Executive
Order 6102
Forbidding
the Hoarding of Gold Coin, Gold Bullion 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 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 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.
