Full text of Banking Holiday of 1933 : To All Banking Institutions in District No. 8:

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FEDERAL
OF

RESERVE
ST.

BANK

LOUIS

December 28, 1933.

To All Banking Institutions in District No. 8 :

Will you please give the widest publicity possible to the
order of the Secretary of the Treasury reprinted below and in
those cases where necessary call it to the attention by telegraph
or telephone to each of your customers whom you have any
reason to believe holds any gold coin, gold bullion or gold certificates required to be delivered under the order.

Respectfully,
W M . McC. M A R T I N ,
Governor.

ORDER OF T H E SECRETARY OF THE TREASURY — REQUIRING THE DELIVERY OF GOLD COIN,
GOLD BULLION, A N D GOLD CERTIFICATES TO THE TREASURER OF T H E U N I T E D STATES

TREASURY
DEPARTMENT,
OFFICE OF THE SECRETARY,

December
W h e r e a s Section 11 of the Federal Reserve Act of
D e c e m b e r 23, 1913, as amended by Section 3 of the Act of
March 9, 1933, entitled "An act to provide relief in the
existing national e m e r g e n c y in banking, and for other purposes", provides in subsection ( N ) as follows:
" W h e n e v e r in the j u d g m e n t of the Secretary of
the T r e a s u r y such action is necessary to protect the
currency system of the U n i t e d States, the Secretary
of the T r e a s u r y , in his discretion, m a y require any
or all individuals, partnerships, associations and corporations to pay and deliver to the T r e a s u r e r of the
United States any or all gold coin, gold bullion, and
gold certicates owned by such individuals, p a r t n e r ships, associations and corporations. U p o n receipt
of such gold coin, gold bullion or gold certificates,
the Secretary of the T r e a s u r y shall pay therefor an
equivalent amount of any other form of coin or currency coined or issued under the laws of the United
States. T h e Secretary of the T r e a s u r y 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 m a y be reasonably necessary. A n y individual, partnership, association, or corporation failing to comply with any requirement of the Secretary of the T r e a s u r y m a d e 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 occurred, and such penalty may be collected by the Secretary of the T r e a s u r y by suit or
otherwise".

E . Gold bullion and foreign gold coin now situated in the Philippine Islands, American Samoa,
Guam, Hawaii, P a n a m a Canal Zone, P u e r t o Rico,
or the Virgin Islands of the U n i t e d States, owned
by a person not domiciled or doing business in the
continental U n i t e d States.
Section 2. Delivery. T h e gold coin, gold bullion, and
gold certificates herein required to be paid and delivered to
the T r e a s u r e r of the U n i t e d States shall be delivered by
placing the same forthwith in the custody of a Federal
reserve bank or branch or a bank m e m b e r of the Federal
Reserve System for the account of the United States and
by forwarding confirmation that the gold coin, gold bullion,
and gold certificates have been so placed in custody for the
account of the United States and are held subject to the
order of the T r e a s u r e r of the United States, signed by such
bank and the person making the delivery (or the authorized
agent of such person) to the T r e a s u r e r of the United States,
Washington, D . C. in a postage prepaid envelope bearing
a postmark dated prior to midnight of the day the gold coin,
gold bullion, and gold certificates are so placed in custody.

And, whereas in my j u d g m e n t such action is necessary
to protect the currency system of the United S t a t e s ; now,
therefore, I, H e n r y M o r g e n t h a u , Jr., Acting Secretary of
the T r e a s u r y , do hereby require every person subject to
the jurisdiction of the United States forthwith to pay and
deliver to the T r e a s u r e r of the United States all gold coin,
gold bullion, and gold certificates situated in the United
States, owned by such person, except as follows:
A. Gold bullion owned by a person now holding such gold under a license heretofore granted by
or under authority of the Secretary of the T r e a s u r y ,
pursuant to the Executive O r d e r of August 28, 1933,
relating to the hoarding, export, and earmarking of
gold coin, bullion or currency and to transactions
in foreign e x c h a n g e ;
B. Gold coin having a recognized special value
to collectors of rare and unusual coin (not including q u a r t e r eagles, otherwise known as $2.50
pieces);
C. U n m e l t e d scrap gold and gold sweepings in
an a m o u n t not exceeding in the a g g r e g a t e $100 b e longing to any one p e r s o n ; and gold which has been
put t h r o u g h a process of fabrication for a specific
and customary industrial, professional, or o r n a m e n t al u s e ;
D . Gold coin, gold bullion, and gold certificates
owned by a F e d e r a l reserve bank or the Reconstruction Finance Corporation; and,

28,1933.

Section 3. Payment and Reimbursement of costs. U p o n
receipt of the confirmation signed and delivered as required
under Section 2, the Secretary of the T r e a s u r y will pay for
the gold coin, gold bullion, and gold certificates placed in
custody for the account of the United States in accordance
with Section 2, an equivalent a m o u n t of any form of coin or
currency coined or issued under the laws of the United
States designated by the Secretary of the T r e a s u r y . T h e
Secretary of the T r e a s u r y will pay all costs of the t r a n s portation of such gold coin, gold bullion, and gold certificates to the Federal reserve bank or branch or bank m e m ber of the Federal Reserve System in the city or town nearest to the place w h e r e such gold coin, gold bullion, and gold
certificates are now situated, including the cost of insurance,
protection, and such other incidental costs as may be reasonably necessary. P e r s o n s desiring r e i m b u r s e m e n t for such
costs actually incurred shall submit their accounts on
voucher forms which m a y be obtained by writing to the
Treasurer of the United States, W a s h i n g t o n , D . C.
Section 4. Definitions. As used in this order, the t e r m
"person" means any individual, partnership, association, or
corporation; the term " U n i t e d S t a t e s " means the United
States and any place subject to the jurisdiction thereof;
the term "continental United S t a t e s " means the states of
the United States, the District of Columbia, and the T e r r i ory of Alaska; the t e r m "gold coin" m e a n s any coin containing gold, including foreign gold coin; and the t e r m
"gold bullion" means any gold which has been put t h r o u g h
a process of smelting or refining that is in such form t h a t
its value depends upon the gold content and not upon the
form, but does not include gold coin or metals containing
less than five troy ounces of fine gold per short ton.
Section 5. Any individual, partnership, association or
corporation failing to comply with any requirement hereof
or of any rules or regulations issued by the Secretary of
the Treasury hereunder shall be subject to the penalty p r o vided in Section 11 ( N ) of the Federal Reserve Act, as
amended.
This order m a y be modified or revoked at any time.

H. M O R G E N T H A U , JR.
Acting Secretary of the Treasury.
Approved: F R A N K L I N D. R O O S E V E L T .
The White House
December 28,1933.