The Free Dictionary  
mailing list For webmasters
Welcome Guest Forum Search | Active Topics | Members

US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933) Options
Daemon
Posted: Sunday, April 5, 2020 12:00:00 AM
Rank: Advanced Member

Joined: 3/7/2009
Posts: 31,177
Neurons: 92,709
Location: Inside Farlex computers
US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933)

Executive Order 6012 required US citizens and businesses to turn in all but a small amount of gold to the Federal Reserve in exchange for $20.67 per ounce. It came in the midst of a banking crisis, when the stability of paper currency was in doubt. Consequently, many tried to withdraw their money and redeem it for gold, which was considered safer. However, there simply was not enough gold in the US—or the world—to cover the nation's debts. How many people were prosecuted for violating the order? More...
KSPavan
Posted: Sunday, April 5, 2020 1:39:19 AM

Rank: Advanced Member

Joined: 1/28/2015
Posts: 11,098
Neurons: 4,191,977
Location: Kolkata, Bengal, India
This Day in History
?

US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933)
Executive Order 6012 required US citizens and businesses to turn in all but a small amount of gold to the Federal Reserve in exchange for $20.67 per ounce. It came in the midst of a banking crisis, when the stability of paper currency was in doubt. Consequently, many tried to withdraw their money and redeem it for gold, which was considered safer. However, there simply was not enough gold in the US—or the world—to cover the nation's debts.
Stamane
Posted: Sunday, April 5, 2020 2:25:47 AM

Rank: Advanced Member

Joined: 1/2/2019
Posts: 143
Neurons: 102,871
Location: Limoges, Limousin, France
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 (equivalent to $366.59 today[3]) per troy ounce.
Adyl Mouhei
Posted: Sunday, April 5, 2020 7:07:52 AM

Rank: Advanced Member

Joined: 5/1/2017
Posts: 4,813
Neurons: 924,966
Location: Casablanca, Grand Casablanca, Morocco
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 do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations.


https://coinweek.com/education/numismatic-history/fdr-executive-order-6102-forbidding-hoarding-of-gold/
Wilmar (USA) 1M
Posted: Sunday, April 5, 2020 12:59:23 PM

Rank: Advanced Member

Joined: 6/4/2015
Posts: 4,658
Neurons: 1,107,264
Location: Vinton, Iowa, United States

US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933)
Executive Order 6012 required US citizens and businesses to turn in all but a small amount of gold to the Federal Reserve in exchange for $20.67 per ounce. It came in the midst of a banking crisis, when the stability of paper currency was in doubt. Consequently, many tried to withdraw their money and redeem it for gold, which was considered safer. However, there simply was not enough gold in the US—or the world—to cover the nation's debts.
Users browsing this topic
Guest


Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.