Show I Steps Leading to Gold Ruling Are Reviewed WASHINGTON Feb 18 IP FInancial JP-FInancial Financial activities of ot this administration tion leading up to the supreme courts court's gold clause decision saw this co country go off oft the gold Jold standard and other developments which rover rover- berated throughout the world The day President Roosevelt took office office March March 4 1933 virtually 1933 virtually every bank in the nation had closed its ts doors doors' to ward off oft huge crowds seeking to withdraw deposits On his second day In the White WhiteHouse WhiteHouse WhiteHouse House Mr fr Roosevelt issued his fa famous famous famous fa- fa proclamation Imposing imposing-a a general general genral gen- gen eral ral nationwide banking holiday Frequently since then have come com other moves intended to combat de depression de- de During the bank holiday no banking banking bank- bank ing ng Institution could p pay y out any cash or take any other action which might facilitate hoarding Banking Act Panned Fanned Three days later the emergency banking act was introduced in congress congress congress con con- gress and passed the same day It required any or all individuals partnerships associations and corporations corporations cor car to pay and deliver to the treasurer of oC the United States any or all gold coin gold bullion bumon and gold certificates owned by them On March 10 President Roosevelt Roosevelt Roosevelt Roose Roose- velt issued an executive order prohibiting pro until further notice any individual partnership association or corporation from exporting or otherwise removing from United States domains any gold coin bullion bullion bullion bul bul- lion or gold sold certificates except as authorized by the treasury Foreign exchange restrictions also were placed in effect on this this- date except as as would interfere with legitimate and normal business Forbid Gold Hoarding The following month an executive order was Issued forbidding hoarding hoarding hoard hoard- ing of gold with certain exceptions of ot more than per person and and- providing a penalty for tor violations Congress authorized the president on May 12 to accept silver in payment payment payment pay pay- ment of the debts of foreign governments governments gov gay up to To re reduce reduce reduce re- re duce the weight of the gold dollar by not more than 50 per per percent cent to fix lix the weight of the silver dollar at a a. definite ratio in relation to the gold r dollar and to provide for t tho o un tin- limited coinage of such gold and silver at the ratio as fixed The president also was authorized to fix the weight of ot tho the gold dollar in accordance with any international international agreement which might be arranged Legislation Under Attack I IA IA A joint resolution was approved by congress on June 5 authorizing issuance of United States government government govern govern- ment obligations payable in legal tender money in c cur current u r r reD e a t use use rather than in gold and declaring that all debts public and regardless of whether they contain a clause calling for payment in ingold ingold ingold gold can be satisfied by payment in legal tender money This was tho the legislation under supreme me court at at- tack Later the R R. R F C announced ced it would accept newly mined gold in payment for its debentures at tho the rate of at per fine tine ounce as corn corn- pared with the statutory value of 2067 The treasury on December 28 required required required re re- re- re every person to turn in jn all gold coin bullion and gold certificates certificates certificates cates owned not even permitting the thc persons exemption The fhe gold reserve act was Wa approved approved approved ap ap- ap- ap proved on January 30 1934 fixing the upper limit of ot dollar devaluation at 60 per cent of at the gold gald weight weight-It It also transferred title of ot all federal reserve gold to the government and created a stabilization fund out of the so-called so profit of ot any subsequent devaluation The president issued a proclamation tion on January 31 1934 revaluing the gold dollar at per cent of its former gold content and the he gold cases In the tho courts followed |