Appeal No. 2006-2083
Reexamination Control No. 90/006,352
activity abroad in foreign exchange’ which had resulted ‘in severe
drains on the Nation’s stocks of gold,’ and reciting the authority
conferred by section 5(b) of the Act of October 6, 1917 (40 Stat.
411 (50 USCA Appendix 5 note)), declared a ‘bank holiday’ until
March 9, 1933. On the same date, the Secretary of the Treasury,
with the president’s approval, issued instructions to the Treasurer
of the United States to make payments in gold in any form only
under license issued by the Secretary. On March 9, 1933, the
Congress passed the Emergency Banking Relief Act, 48 Stat. 1.
All orders issued by the President or the Secretary of the Treasury
since March 4, 1933, under the authority conferred by section 5(b)
of the Act of October 6, 1917, were confirmed. That section was
amended (12 USCA 95a) so as to provide that, during any period
of national emergency declared by the President, he might
‘investigate, regulate, or prohibit,’ by means of licenses or
otherwise, ‘any transactions in foreign exchange, transfers of
credit between or payments by banking institutions as defined by
the President, and export, hoarding, melting, or earmarking of gold
or silver coin or bullion or currency, by any person within the
United States or any place subject to the jurisdiction thereof.’ The
act also amended section 11 of the Federal Reserve Act (39 Stat.
752, 12 USCA 248(n) so as to authorize the Secretary of the
Treasury to [294 U.S. 240, 296] require all persons to deliver to
the Treasurer of the United states ‘any or all gold coin, gold
bullion, and gold certificates’ owned by them, and that the
Secretary should pay therefor ‘an equivalent amount of any other
form of coin or currency coined or issued under the laws of the
United States.’ By Executive Order of March 10, 1933 (No.
6073), 12 USCA 95 note, the President authorized banks to be
reopened, as stated, but prohibited the removal from the United
States, or any place subject to its jurisdiction, of ‘any gold coin,
gold bullion, or gold certificates, except in accordance with
regulations prescribed by or under license issued by the Secretary
of the Treasury.’ By further Executive Order of April 5, 1933 (No.
6102), 12 USCA 248 note, forbidding hoarding, all persons were
required to deliver, on or before May 1, 1933, to stated banks, ‘all
gold coin, gold bullion, and gold certificates,’ with certain
exceptions, the holder to receive ‘an equivalent amount of any
other form of coin or currency coined or issued under the laws of
the United States.’ Another Order of April 20, 1933 (No. 6111),
12 USCA 95 note, contained further requirements with respect to
the acquisition and export of gold and to transactions in foreign
exchange.”
(Declaration of James J. Turk, Exhibit D).
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