Gold Leaf Executive Order 6102

Item number: C125

Year: AD 2015-2016

Material: Gold

Provenance: Infinity Coins 2024

This is a contemporary reproduction during AD 2015-2016, in gold leaf of Executive Order 6102, passed by President Roosevelt on April 5, AD 1933, just a month after taking office, marking the beginning of the US dollar’s status as an international currency. At that time, the US federal government, through this order, required all individuals or entities of nationalities engaged in activities within US territory to refrain from trading and retain only up to 5 ounces of gold. Before May 1st, the remaining gold had to be surrendered to the Federal Reserve at the official rate of $20.67 per ounce, with non-compliance resulting in substantial fines and ten years of imprisonment. However, certain industries or products using gold as a material, such as jewellers and collectible gold coins, were exempt from these restrictions.

The federal government enacted such stringent gold trading legislation in response to the economic downturn since the Great Depression of AD 1929, which led to banks across states facing bankruptcy and credit crises. On February 14, AD 1933, the wealthiest state of Michigan declared an indefinite “bank holiday” for banks within its borders, prompting other states to follow suit. These measures resulted in public panic and a rush to withdraw deposits, exacerbating the banking crisis. As of March 4, the day Franklin D. Roosevelt was inaugurated as the 32nd President of the United States, according to reports from the Associated Press, banks across the country had 28 states announced as “closed”; 10 states were “partially or largely closed”; and 11 states were limited to withdrawals of $5 per transaction.

On March 5, to address the public’s crisis of confidence in banks, President Roosevelt mandated a nationwide “bank holiday” at the federal level for one week, bringing order and crisis management through national intervention. On March 9, following a special session of Congress, both houses granted the President the authority to issue paper currency to banks and for the Federal Reserve to reclaim gold at a rate of $20.67 per ounce to maintain the credibility of the dollar. Subsequently, on March 12, the final day of the “bank holiday” for national banks, President Roosevelt, in his inaugural “fireside chat” broadcasted over the radio, encouraged citizens to deposit their savings into banks approved and reorganised by the government. This action resulted in over two-thirds of savings being returned to banks.

To thoroughly strengthen the resilience and credibility of banks, President Roosevelt turned his attention to the 30% of the nation’s wealth held in gold, aiming to bring this gold into government control to serve as backing for the value of the US dollar. Therefore, on April 5, the federal government passed Executive Order 6102 to restrict the circulation and trading of gold. On January 30, AD 1934, Congress furthered these measures by passing the Gold Reserve Act, which transferred the gold assets previously reclaimed by the Federal Reserve to the Treasury Department for safekeeping. The act prohibited the exchange of dollars and gold within the country and crucially allowed the President to set the price of gold. President Roosevelt utilised this to establish a new gold standard at $35 per ounce, aiming to stimulate domestic inflation and consumption while increasing foreign inflows of gold into the US, thus stabilising the value and credibility of the dollar.

The far-reaching impact of these measures solidified the fixed exchange rate between the US dollar and gold, strengthening the stable image of the dollar internationally. In AD 1944, at the end of World War II during the Bretton Woods Conference, the US dollar was further recognised by various countries as having equivalent value to gold. The restrictions on gold transactions imposed by Executive Order 6102 continued until AD 1971 when President Nixon, dissatisfied with the significant outflow of US gold reserves, announced the end of the gold standard where gold would no longer back the value of the dollar, marking the culmination of what became known as the “Nixon Shock.”

金箔《行政命令6102號》

物件編號: C125

年代: 公元 2015-2016 年

材質: 黃金

來源: 無限錢幣 2024

這是一份公元2015至2016年之際，以金箔復刻的公元1933年4月5日，就任美國總統一個月之際的小羅斯福通過之《行政命令6102號》全文，該文件見證美元成為國際貨幣的開端。彼時美國聯邦政府以該命令，要求於美國領土活動的所有國籍之個人或企業，不得交易和僅能保留5盎司以內的黃金。5月1日以前，其餘黃金要按公家匯率(20.67美元/盎司)繳予聯準會，不從者將面臨巨額罰款和十年監禁懲處。不過某些以黃金作為原料的特殊產業或商品，例如，珠寶商和具備收藏價值的金幣不在此限制之內。

聯邦政府之所以出台如此嚴苛的黃金交易法案，是為因應公元1929年經濟大蕭條以來，各州銀行瀕臨破產和信用危機。公元1933年2月14日，最為富裕的密西根州宣布境內銀行進入不限期「銀行假日」後，各州銀行也紛紛宣布更進。上述措施使民眾陷入恐慌出現提領存款的風潮，加劇銀行的破產危機。截至3月4日，小羅斯福就任美國第32任總統當天，按美聯社報導，全國各地的銀行已經有28個州宣布「關閉」；10個州「部分或大部分關閉」；11個州「每次限額提取5美元」。

小羅斯福為解決民眾對銀行的信任危機，3月5日，以聯邦政府層級強制全國銀行和股市放一個星期的「銀行假日」，以國家力量導入秩序和危機管理。3月9日，參眾兩院經過特別會議，授予總統權力印送紙鈔至各銀行，和聯準會以20.67美元/盎司匯率回收黃金以維持美元的信譽。接著在3月12日，即全國銀行進入「銀行假日」的最後一天，在作為個人施政特色的首場「爐邊談話」上，小羅斯福以收音機向民眾喊話，鼓勵國民將儲蓄存在受政府整頓和核准的銀行，這項舉動使得超過2/3的積蓄重新回到銀行。

為了徹底強化銀行的體質和信譽，小羅斯福將目光轉向佔據全國財富30%的黃金，需設法將黃金納入政府手中，方能作為美元的價值擔保。故在4月5日，聯邦政府通過《行政命令6102號》限制黃金的流通和交易。公元1934年1月30日，國會更進一步通過《美國黃金儲備法》，將此前聯準會回收的黃金資產轉由財政部保管、禁止領土內的美元和黃金兌換，和最關鍵的允許總統制定黃金的兌換價格。小羅斯福總統藉此制定新的黃金標準(35美元/盎司)，一方面在國內製造通膨刺激消費；另一方面，增加外國黃金流入美國的意願，穩定美元的價值和信譽。

上述的深遠影響是奠定美元跟黃金的固定匯率，強化美元在國際上的穩定形象。公元1944年，第二次世界大戰末期的布列敦森林會議上，美元進一步得到各國承認其等同於黃金的價值。《行政命令6102號》的黃金交易限制，持續至公元1971年時任美國總統的尼克森不滿美國黃金儲備大幅流出，宣布黃金不再是美元價值擔保的「尼克森震撼」方才宣告終結。

類似/相同物件請看:

美國總統計劃 The American Presidency Project Website

https://www.presidency.ucsb.edu/documents/executive-order-6102-forbidding-the-hoarding-gold-coin-gold-bullion-and-gold-certificates

美國聖路易斯聯邦儲備銀行 Federal Reserve Bank of St. Louis

https://fraser.stlouisfed.org/title/gold-reserve-act-1934-777/fulltext

更多相關訊息請參考:

https://www.infinitycoins.com/Products/1933-24k-gold-executive-order.aspx

https://www.nytimes.com/1971/08/16/archives/severs-link-between-dollar-and-gold-a-world-effect-unilateral-us.html

https://ingoldwetrust.report/wp-content/uploads/2021/07/09_A-Brief-History-of-Gold-Confiscations-IGWT-2021_Nuggets.pdf

https://www.newyorkfed.org/medialibrary/media/research/epr/09v15n1/0907silb.pdf