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« Michael Moore On Obama: 'Worse Than Bush' | Main | Bloomberg Investigates Former NY Fed Chairman Stephen Friedman »
Friday
Apr052013

FDR Issues Executive Order 6102 Banning Gold Ownership

This week marks the 80th anniversary of FDR's decree.

It remained the law of the land for more than four decades.  Only on Dec. 31, 1974, was it finally repealed by President Nixon.

###

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.


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.



Signature of Franklin Delano Roosevelt
Franklin D. Roosevelt 


The White House,

April 5, 1933.



###

Amended by:
Revoked by:

 

 

Related links:

 

 

Video:

Watch Tricky Dick End The U.S. Gold Standard (1971)

 

 

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Reader Comments (13)

Executive Order 6102

http://en.wikipedia.org/wiki/Executive_Order_6102

some good background here...
Jul 26, 2011 at 3:14 PM | Registered CommenterDailyBail
How odd that owning gold bullion or coins would be outlawed. Think about it. What harm could there be in possessing an inert meta that was not in the form of "jewelry? And yet we went along with our rulers edict without so much as a whimper until our masters allowed us to own gold coins and bullion so many years later which leads me to think that we really don't deserve any rights or privileges as we have the mentality of slaves. What the fuck is wrong with us?
Jul 26, 2011 at 6:04 PM | Unregistered Commenterehswan
The feds can ban masturbation, but that won't work either.
Jul 26, 2011 at 6:22 PM | Unregistered CommenterKing Midas
O-will have the second coming of the Gold Ban in place prior to his exit in 2012....watch and see.....will be his last "Gift" to Wall Street......AB
Jul 26, 2011 at 7:03 PM | Unregistered Commenterain't bullshitt'n
I have been expecting this to become fashionable once more...
Jul 27, 2011 at 2:16 AM | Unregistered CommenterS. Gompers
Don't miss that bit about the USA being in a state of emergency. That's very significant too. As I understand it that formal 'state of emergency' was never repealed, and still remains in force today. It has many implications, among them that the President can effectively rule by decree.
In other words, anything current Presidents do to look as if they are operating Constitutionally is just window dressing, intended to keep the people asleep and dreaming they are still living in a democracy.
Jul 27, 2011 at 6:31 AM | Unregistered CommenterTerraHertz
"Don't miss that bit about the USA being in a state of emergency. That's very significant too. As I understand it that formal 'state of emergency' was never repealed, and still remains in force today."

This is 100% true. The gold confiscation was part of the Emergency Banking Act of 1933, which put the US Federal Government under Emergency War Powers, mostly because the government was declared in Chapter 11 bankruptcy.

more here: http://99percentspace.wordpress.com/2011/07/27/the-bankrupt-century-or-how-we-were-sold-in-slavery-to-the-banks/
Aug 25, 2011 at 4:48 AM | Unregistered Commenter99
please notice that the order requires that gold be gold be "given" to the "fed" a private entity not to the treasury??
Aug 25, 2011 at 6:15 AM | Unregistered Commenteraverage putz
"The feds can ban masturbation, but that won't work either."
Pah hah hahh ... King Midas, you made my morning!

This kind of interventionism does not work any more. That is why they try the other kind now (buying votes with paper-backed entitlements and protections).

America, buried in its own debt, lost it's coveted place in the world where it gets to call all the shots and support it's dollar. It's credibility as a match for "the rest of the world" is dwindling rapidly.

The only Intervention we really need is THE RULE OF LAW.
http://letthemfail.us/archives/10754

And forbidding citizens to hold monetary assets so as to prop up their holdings of monetary debt is merely a perversion of that.
Aug 25, 2011 at 11:36 AM | Unregistered CommenterWil Martindale
Watch Tricky Dick End The U.S. Gold Standard (1971)

http://dailybail.com/home/watch-tricky-dick-end-the-us-gold-standard-1971.html
Aug 15, 2012 at 10:45 PM | Registered CommenterDailyBail
I have never understood how this, or any other Executive Order, could be enforced outside of DC. Are state legislatures really this stupid or colluding? Can't say, but probably. Is the average person in this country that stupid? Undoubtedly, without limit.

First off, if we're going to pretend that the CONstitution is legally binding on anybody (and it isn't), EO's aren't provided for at all. An EO is an act that has not been approved by CONgress, and therefore, it has no legal force outside the Executive Branch of the federal corporation called The United States, and no legal force whatsoever after the Criminal-in-Chief leaves the Oral Orifice.

And all of these idiots turned their gold over? Incredible.

By the way, your date is wrong. Nixon was gone before then.
Aug 16, 2012 at 4:33 PM | Unregistered CommenterBig M
Did any of you notice the total lack of citation of authority to ban gold ownership? The US constitution does not provide any authority for the federal government to ban gold ownership. On the other hand, the US constitution does not grant any authority for about 90% of everything that the federal government does. Let's face it, the US government is a corrupt criminal conspiracy absent ANY legal authority to do most of what it does. If the government will not follow the rules (US constitution) then why should the people?
Aug 17, 2012 at 1:44 PM | Unregistered CommenterMark
FDR! The greatest ever American President! "USA" "USA" "USA" "USA" !!!
Apr 10, 2013 at 7:14 PM | Unregistered CommenterIt is I only

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