the delivery of gold for such purposes should be submitted to
the Federal Reserve Bank of the district, accompanied by an affidavit
as to the amount of unmanufactured gold now 011 hand and the facts
making it necessary to obtain the additional gold requested for the
purpose of maintaining employment.

Accurate records must be kept

of the disposition of all gold which may be released.




W„ H, WOODIN
Secretary of the Treasury,

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

p AX

(0

SO 1

PRESS RELEASE
March 13,1933.

TREASURY DEPARTMENT

Pending determination by the Treasury Department upon a suitable
procedure for licensing the delivery of gold reasonably required for
legitimate and customary use in trade, profession or art, all requests
for the delivery of gold for such purposes should be submitted to
the Eoderal Reserve Bank of the district, accompanied by an affidavit
as to the amount of unmanufactured gold now on hand and the facts
making it necessary to obtain the additional gold requested for the
purpose of maintaining employment.

Accurate records must be kept

of the disposition of all gold which may be released.




W„ H. WOODIN
Secretary of the Treasury,

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p d .

TREASURY DEPARTMENT

10501

FOR IMMEDIATE RELEASE,
Monday, March 13, 1933.

STATEMENT BY SECRETARY OF THE TREASURY WOODIN
Banking institutions which have not yet "been permitted to
reopen for normal and usual functions are still permitted to con­
tinue to carry on the limited activities specified by Regulations
1 to 19.




W. H. WOODIN
Secretary of the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

TREASURY DEPARTMENT

fc.Q. (0501

FOR IMMEDIATE RELEASE,
Monday, March. 13, 1933,

STATEMENT BY SECRETARY OF THE TREASURY WOODIN
Banking institutions which have not yet been permitted to
reopen-for normal and usual functions are still permitted to con­
tinue to carry on the limited activities specified by Regulations
1 to 19.




W. H. WOODIN
Secretary of the Treasury,

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority p

TREASURY DEPARTMENT

A) ~

(0501

FOR IMMEDIATE RELEASE
MARCH 12, 1933.

Statement by the Secretary of the Treasury.
The first duty of the banks reopening under license of the Secretary
of the Treasury for the performance of their usual functions is to see
that the primary needs of the people for funds for the necessaries of life
and for normal business undertakings are met.

Accordingly withdrawals

for hoarding have been prohibited and the Secretary of the Treasury suggests
that until more normal conditions have been established transfers of funds
by banks or their customers be limited to necessary purposes.




W. H. WOODIN
Secretary of the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives
D E C L A S S IF IE D
Authority

TREASURY DEPARTMENT

£ )♦

(O S O )

FOR IMMEDIATE RELEASE
MARCH 12. 1933.

Statement by the Secretary of the Treasury,
The first duty of the hanks reopening under license of the Secretary
of the Treasury for the performance of their usual functions is to see
that the primary needs of the people for funds for the necessaries of life
and for normal business undertakings are met.

Accordingly withdrawals

for hoarding have been prohibited and the Secretary of the Treasury s-uggests
that until more normal conditions have been established transfers of funds
by banks or their customers be limited to necessary purposes.




W. H, WOODIN’
Secretary of the Treasury,

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^

TREASURY DEPARTMENT
., { , . ..
... ;i,

« 10 5 C)}

FOR IMMEDIATE RELEASE,
. -SATURDAY, MARCH 11* 1933., ...

Statement by Secretary of the Treasury froodin.
:• , Normal, ^gaiking. is rnqw -ip. sight-..,

It will come as rapidly. .-as; the... r

Treasury can authorize banks to proceed.
The people of e v e ^ r community, y/ill learn. fj-om their ,local institu: tions when the respective Treasury, permits have- b,een granted. . Therefore
there will not; be, for. the present, at least* any general list of the. . ,
.licenses issued from the-.United States; Treasury. , To compile, and check
- $uch a, lls:t would..be a rather lengthy, process,;.and speed in-giving the
people ,all, the banking- facilities possible and safe takes precedence over
anything .else*;
The purpose, of. the banking and .financial program now in process under
;the; Secreta.ry of- the Treasury is to .restore to the country,as, promptly as
..possible, adequate banking facilities .find furnish an ample'and, sound cur­
rency, and restore confidence.

Such.a program is made possible by the new

•Emergency Backing' Act passed by Congress March 9 th.
This Act> .-confirms and continues the authority of the President, through
such, agencies as he may designate, to exercise control over banking for
the protection and benefit of depositors and of all users ,of ,banking. facili­
ties.. -JBy amendments to the Federal Reserve Act it is made possible for
Federal Reserve banks to make loans direct to corporations, firms and in­
dividuals on their notes secured by direct obligations of the United States
Government,.. There are approximately $11,000»000,000 of such securities
outstanding with the public other- than with banking ..institutions.

In

order to enable the reopened banks to secure currency sufficient to meet



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

y,x>.

fosoi

~ 2 demands Federal Eeserve banks are authorized to lend to any member bark,
regardless of its size, on sound assets#

To provide adequate Federal Reserve

bank currency to satisfy the possible demands under this program Federal Re­
serve banks are authorized to issue Federal Reserve bank.notes,.not only
against Goveri^etttr securities:,, but.;!'also, .against; any memberr bank note secured
by sound assets*

-r

V';. -v-::;

■
■
With -the’enlarged: potential supply of currency -it isrpossible to■
proceed
with the program o f :permit ting, bank^: to.;open*.

There: is no occasion for such

banks to experience- any lack .of, currency, and 'there- should be an end of any
fear on that score of depositors -in" reopened, banks*

An-:Executive .Order . r

forbids all’banks', to. permit' withdrawals of currency for hoarding,'purposes*.
It. is: (the intention of’
the1-Secretary of; th^e: Treasury to proofed
rapidly as possible under the P r e s i d e n t s

•

Proclamation with th^, licensing: of

the reopening of banks, both national: .and state, ^hich;are members of the
Federal ..Reserve- system.

The appropriate state •authorities may -permit the .

reopening of the- stiate institutions* ..An -embargo is imposed upon :gold -pay-,
ments, except’
under license, to prevent gold hoarding.

; -

This embargo does not mean that every individual who happens to have -one
or a number ;of gold certificates in.his roll of currency is-to be classified
as a hoarder-and be subjected to invidious publicity or other penalty*

Th.e

provision is .aimed at those who continue t o ;retain •q-uantit.ies:r;Q f .gold and
thereby hinder the Government* s plan$ for a restoration of public confidence*
Already from every quarter of the nation is reported a large and steady
current of gold flowing back to the banks and the people apparently will be
prompt in depositing their'funds^and thereby relieving themselves of the .
inconvenience and danger of keeping about them large amounts of money*




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

a . losoi

FOR IMMEDIATE RELEASE,
March 11, 1933.

TO THE SUPERINTENDENTS Off BANKS OF EACH STATE

As announced by the President this afternoon, a definite
program for the reopening of banks throughout the country has been
determined by the Secretary of the Treasury.

In accordance with

this program, the Secretary of the Treasury is prepared upon
application through Federal Reserve banks to issue to banking
institutions which are members of the Federal Reserve system,
whether national or state, located in each of the twelve Federal
Reserve bank cities licenses to open Monday morning.

The Secretary

of the Treasury will not issue licenses to any member bank, state
or national, located outside those twelve cities to open before Tuesday,
State authorities having supervision over banking institutions
located at such cities which are not members of the Federal Reserve
system are requested to cooperate by permitting such banking insti­
tutions to open for business on Monday morning, in all cases where
they find them qualified to do so on the basis indicated in previous
telegram of March 10th,

The Secretary of the Treasury will not

permit any member bank, state or national, to open in any such
Federal Reserve city unless opened for normal business on an
unrestricted basis, except so far as affected by legal contracts
between the banks and depositor* with respect to withdrawals or
notice of withdrawals.
In accordance with the announcement of the President, the
Secretary of the Treasury is prepared upon application through the




Reproduced from the Unclassified / Declassified Holdings of the National Archives

D E C L A S S IF IE D
-.f

Authority p A ) -

(O S O |

- 2 ~
Federal Reserve "banks to issue licenses to reopen on Tuesday
morning to Federal Reserve member banks located in any city
having an active and recognized clearing house association,
and upon like application licenses to member banks located
elsewhere for reopening on Wednesday morning.

As previously

stated, however, the Secretary of the Treasury will not permit
the reopening of member banks, state or national, on any of
these days except on an unrestricted basis, as above indicated
It must be understood that the restrictions in the President’
s
Proclamation against the payment of gold, gold certificates
or bullion or the payment of currency for hoarding purposes
and foreign exchange transactions will apply to all banking
institutions, member and non-member, state or national, until
further notice.




W. H. WOODIN
Secretary of the Treasury

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

p AX

( Q 5 C))

FOR IMMEDIATE flSLEA.SE,
March 11, 1933.

TO THE. SUPERINTENDENTS OF B A M S OF EACH STATE

As announced by the President this afternoon, a definite
program for the reopening of banks throughout the country has been
determined by the Secretary of the Treasury,

In accordance with

this program* the Secretary of the Treasury is prepared upon
application through Federal Reserve banks to issue to banking
institutions which are members of the Federal Reserve system,
whether national or state, located in each of the twelve Federal
Reserve bank cities licenses to open Monday morning.

The Secretary

of the Treasury will not issue licenses to any member bank* state
or national, located outside those twelve cities to open before Tuesday
State authorities having supervision over banking institutions
located at such cities which are not members of the Federal Reserve
system are requested to cooperate by permitting such banking insti­
tutions to open for business on Monday morning* in all cases where
they find them qualified to do so on the basis indicated in previous
telegram of March 10th*

The Secretary of the Treasury will not

permit any member bank, state or national, to open in any such
Federal Reserve city unless opened for normal business on an
unrestricted basis, except so far as affected by legal contracts
between the banks and depositors with respect to withdrawals oi*
notice of withdrawals.
In accordance with the announcement of the President, the
Secretary of the Treasury is prepared upon application through the




Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
Authority f d

-

2

.

10501

-

Federal Reserve "banks to issue licenses to reopen on Tuesday
morning to Federal Reserve member banks located in any city
having an active and recognized clearing house association,
and upon like application licenses to member banks located
elsewhere for reopening on Wednesday morning.

As previously

stated, however, the Secretary of the Treasury will not permit
the reopening of member banks, state or national, on any of
these days except on an unrestricted basis, as above indicated
It must be understood that the restrictions in the P r e s i d e n t s
Proclamation against the payment of gold, gold certificates
or bullion or the payment of currency for hoarding purposes
and foreign exchange transactions will apply to all banking
institutions, member and non-member, state or national, until
further notice.




ff. H. WOODIN
Secretary of the Treasury

Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
Authority p d .

FOR THE PRESS

10501

IMMEDIATE RELEA31
March 11, 1933*
A STATEMENT BY PRESIDENT ROOSEVELT

111 am glad, to "be able to announce that technical difficulties which
operated to delay the opening of banks, both State and National, have finally
substantially been overcome by tireless work on the part of the officials of
the Treasury and the Federal Reserve System, and that a definite program has
been arranged consisting of successive steps by which banks throughout the *
country will be opened progressively on Monday, Tuesday and Wednesday mornings,
’
’
The Secretary of the Treasury will issue licenses to banks which are
members of the Federal Reserve System, whether National Bank or State, located
in each of the twelve Federal Reserve Bank cities, to open Monday morning,
"So also the State authorities having supervision over
are not members of the Federal Reserve System will be asked
S^ate institutions located in any one of the twelve Federal
- t o open for business on Monday morning if in their judgment
to do so.

State banks which
to permit any such
Reserve Bank cities
they deem it wise

"Under this progressive plan, banks located in any city having an active,
recognized clearing house association, of which there are 250 cities, will
receive licenses for reopening on Tuesday morning, and banks located elsewhere
will receive their licenses permitting reopening for Wednesday.
"Time is thus afforded for the necessary shipments of currency provided
under the Emergency Bank Act from Reserve Banks centers to clearing house
cities and banks in the smaller communities.
"There were enormous technical problems to be solved before these mechanics
could be worked out and before the actual currency could be in the bank when
the doors opened.
"The Constitution has laid upon me the duty of conveying the condition of
the country to the Congress assembled at Washington.
I believe I have a like
duty to convey to the people themselves a clear picture of the situation at
Washington itself whenever there is danger of any confusion as to what the
Government is undertaking.
"That there may be a clear understanding as to just what has taken place
during the last two days since the passage of this Act it is my intention,
over the national radio networks, at ten o rclock Sunday evening, to explain
clearly and in simple language to all of you just what has been achieved and
the sound reasons which underlie this declaration to you.
"The fact that banks will be opened under this plan does not mean that
anyone should draw the inference that the banks opening Monday are in any
different condition as to soundness from the banks licensed to open on Tuesday
or Wednesday or any subsequent day,"




Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
Authority

a .

FOR THE PRESS

(0 5 0 1

IMMEDIATE RELEASE
March 11, 1933.
A STATEMENT BY PRESIDENT ROOSEVELT

"I am glad, to "be able to announce that technical difficulties which
operated to delay the opening of banks, both State and National, have finally
substantially been overcome by tireless work on the part of the officials of
the Treasury and the Federal Reserve System, and that a definite program has
been arranged consisting of successive steps by which banks throughout the
country will be opened progressively on Monday, Tuesday and Wednesday mornings.
"The Secretary of the Treasury will issue licenses to banks which are
members of ..the Federal Reserve System, whether National Bank or State, located
in each of the twelve Federal Reserve Bank cities, to open Monday morning.
11
So also the State authorities having supervision
are not members of the Federal Reserve System will be asked
S'tate institutions located in any one of the twelve Federal
to open for business on Monday morning if in their judgment
to do so.

over State banks which
to permit any such
Reserve Bank cities
they deem it wise

“
Under this progressive plan, banks located in any city having an active,
recognized clearing house association, of which there are 250 cities, will
receive licenses for reopening on Tuesday morning, and banks located elsewhere
will receive their licenses permitting reopening for Wednesday.
11
Time is thus afforded for the necessary shipments of currency provided
under the Emergency Bank Act from Reserve Banks centers to clearing house
cities and banks in the smaller communities.
"There were enormous technical problems to be solved before these mechanics
could be worked out and before the actual currency could be in the bank when
the doors opened.
"The Constitution has laid upon me the duty of conveying the condition of
the country to the Congress assembled at Washington,
I believe I have a like
duty to convey to the people themselves a clear picture of the situation at
Washington itself whenever there is danger of any confusion as to what the
Government is undertaking.
"That there may be a clear understanding as to just what has taken place
during the last two days since the passage of this Act it is rry intention,
over the national radio networks, at ten o ’
clock Sunday evening, to explain
clearly and in simple language to all of you just what has been achieved and
the sound reasons which underlie this declaration to you.
"The fact that banks will be opened under this plan does not mean that
anyone should draw the inference that the banks opening Monday are in any
different condition as to soundness from the banks licensed to open on Tuesday
or Wednesday or any subsequent day."




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
f

Authority

TREASURY DEPARTMENT

p \)* (0 5 0

1

FOR IMMEDIATE RELEASE*
March 10, 1933.

TO THE SUPERINTEMDEI'IT S OF B A M S OF EACH STATE

"All hanks of the country are now prohibited, under the Proclamation
of March 9 of the President from conducting any banking business, except as
specifically authorized by rule, regulation or license of the Secretary of
the Treasury issued under that Proclamation,

In view of the passage of the

Emergency Bank Bill by Congress yesterday, and under the terms of that bill,
and Section 5 of the Act of October 6, 1917, as amended by that bill, the
Secretary of the Treasury will be authorized to permit any sound bank which
is a member of the Federal Reserve system, whether state or national, to re­
open for business as promptly as possible.

It is the intention of the

Secretary of the Treasury, however, to permit no member bank to reopen at any
time on a full 100 per cent basis unless or until the Secretary is satisfied
that such bank is a sound going institution.

Any member bank not clearly

within this category will not be opened unless or until further investigation
discloses that it is a sound going institution, or unless or until a reorgani­
zation of some character will permit the bank to be classified as a sound
going institution.
Any member bank not opened 100 per cent under this procedure will be
permitted to continue to perform only such specific transactions as are now
authorized or may hereafter be authorized by specific regulation or license
of the Secretary of the Treasury,
In view of the fact that neither the Treasury nor the Federal Reserve
authorities have sufficient information upon which to consider applications
for reopening by such state banks as are not members of the Federal Reserve



Reproduced from the Unclassified I Declassified Holdings of the National Archives

D E C L A S S IF IE D
Authority ^

A ) . 10

SO 1

system, the President will by decree authorize the appropriate state author­
ities in each state to give licenses to hanks under their jurisdiction other
than members of the Federal Reserve system, to open for the usual normal
business, or in their judgment, and under the terms of the Presidential
Proclamation, to permit of such reopening under such restrictions and limita­
tions as they in their judgment may deem wise.

It is to be expected, however,

that state superintendents in granting licenses under this authority will take
under consideration in determining their own policy the general principle to
be adopted by the Treasury as respects member banks that in the interests of
the depositors and of the country as a whole, only sound institutions will
be permitted to carry on all of their usual functions to the end that no bank
shall be reopened for business on any basis that will run the risk of being
forced to close again because of demands which it is not in a position to
satisfy*”




W. H. WOODIN,
Secretary of the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

T%

TREASURY DEPARTMENT

pX)♦ ( 0 S O |

FOR IMMEDIATE RELEASE,
March 10, 1933.

TO THE SUPERIITOENDENTS OF BANKS OP EACH STATE

"All "banks of the country are now prohibited under the Proclamation
of March 9 of the President from conducting any banking business, except as
specifically authorized by rule, regulation or license of the Secretary of
the Treasury issued under that Proclamation,

In view of the passage of the

Emergency Bank Bill by Congress yesterday, and under the terms of that bill,
and Section 5 of the Act of October 6, 1917, as amended by that bill, the
Secretary of the Treasury will be authorized to permit any sound bank which
is a member of the Federal Reserve system, whether state or national, to re­
open for business as promptly as possible.

It is the intention of the

Secretary of the Treasury, however, to permit no member bank to reopen at any
time on a full 100 per cent basis \inless or until the Secretary is satisfied
that such bank is a sound going institution.

Any member bank not clearly

within this category will not be opened unless or until further investigation
discloses that it is a sound going institution, or unless or until a reorgani­
zation of some character will permit the bank to be classified as a sound
going institution.
Any member bank not opened 100 per cent under this procedure will be
permitted to continue to perform only such specific transactions as are now
authorized or may hereafter be authorized by specific regulation or license
of the Secretary of the Treasury,
In view of the fact that neither the Treasury nor the Federal Reserve
authorities have sufficient information upon which to consider applications

for reopening


by such state banks as are not members of the Federal Reserve

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
T

Authority

p X)- 10SO|

system, the President will "by decree authorize the appropriate state author­
ities in each state to give licenses to banks under their jurisdiction other
than members of the Federal Reserve system, to open for the usual normal
business, or in their judgment, and under the terms of the Presidential
Proclamation, to permit of such reopening under such restrictions and limita­
tions as they in their judgment may deem wise.

It is to be expected, however,

that state superintendents in granting licenses under this authority will take
under consideration in determining their own policy the general principle to
be adopted by the Treasury as respects member banks that in the interests of
thp depositors and of the country as a whole, only sound institutions will
be permitted to carry on all of their usual functions to the end that no bank
shall be reopened for business on any basis that will run the risk of being
forced to close again because of demands which it is not in a position to
satisfy*11




W. H. WOODIN,
Secretary of the Treasury.

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

A) • ( 0 S O |

FOR IMMEDIATE J U & M S 2 *
March 10, 1933*

TO THE SUPERIITTEMDEM’
S OF B A M S OF EACH STATS

"All ‘
banks of the country are now prohibited under the Proclamation
of March 9 of the President from conducting any banking business, except as
specifically authorized by rule, regulation or license of the Secretary of
the Treasury issued under that Proclamation*

In view of the passage of the

Emergency Bank Bill by Congress yesterday, and under the terms of that bill,
and Section 5 of the Act of October 6, 1917, as amended by that bill, the
Secretary of the Treasury will be authorized to permit any sound bank which
is a member of the Federal Reserve system, whether state or national, to re­
open for business as promptly as possible.

It is the intention of the

Secretary of the Treasury, however, to permit no member bank to reopen at any
time on a full 100 per cent basis unless or until the Secretary is satisfied
that such bank is a sound going institution*

Any member bank not clearly

within this category will not be opened unless or until further investigation
discloses that it is a sound going institution, or unless or until a reorgani­
zation of some character will permit the bank to be classified as a sound
going institution*
Any member bank not opened 100 per cent under this procedure will be
permitted to continue to perform only such specific transactions as are now
authorized or may hereafter be authorized by specific regulation or license
of the Secretary of the Treasury,
In view of the fact that neither the Treasury nor the Federal Reserve
authorities have sufficient information upon which to consider applications
for reopening by such state banks as are not members of the Federal Reserve



Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority ^ A ). ( O S Q l

~ 2 -

system, the President will "by decree authorize the appropriate state author­
ities in each state to give licenses to hanks under their jurisdiction other
than members of the Federal Reserve system, to open for the usual normal
"business, or in their judgment, and under the terms of the Presidential
Proclamation, to permit of such reopening under such restrictions and limita­
tions as they in their judgment may deem wise.

It is to he expected, however,

that state superintendents in granting licenses under this authority will take
under consideration in determining their own policy the general principle to
be adopted by the Treasury as respects member banks that in the interests of
.the depositors and of the country as a whole, only sound institutions will
be permitted to carry on all of their usual functions to the end that no bank
shall be reopened for business on any basis that will run the risk of being
forced to close again because of demands which it is not in a position to
satisfy."




W. H. W O O D I N ,
Secretary of the Treasury.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

t-P. (0501

IFOR IMMEDIATE RELEASE
MARCH 10, 1933«

Executive order or regulation will issue shortly directing
all banks which are members of the Federal Reserve System, desiring
to reopen for the performance of all usual and normal banking
functions, except as otherwise prohibited, to apply for a license
' to the Secretary of the Treasury, applications to be filed with the
Federal Reserve Bank in the appropriate district*.

The appropri­

ate authority having immediate supervision of banking institutions
in each State will be authorized under such regulations as such
authority may prescribe to permit any banking institution in such
State or place, other than member banks of Federal Reserve System
to perform any or all of their usual banking functions, except as
otherwise prohibited.




W. H*. WOODIN
Secretary of the Treasury.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENI

p

(0501

FOR IMMEDIATE RELEASE
MARCH 10, 1933 „

Executive order or regulation will issue shortly directing
all banks which are members of the Federal Reserve System, desiring
to reopen for the performance of all usual and normal banking
functions, except as otherwise prohibited, to apply for a license
to the Secretary of the Treasury, applications to be filed with the
Federal Reserve Bank in the appropriate district*

The appropri­

ate authority having immediate supervision of banking institutions
in each State will be authorized under such regulations as such
authority may prescribe to permit any banking institution in such
State or place, other than member banks of Federal Reserve System
to perform any or all of their usual banking functions, except as
otherwise prohibited.




W.. H. WOODIN'
Secretary of the Treasury.

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority p X ). (0 S O )

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
Friday, March 10, 1933.

The Federal Reserve Board this morning voted to authorize
the Federal Reserve Banks under the terms of Section 403 of the
Emergency Bank Act to make advances tomorrow for payroll purposes
to individuals, firms, or corporations on their notes secured "by
Government securities.

The Secretary of the Treasury has issued

a regulation according to the terms of the

President’
s Proclamation

permitting the Federal Reserve Banks to carry on this business with
the public.
Accordingly, the Federal Reserve Banks will be open to­
morrow for the purpose of making loans secured by direct obligations
of the Government, as well as to conduct such other transactions
with their member banks as may be necessary to enable member banks
to carry out the purposes of regulation No. 10, as amended.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

fc.d. (0501

No.
TREASURY DEPARTMENT




PRESS RELEASE,
MARCH 10, 1933.

The present restrictions on gold, will not prevent
go-ld "being available for all normal uses in the industrial
arts.

Method of distribution for these purposes will be

determined by the Treasury,

W. H..W00DIH
Secretary of the Treasury

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

>

•

AX (O S O )

No.
TREASURY DEPARTMENT




PRESS RELEASE,
MARCH 10, 1933.

The present restrictions on gold, will not prevent
gold being available for all normal uses in the industrial
arts.

Method of distribution for these purposes will be

determined by the Treasury.

W. H. WOODIN
Secretary of the Treasury

Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority

TREASURY DEPARTMENT

^X)-

(050)

POR IMMEDIATE RELEASE,
Thursday, March 9, 1933.

STATEMENT BY SECRETARY OP THE TREASURY WOODIN
The emergency banking legislation passed by the Congress today is a most
constructive step toward the solution of the financial and banking difficulties
which have confronted the country.

The extraordinary rapidity with which this

legislation Was enacted by the Congress heartens and encourages the country.
This legislation makes possible the opening of banks upon a sound basis,
backed by an adequate supply of currency.

Through this law the banks -which will,

open will be placed in a position to meet all demands,.

This assurance should

restore confidence and create the foundation for a forward movement in business
activities.
It will be the policy of the Treasury to permit as rapidly as possible the
opening of the sound banks.

There are, of course, many thousands -of such banks

which will promptly be restored to the performance-of their normal functions.
The Treasury has already taken steps to secure information through- proper
authorities as to the condition of the various banks of the -country a n d .dramed-*
iately invites from the barOcs-'tjpplic-ations for reopening.

While much information has-already-been assembled, the completion of the
information and.of the- arrangements of the banks for resuming their functions
takes some time.

It has therefore bean decided not to -authorize any re­

openings before Saturday, March 11th,

It is obvious ^that it will not be possible

to act upon all of the applications -even by ^Saturday,

Regulations governing

reopenings and also other subjects governed by the legislation will immediately
be published.



Reproduced from the Unclassified / Declassified Holdings of the National Archives

DECLASSIFIED
Authority jp
7<k

' **

TREASURY DEPARTMENT

X)♦(0SOj

FOR IMMEDIATE RELEASE,
Thursday, March 9, 1933,

STATEMENT BY SECRETARY OE THE TREASURY WOODIN
The emergency hanking legislation passed hy the Congress today is a most
constructive step toward the solution of the financial and hanking difficulties
which have confronted the country.

The extraordinary rapidity with which this

legislation was enacted hy the Congress heartens and encourages the country.
This legislation makes possible the opening of banks upon a sound basis,
bsCcked by an adequate supply of currency.

Through, this law the banks -which■
'will-

open will be placed in a position to meet all demands.

This assurance should

restore confidence and create the foundation for a forward movement in business
activities.
It will be the policy of the Treasury to permit as rapidly as possible the
opening of the sound banks.

There are, of course, many thousands -of such banks

which will promptly be restored to the performance-of their normal functions.
The Treasury has already taken steps to secure information through- proper authorities as to the condition of the various banks of the-country and immed­
iately invites from the bank^-arppli cat ions for reopening.

While much information has-already-been assembled, the completion of the
information and-of ‘
the- arrangements of the banks for resuming their functions
takes some time.

It has therefore been decided not to -authorize any re­

openings before Saturday, March 11th,

It is obvicrus"that it will not be possible

to act upon all of the applications eve n by Saturday,

Regulations governing

reopenings and also other subjects governed by the legislation will immediately
be published.



Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
,

Authority

TREASltRY DEPARTMENT

px). 10501

PRESS RELEASE,
MARCH 9, 1933*

The President has today urged, the immediate enactment of
legislation dealing with the existing banking situation*

It

appears -that prompt action will make banking facilities and
an adequate supply of currency available*

Notwithstanding the

expected early opening of banks, the Secretary of the Treasury
interposes no objection to the issuance of clearing house certify
icates or other evidences of claims against assets of banking
institutionsj in communities where local conditions make such
action necessary*

The regulation issued by the Secretary March

7, 1933 remains effective, granting permission to clearing house
associations and other associations organized to provide an
adequately secured medium of temporary exchange to issue certifi­
cates against sound assets of banking institutions, such certifi­
cates to be deliverable by each institution to its creditors
and depositors on a pro rata basis.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

pd. 10501

PR^SS RELEASE,
MARCH 9, 1933.

The President has today urged the immediate enactment of
legislation dealing with the existing “
banking situation.'

It

appears that prompt action will make hanking facilities and
an adequate supply of currency available*

Notwithstanding the

expected early opening of banks, the Secretary of the Treasury
interposes no objection to the issuance of clearing house certif­
icates or other evidences of claims against assets of banking
institutions, in communities where local conditions make such
action necessary.

The regulation issued by the Secretary March

7, 1933 remains effective, granting permission to clearing house
associations and other associations organized to provide an
adequately secured medium of temporary exchange to issue certifi­
cates against sound assets of banking institutions, such certifi­
cates to be deliverable by each institution to its creditors
and depositors on a pro rata basis#




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED

Authority

TREASURY DEPARTMENT

D. (050)

FOR IMMEDIATE RELEASE
March 7, 1933.

In order to facilitate the prompt dissemination of in­
formation regarding and interpretation of regulations issued
by the Secretary of the Treasury pursuant to the President’
s
Proclamation, dated March 6, 1933, declaring a hank holiday,
it is requested that all inquiries for information regarding
and interpretation of any of such regulations coming from
"banks, banking institutions and individuals, he made direct
to the Federal Reserve Bank in their district.

Unless such

requests are covered by interpretations previously issued
by the Secretary of the Treasury, the Federal Reserve Banks
will secure such interpretations from the Secretary of the
Treasury.

All requests for any special permission or con­

sent required by the regulations should be made in accordance
with such regulations.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

-P

TREASURY DEPARTMENT

p. (0501

FOR IMMEDIATE RELEASE
March 7, 1933.

In order to facilitate the prompt dissemination of in­
formation regarding and interpretation of regulations issued
by the Secretary of the Treasury pursuant to the President*s
Proclamation, dated March 6, 1933, declaring a bank holiday,
it is requested that all inquiries for information regarding
and interpretation of any of such regulations coming from
banks, banking institutions and individuals, be made direct
to the Federal Reserve Bank in their district*

Unless such

requests are covered by interpretations previously issued
by the Secretary of the Treasury, the Federal Reserve Banks
will secure such interpretations from the Secretary of the
Treasury,

All requests for any special permission or con­

sent required by the regulations should be made in accordance
with such regulations.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
r-

X ). 10501

Authority

-A -

C GI'HTIDEITTIAL
TBEA.SURY DEPARTMENT

Under the authority conferred upon him by the Presidents
Proclamation of March 6, 1933, declaring a bank holiday, the
Secretary of the Treasury has directed the Treasurer of the UnitedStates during the continuance of such bank holiday, unless otherwise
directed, to observe the following instructions:
H( l )

Payments in gold in any form w ill be made only

under license issued by the Secretary of the Treasury.
This does not prohibit the deposit of gold and the usual
payment therefor,
(2)

Pay, as usual, a ll checks drawn on the Treasurer

of the United States, but not in gold.

When requested you

are authorized to ship paper currency, other than gold
c e rtific a te s, inpayment of checks.
(3)

Continue the usual currency transactions between

the Treasury and the Federal Reserve Banks and branches.*1




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(050)

-B~

C01IFIDE1TUIAL
THEA.SIXRY DEPAKTMENT

Under the authority conferred upon him by the Presidents
Proclamation of March 6, 1933, declaring a bank holiday,., the
Secretary of the Treasury has issued the following regulation:
’’Upon instructions of the Treasurer of the
United States Federal reserve banks are authorized to
transfer funds to other Federal reserve banks through
the gold settlement fund for the account of the
Treasurer of the United States; to make payments to
or receive payments from the Treasurer of the United
States through the gold settlement fund and to make
such entries in the Treasurer’ s general account on the
books of the Federal reserve bank as the Treasurer of
the United States may direct.

Transfers of gold and

gold certificates and gold fund credits may be made
between the Federal reserve banks and their respective
Federal reserve agents. ”




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority f r a .

THEA.SUKY D E P A R T O T T

(Q 5Q I

COOTIDEHTIAL

Under the authority conferred upon him "by the President’
s
Proclamation of March 6, 1933, declaring a "bank holiday, the
Secretary of the Treasury has authorized the Federal Reserve
Board to advise the Federal reserve banks that any Federal
reserve hank or branch or agency thereof may purchase gold or
gold certificates and pay therefor any other form of coin or
currency either directly or through any other Federal reserve
bank or branch or agency thereof.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

0. 10501

-

/

-D~
TREASURY DEPARTMENT

CONFIDENTLAL

Under the authority conferred upon him "by the President’
s
Proclamation of March 6, 1933, declaring a hank; holiday, the
Secretary of the Treasury has authorized the Federal reserve
■banks, "by telegraph, to inform all "banking institutions and
others concerned that the term "food or feed products’
1 in
regulation No. 6 under the President’
s Proclamation may be
interpreted to include live stock on the way to slaughter.-




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

a) .

(0501

~E~
TREASURY DEPARTMENT

COHEIDENTIAL

The Assistant Secretary' of the Treasury has replied
affirmatively to an inquiry as to whether pawnbrokers and
brokers making loans on collateral are hanking institutions
within the meaning of the term as used in the President’
s
Proclamation of March 6, 1933.




Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

105Q1

-F~
TREASURY DEPARTMENT

CONFIDENTIAL

Under the authority conferred upon him by the President1
Proclamation of March 6, 1933, declaring a bank holiday, the
Secretary of the Treasury has issued the following regulation




,lA ll Federal reserve banks are authorized to
receive cash from collectors of internal revenue,
collectors of customs and other collectors of
public funds for deposit to the credit of the
Treasurer of the United S ta te s.11

Reproduced from the Unclassified I Declassified Holdings of the National Archives

DECLASSIFIED
Authority

(0 5 0 1

TREASURY DEPARTMENT

-LNot Released

Under the authority conferred upon him by the P r e s idents
Proclamations of March 6, 1933, and March 9, 1933,d@C'laring
and"continuing a bank holiday, the Secretary of the Treasury
has issued the following regulation:




"Deposits of the kinds described in Regu­
lations Number 7 and Number 15 are not subject
to the provisions of Regulation Number 23r"

W. H. WOODIN,
Secretary of the Treasury.