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Gold Confiscation
mrearlygold
Posts: 17,858 ✭✭✭
The Gold Confiscation Of April 5, 1933
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential 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 to do hereby prohibit the hoarding 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 the order:
Section 1. For the purpose of this regulation, the term 'hoarding" means the withdrawal and withholding of gold coin, gold bullion, and 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 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 the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.
Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and 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, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, 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 Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.
Section 5. Member banks shall deliver alt 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 there respective districts and receive credit or payment thereof.
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, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 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 applications 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 the purposes of this order and to issue licenses there under, 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 or bullion to or for persons showing the need for 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 these regulation or of any rule, regulation or license issued there under 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.
/s/
Franklin D. Roosevelt
President of the United States of America
April 5, 1933
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential 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 to do hereby prohibit the hoarding 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 the order:
Section 1. For the purpose of this regulation, the term 'hoarding" means the withdrawal and withholding of gold coin, gold bullion, and 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 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 the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.
Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and 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, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, 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 Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.
Section 5. Member banks shall deliver alt 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 there respective districts and receive credit or payment thereof.
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, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 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 applications 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 the purposes of this order and to issue licenses there under, 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 or bullion to or for persons showing the need for 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 these regulation or of any rule, regulation or license issued there under 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.
/s/
Franklin D. Roosevelt
President of the United States of America
April 5, 1933
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
0
Comments
<< <i>(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 recognized special value to collectors of rare and unusual coins. >>
It seems like anything collectible and rare was excluded at the time. Of course, that which is rare and collectible has changed.
At the time, there was gold in circulating currency, either in physical form or in paper 'certificate' form.
There were also rare coins (at the time). It seems this act avoided rare coins.
If something were to be done today, the act would be written rather differently.
It is hard to imagine the US Government asking for all of those gold spouse coins back. How embarrassing would that be (for them, that is)?
It's too bad we don't have any folks here who actually experienced it who can say what it was like back then.
Should I get all my gold out of my SDB? Sounds like the Feds will own my bank by weeks end and will do as they please!
wedding band and gold fillings too?
Camelot
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
If you look at your Bullion, look at the denominations.
They put $50 on an $850 Coin for a reason.
Now all that said, do I trust them to do the same if they choose to do it again?
My Gold is not where I keep my Ammo.
However, the chance they will be together at some point with my guns go up expotentially when I read this BS they pulled 75 years ago, again and again.
The govt could easily exclude the AGE's, spouse commems, and other bullion coins recently released by the USMint. Then again they might recall AGE's and leave the commems alone. But they could decide to make holding any foreign gold bullion coins illegal. Rather than a $100 exemption today it might be $1000 or even $5000. Jewelry would probably be exempted to some extent....wedding bands included.
But far easier to apply windfall profit taxes, heavy sales and federal taxes, inheritance taxes and other means to stifle investment in gold coins. Municipalities, states, and the FEDs could ramp up oversight of all bullion dealers and coin shops with a treasure trove of required paperwork and seller/buyer identification schemes. They could require a license for J6P just to buy the stuff.
roadrunner
Gold at the time was circulating money and an integral part of the banking system. Today it is neither. There is no gold-related limitation on increasing the supply of dollars. Gold confiscation today would be widely viewed purely as an expropriation of wealth and an act of desperation. How easy would it be to sell the public on the idea that gold confiscation would help solve the current financial crisis? Unlike in the 1930s, most people today do not associate gold with money or finance in general.
I'm not as worried as some others about the risk of confiscation, but of course there's always the possibility that it could happen. If so, I would expect exemptions to be made (as in the 1930s). I think good candidates for exemption would be modern gold commems and proof or burnished bullion coins sold to collectors at a premium, and formerly circulating gold coins from the 1930s and earlier.
My opinion only.
My Adolph A. Weinman signature
I knew it would happen.
They very well may choose not to exclude anything.
And, times are now different. The President has broad powers under the Homeland Security Act. Basically, if at his discretion, it is an emergency (and probably left to his own interpretation)........ these assets could be instantly frozen........
Anything is possible in the New USSofA.
Yes, a poster here clousejeweler (guessing) suggested simply putting a bezel and a chain around your eagles...they instantly become jewelry and therefore, not bullion. It' is unfortunate that we are developing an adversarial relationship with our elected representatives.
<< <i>wow, thats pretty crazy. I never knew about this. >>
How about this ?
<< <i>How about this ? >>
That's old hat for most of us veterans.
Even my tax attorney, he worked collections for the IRS for 15 years, agrees with me that there is no such law that requires us to pay income taxes.
OTOH, it's a matter of force. Not a single one of us can change the existing system and the IRS will destroy any regular citizen who stands up to them.
It's a crime, pure and simple.
It would require nearly every one of us to refuse at the same time.
At which point the Government would simply add a new amendment and threaten the states through blackmail to sign on to the new one, legal or not.
There will not be any gold confiscation, stop worrying. That would be the tipping point.
They are afraid of pushing us that far for fear of retribution on a grand scale.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>I was not worried, Deadhorse. That documentary is old hat, but if someone wasn't aware of our history regarding 1933, I thought they'd really like learning a little more about how we got there. >>
No, I wasn't criticizing.
I agree that we have several among us who aren't yet as wired in to the "system".
I was a bit surprised to learn that someone here wouldn't know about 1933 as well.
That documentary is a very good basic primer and an eye-opener for for most Americans if they would bother to watch it.
Sadly, most have been dumbed down by our public indoctrination/education system. That all went to Hell for good by the mid-seventies.
When I was a student, The Great Depression and all things that went on back then was a mojor topic in American history. I doubt it's more than a brief paragraph in today's textbooks.
I get spoiled by the majority of our posters here, seems like we are on a completely different wavelength and the public I deal with, probably just like you, really has no clue. Worse, they don't even want to know.
It's always good to help out our newer posters, we were all beginers once.
Sorry for the misunderstanding.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
<< <i>" It' is unfortunate that we are developing an adversarial relationship with our elected representatives. >>
HA! A) that's not happening ,
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
What gold?
Scott
Go to MSN Explorer's Home Page. On the page you will see links to videos, some of NBC News.
Indeed, today the Fed does now own several Banks & large lending companies, as the result
of having to do SOMETHING in the face of our nation's present Economic crisis.
There, you will see what just took place regarding your statement and The Fed doing what it
feels compelled to do - how badly in debt we as a Nation are and HOW we got this way!
There are several video links (approximately 40 on the Home Page alone) on many of the most
recent and newsworthy events which include this subject and many more!
I just spent the last couple hours watching many of these and learned more about many topics,
including the crash of a Private Lear Jet which left 4 people dead and 2 celebrities hospitalized
in critical condition.
I find that starting the day watching the News this way, vs reading the local newspaper, brings
people more up to the minute information and the short videos really drive home the points quite
well. Everything you should want or need to know, on many pertinent topics, is right there!
I believe the list of videos begins with the advent of the new Lincoln Cent design for 2009.
roadrunner
Hey, I just realized...when I visit Washington, DC, I can go to almost any museum without having to pay an admission fee when I enter. I wonder where that money comes from.
The IRS actually publishes a PDF that explains why you have to pay taxes: www.irs.gov/pub/irs-utl/friv_tax.pdf
is because if you don't, some folks from the
Government come over to your house and
beat the CR*P out of you.
Camelot
<< <i>The IRS actually publishes a PDF that explains why you have to pay taxes: www.irs.gov/pub/irs-utl/friv_tax.pdf >>
How's that been working in court for them lately?
You don't have to pay taxes because the IRS produces a load of lies in a PDF.
It needs to be a law, and there isn't one.
You pay taxes because the IRS operates outside the legal system and usually pressures you into it. Most people would rather pay just to get them off their back, they will ruin you and violate the law to do it. They are not even a branch of the US Government. They are a collection agency for the treasury and their headquarters are located outside of the US. Then your tax money goes to the Federal Reserve, not the general fund.
It's the biggest sham ever perpetrated on the citizens of the US.
Just ask the IRS to show you the law. At that point you go on a special list. I'm familiar with their system of intimidation.
No, not from personal experience.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
What will happen if the $700 billion bailout plan is passed? With the provision that gives the FED dictatorial powers? (that the decisions they make cannot be reviewed or overruled by any other branch or court).
Seems they would very will have the ability to demand all gold and all silver and there would be no recourse through the courts...... and no further legislation required to demand it?
Get ready.......
meltdown of our entire financial system.
I never thought I would see our ground forces
stretched beyond their limits of endurance.
I never thought I would see a flotilla of nuclear
firing Russian warships in South American ports, along
with Russian Bombers.
I never thought I would see 80 trillion dollars
of sophisticated debt with no definitive value.
Gold confiscation is a possibility in view of all the
other impossible things we are seeing.
Camelot
There is no law, their hoping passive Americans just keep paying, which they will.
The Federal Reserve is no more federal than Federal Express.
Here's a short utube flick, enlightening, and brief.
Scott
IRS lies
<< <i>I never thought there would be total
meltdown of our entire financial system.
I never thought I would see our ground forces
stretched beyond their limits of endurance.
I never thought I would see a flotilla of nuclear
firing Russian warships in South American ports, along
with Russian Bombers.
I never thought I would see 80 trillion dollars
of sophisticated debt with no definitive value.
Gold confiscation is a possibility in view of all the
other impossible things we are seeing. >>
Have to agree with you Bear. The Clinton-Bush monarchy has devestated our country since 1990. And the natives are getting restless........ ...... and very angry.