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1933 - April 5 - President of the United States Franklin D. Roosevelt declares a national emergency and issues Executive Order 6102, making it illegal for U.S. citizens to own substantial amounts of monetary gold or bullion.
Issues A New Call For Gold
Roosevelt Orders Return to Federal Reserve Banks of All Amounts over $100 Held by Individuals.
WOULD EASE EMBARGO
Treasury to Issue licenses Permitting Use of Gold in Necessary Transactions.
Washington, April 5 (AP) - President Roosevelt today ordered the return of all gold over $100 held by individuals to the federal reserve system before May 1.
In the same executive order, the President authorized the secretary of the treasury to issue licenses permitting the use of gold in necessary domestic and foreign trade transactions. For violation of the order the President decreed a maximum fine of $10,000 and imprisonment of 10 years or both.
The order was issued to get such gold as is still in hoarding and to ease the national embargo to permit legitimate transactions under federal license.
The following exceptions are made:
"Such amounts 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.
"Gold coins 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.
"Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank for international settlements.
"Gold coin and bullion licensed for other proper transactions (not involving hoarding) including gold coin and bullion imported for re-export or held pending action on applications of export licenses."
The lengthy executive order also provided:
"The secretary of the treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry out the purposes of this order and to issue licenses thereunder, through such offices or agencies as he may designate, including licenses permitting the federal reserve banks and member banks of the federal reserve system, in return for an equivalent amount of other coin, currency or credit, to deliver, ear-mark or hold in trust gold and bullion to or for persons showing the need for the same for any of the purposes specified in these regulations."
The Emporia Gazette
April 5, 1933
Learn more about the life of Franklin Delano ROOSEVELT.