Executive Order 6102
by President of the United States
Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold
Certificates
(Указ № 6102 Президента США о Запрете накоплений золотой монеты,
золотых слитков и золотых сертификатов)
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 United States
by individuals, partnerships, associations and corporations and
hereby prescribe the following regulations for carrying out the
purposes of this order:
Section 1.
For the purposes of this regulation, the term “hoarding” means the
withdrawal and withholding of gold coin, gold bullion or gold
certificates from the recognized and customary channels of trade.
The term “person” means any individual, partnership, association or
corporation.
Section 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 $100.00 belonging to any one person; and gold coins
having a recognized special value to collectors of rare and unusual
coins.
(c) Gold coin and bullion earmarked or held in trust for a
recognized foreign Government or foreign central bank or the Bank
for International Settlements.
(d) Gold coin and bullion licensed for other proper transactions (not
involving hoarding) including gold coin and bullion imported for
reexport or held pending action on applications for export licenses.
Section 3.
Until otherwise ordered any person becoming the owner of any gold
coin, gold bullion, or gold certificates after April 28, 1933, shall,
within three days after receipt thereof, deliver the same in the
manner prescribed in Section 2; unless such gold coin, gold bullion
or gold certificates are held for any of the purposes specified in
paragraphs (a), (b) or (c) of Section 2; or unless such gold coin or
gold bullion is held for purposes specified in paragraph (d) of
Section 2 and the person holding it is, with respect to such gold
coin or bullion, a licensee or applicant for license pending action
thereon.
Section 4.
Upon receipt of gold coin, gold bullion or gold certificates
delivered to it in accordance with Sections 2 or 3, the Federal
reserve bank or member bank will pay therefor an equivalent amount
of any other form of coin or currency coined or issued under the
laws of the United States.
Section 5.
Member banks shall deliver all gold coin, gold bullion and gold
certificates owned or received by them (other than as exempted under
the provisions of Section 2) to the Federal reserve banks of their
respective districts and receive credit or payment therefor.
Section 6.
The Secretary of the Treasury, out of the sum made available to the
President by Section 501 of the Act of March 9, 1933, will in all
proper cases pay the reasonable costs of transportation of gold coin,
gold bullion or gold certificates delivered to a member bank or
Federal reserve bank in accordance with Section 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.
Section 7.
In cases where the delivery of gold coin, gold bullion or gold
certificates by the owners thereof within the time set forth above
will involve extraordinary hardship or difficulty, the Secretary of
the Treasury may, in his discretion, extend the time within which
such delivery must be made. Applications for such extensions must be
made in writing under oath, addressed to the Secretary of the
Treasury and filed with a Federal reserve bank. Each application
must state the date to which the extension is desired, the amount
and location of the gold coin, gold bullion and gold certificates in
respect of which such application is made and the facts showing
extension to be necessary to avoid extraordinary hardship or
difficulty.
Section 8.
The Secretary of the Treasury is hereby authorized and empowered to
issue such further regulations as he may deem necessary to carry out
the purposes of this order and to issue licenses thereunder, through
such officers or agencies as he may designate, including licenses
permitting the 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, 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.
Section 9.
Whoever willfully violates any provision of this Executive Order or
of these regulations or of any rule, regulation or license issued
thereunder may be fined not more than $10,000, or, if a natural
person, may be imprisoned for not more than ten years, or both; and
any officer, director, or agent of any corporation who knowingly
participates in any such violation may be punished by a like fine,
imprisonment, or both.
This order and these regulations may be modified or revoked at any
time.
Franklin D. Roosevelt
The White House,
April 5, 1933.
U. S. GOVERNMENT PRINTING OFFICE: 1933 |
