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Posted: 8/22/2001 9:34:54 AM EDT
I heard a trivia question last night that I never heard the answer to: In 1933, this became legal by an act of Congress. They said it does not have to do with alcohol or taxation, but it does have to do with money and more specifically, coins. Any ideas?
Link Posted: 8/22/2001 9:37:57 AM EDT
The removal of gold from circulation.
Link Posted: 8/22/2001 9:41:35 AM EDT
Okay, I think I just found the answer, but I won't post it until someone guesses it.
Link Posted: 8/22/2001 9:43:01 AM EDT
not real sure of this but, I'm thinking that that was the year that the pres. & congress stopped the issue of silver certificates by the fed. because they could no longer be covered by the available silver no hand at the time.Also suspect that it maybe the year that the pres. ordered the gov. to collect privatly held gold in any form, be it bars or coins.Someone else have a better answer?
Link Posted: 8/22/2001 9:49:39 AM EDT
The United States Gold Confiscation Executive Order 0f 1933. Under the doctrine of The Emergency War Power Act of 1917 President of the United States Franklin Delano Roosevelt yanked the security of gold from the American people. A state of National Emergency was declared to exist. The following is the Executive Order of 5 April, 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:
Link Posted: 8/22/2001 9:49:56 AM EDT
I think it is the change from the dollar being valued as a silver standard to a labor standard.
Link Posted: 8/22/2001 9:50:57 AM EDT
cont (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.
Link Posted: 8/22/2001 9:53:09 AM EDT
No, the answer is "The Removal of Gold From Circulation" like I said, and like Hellraiser elaborated on.
Link Posted: 8/22/2001 9:55:12 AM EDT
The answer I found was [b]The Securities Act of 1933[/b]
Link Posted: 8/22/2001 10:07:46 AM EDT
Not that this is the answer to the question...but the issue of moving away from the Silver Standard was quite a hot debate. Many people don't know that the book (and the movie) "The Wizard of OZ" was a political propaganda story arguing to keep the Silver Standard. Dorothy's shoes were silver, and she was brought back to safety by clicking her Silver Shoes together and saying "There's no place like home!" Ironically, the movie depicted her shoes as being red because the Movie Directors/Producers felt that the red shoes would be more noticeable in the new color movies than plain silver. Thank you Technicolor! Just a bit of trivia for those who might find it interesting.
Link Posted: 8/22/2001 10:44:52 AM EDT
Originally Posted By Tailgate: Not that this is the answer to the question...but the issue of moving away from the Silver Standard was quite a hot debate. Many people don't know that the book (and the movie) "The Wizard of OZ" was a political propaganda story arguing to keep the Silver Standard. Dorothy's shoes were silver, and she was brought back to safety by clicking her Silver Shoes together and saying "There's no place like home!" Ironically, the movie depicted her shoes as being red because the Movie Directors/Producers felt that the red shoes would be more noticeable in the new color movies than plain silver. Thank you Technicolor! Just a bit of trivia for those who might find it interesting.
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Huh? The Wizzard of Oz was made in the 30's, and written long before then.. Silver coinage and certificates were circulated until 1964
Link Posted: 8/22/2001 11:10:25 AM EDT
hmmm so thats why gold certificate dollers are worth so much more
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