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FEDERAL RESERVE BANK OF DALLAS September 6, 1933. Executive O rder R elating to the Sale and Export o f Gold To all Banking Institutions in the Eleventh federal Reserve District: For your information, we quote below the text of an executive order issued by the President of the United States on August 29, 1933: E X E C U T IV E O R D E R By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917, as amend ed by Section 2 of the Act of March 9, 1933, entitled “ An Act to provide relief in the existing national emergency in banking, and for other purposes,” I, Franklin D. Roosevelt, President of the United States of America, do declare that a period of national emergency exists, and by virtue of said au thority 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 o f 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 pre scribe, 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. FRANKLIN D. ROOSEVELT. G overn or. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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