| Show Limit Umit of 1 00 Set SetON On Holdings Few I Exceptions ns Noted Use of Yellow ell w Metal in Legitimate Legit Legitimate Transactions Permitted PENALTIES PRO PROVIDED V IDE D Fine Prison Dec Decreed eed f fo for I Ignoring Ig noring noting Rule Br fly Associated Press WASHINGTON ASHINGTON V April 5 5 Pres President i. i dent Roosevelt today ordered the there there- re return turn of all g gold ld over held by individuals t to td the federal reserve system tem tern before May 1 1 L LIn In the same executive order the president authorized d the secretary of the treasury to issue licenses permit permitting ting ling the use of gold in necessary do domestic and loreign foreign trade For violation of the order the president pres pr- ident decreed a maximum tine fine of and imprisonment o of ten years ears or both The order was issued to get such gold as is still sUllin in hoarding and to ease the national embargo to permit legitimate mate transactions under federal Ii li cerise cense The following except exceptions ons 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 I and stocks oi ot gold in reasonable amounts for the usual trade requirements requirement of owners mining and refining such gold j Gold coins and gold certificates in an amount not exceeding in in the aggregate OO belonging to an any one p person and d gold coins having a ae- ae ec- ec to of collectors rare and unusual coins Gold coin and bullion ear marked I or held in trust for a recognized foreign foreign for for- eign government or foreign central bank or the Bank for lor International Settlements Gold coin and bullion bumon licensed for other proper transactions not involving involving ing hoarding including gold coin and bullion imported for or held pending action on applications for tor export li licenses The lengthy executive order also aho Continued on Pare Page Two S RETURN TURN OF COLD GOLD 1 I TO U U. U S 8 ORDERED y r Continued Co From om P Pare PAlO ro One j provided j The Thes secretary er tary of ot the treasury is hereby to issue s further regulations as he may to carry out the purposes othis I licenses through such officers officers' officers officers' of of- leers leers' or agencies agencies' a as he m may y designate designate nate including licenses permitting the the- banks and member mem- mem ber bert banks of the federal ed reserve system tem tern in return for tor foran toran an equivalent amount of of other other- coin currency or credit to deliver deliver car ar mark or hold holdin in trust trust- trUst gold gold jold coin and bullion to fo o or for tor persons showing howing the the same for any of purposes specified tied fLed In these regulations C The text pf of the executive ive or order r follows fol- fol fol tol lows laws 1 Forbidding the hoarding of gold goldcoin goldcoin coin gold bullion and gold certificated i cates v- v t 01 W. W e I Bu virtue virtu of ot the the authority vested in me by section 5 b of the act of October 6 1917 as as' as amended by section see sec S Stion tion lion 2 of th the act of March 9 1933 and titled An M act relief in the existing national emergency in banking bank bank- ing rand and for tor other p purposes amendatory act congress declared that a serious emergency exists I I. I Franklin D. D Roosevelt president of the United States State of ot America do declare de de- de clare dare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the tho hoarding of gold coin gold bullion bullion bul bul- lion and gold within the continental United States partnerships associations and corporations and hereby prescribe the following regulations for lor carry carry- carrying th in ing out the purposes of this order Section 1 For I-For For the purposes of this regulation the tho term hoarding means the withdrawal withhold and ing of gold coin gold bullion gold or-gold certificates certificates- from the recognized and arid customary channels of trade The term person means any individual partnership association or corpora corpora- tion MAY IS DEADLINE Section 2 2 All All persons are hereby required to deliver on or before May 1 1933 to a n federal reserve bank or ora ora ora a branch or agency thereof orto or to any member bank of ot 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 29 1933 except the following following following fol fol- lowing Section 3 3 Until Until otherwise ordered ordered ordered or or- dered any person becoming the the- owner owner own own- er 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 man man- ner ncr prescribed in section 2 unless such gold coin com gold bullion or gold certificates are held for tor any of the purposes specified in paragraphs a b or c of section 2 or unless such gold coin or gold bullion for purposes s specified in paragraph d of section th the person holding Itis it itis itis is with respect to such gold goldcoin oln or bullion a licensee or applicant for tor license pending action thereon Section 4 Upon 4 Upon receipt of gold goldcoin goldcoin goldcoin 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 there there- for an equivalent amount of an any other form of coin o ox of currency coined or issued oz Under the jaws of the United States ORDERS TO BANKS Section 5 Member 5 banks shall deliver deliver deliver de de- de- de liver all gold coin gold bullion and gold old certificates owned or rec received ived by them other than as exempted under un tin der the provisions of section 2 to the f federal deral reserve banks of their tive districts and receive credit or payment Section 6 The secretary of the treasury out of the sum made available available avail avail- able to the president b by section of the act of March 9 1933 will wu in all al a proper eases cases pay the reasonable costs cost of transportation of gold coin gold bullion or gold certificates delivered to toa a member bank or federal reserve bank in accordance with sections 2 3 or 5 hereof including the cost of ot Insurance protection and such other incidental costs as a may be bo necessary upon production of of- ot satisfactory evidence evidence evi evi- dence o of such costs Voucher forms fors for tor this purpose may be procured from federal reserve banks Section 7 In cases where the delivery de do- de livery lver of ot gold coin coi gold bullion bulon or or gold certificates by the owners thereof there there- of within the time set forth above will Involve extraordinary hardship or difficulty the secretary of the treasury treasury tren treas treas- ury may in his hii discretion extend the time within which such delivery delvery must be made Applications for such extensions extensions ex ex- tensions must be made in writing wring under under under un un- un- un der oath addressed to t the secretary of the treasury and filed fed with a federal federal fed fed- eral reserve bank Each application must state stat the date to which the extension ex ex- tension is desired the amount and location of the gold coin gold bullion bulon and d gold certificates in i respect of which such luch application Is i made and the facts fact showing howing extension to be necessary to avoid extraordinary hardship or o difficulty Section 8 8 The secretary of the te hereby authorized and cm- cm em t V power powered to is issue e such further regu- regu T I lations as a he may de deem m necessary to carry out the purposes of this th order ordeL 3 and to issue licenses through such officers agencies though or aa U he may designate including licenses permitting tho the federal reserve banks f fand and member banks bank of the federal ro s re-s i. i serve system in return for an lent amount of other coin currency t tor or credit credit to deliver delver earmark or hold In I trust gold coin coi and bullion bulon to hole or for persons showing the need for th tho ot i iI f same for any of the purposes sped spec t lied fled in paragraphs CM A 0 C and nd D i I of ot section 2 of these regulations Section 9 Whoever wilfully vio i lates any provision of this executive 1 forder f order or of these regulations or of ot i 4 or license Issued lisue o may be fined not more mort moe than or if i a natural person person may be imprisoned for not more than tan ten years or or- b both th and any officer director or agent of any corporation who wh knowingly participates in any any such violation may be punished by A like fine Imprisonment or both This order and these thes the regulation l may be modified or revoked at any I time ay I FRANKLIN D Dj ROOSEVELT I The e Wite White House Houe April 5 I |
