The Washington times., 1933-03-06
NOTABLES AT CATHEDRAL RITES TO HONOR NEW PRESIDENT
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Following is the proclamation ordering modified
bank holiday oVer the nation:
WHEREAS there have been heavy and unwarranted
Withdrawals of gold and currency from banking
institutions for the purpose Of boarding; and
WHEREAS continuous and increasingly extensive
speculative activity abroad in foreign exchange has
resulted in severe drains the nations stock of gold
and
WHEREAS these conditions have created national
emergency and
WHEREAS it is in the best interests Of all bank de-
postors that period of respite be provided with a
view to preventing further boarding of con bullion
currency speculation in foreign exchange and per-
mtting the application of appropriate measures to
protect the interests of our people; and
WHEREAS ut is provided in Section 5 (b) of the
Act of October 6, 1917 4O Stat L. Ally as amended
That the President may investigate regulate or pro-
hibit, under such rules and regulations as he may
prescribe, by Of licenses otherwise any trans
actions in foreign exchange and the export boarding
melting earmarkings Of gold silver coin or
bullion currency -" -; and
WHEREAS provided in Section 16 of the said act
"that whoever shall wlfully violate any of the pro-
visions of this Act of any license rule or regulation
issued Hereunder and whoever shall willfuly violate
neglect, refuse to comply with any order of the
President issued in compliance with the provisions of
this Act SHALL upon conviction he fined not more than
$lOOOO or, If natural person, imprisoned for not
more than 10 years, both; ~;
NOW, THEREFORE, l. FRANKLIN D. ROOsE-
WELT, President of the United States of America in
view Of such national emergency and by virtue of the
authority vested in me by said Act and in order to
prevent the export boarding, earmarking Of gold
or silver coin bullion currency do hereby pro-
claim order, direct declare that from Monday the
sixth day Of March, to Thursday, the ninth day of
March, Nineteen Hundred and Thirty Three, both dates
inclusive there shall be maintained and observed by all
oil
the United States Of America including the territories
and nsular possessions bank holiday and that during
said period all banking transaction shall be suspended
During such holiday, excepting as hereinafter pro-
vded, no such banking institution branch shall pay
OUT, export, earmark, permit the withdrawal or
transfer IN any manner by any device whatsoever,
OF any gold or silver coin bullion currency,
take any other action which might facilitate the
boarding thereof shall any such banking institu-
ton or branch pay out deposits, make loans or dis
counts deal in foreign exchange, transfer credits
from the United States to any place abroad or trans
, act any other banking business whatsoever.
During such holiday, the Secretary of the Treas
ury, with the approval of the President and under
sucn regulations as he may prescribe, is authorized
and empowered (a) to permit any all of such bank
ing institutions to perform any all of the usual
banking functions (b) to direct, require or permit
the issuance of clearing house certificates Or other
evidences of claims against assets of banking institu
tlons and (c) to authorize and direct the creation
in such banking institutions of special trust accounts
for the receipt of deposits which shall be SUBJ
Ject to withdrawal demand without any restriction
or limitation and shall be kept separately in cash or
deposit in Federal Reserve banks or invested in
obligations of the United States
As used in this order, the term thanking institu-
tons shall include all Federal Reserve banks,
honal banking associations, banks, trust companies
savings banks, building and loan associations credit
unions other corporations partnerships, associa-
tlons persons, engaged in the business of receiv
ing deposits making loans dscounting business paper
or transacting any other form of banking business
IN WITNESS WHEREOF, I have hereunto set my
hand and caused the seal of the United States to be
affixed.
Done in the city of Washington this 9Th day of March,
a. M, in the year Of our Lord one thousand
nine hundred and thrtythree, and of the Inde-
pendence of the United States the hundred and
ffty-seventh
(Signed) FRANKLIN D. ROOSEVELT,
By the Presidents
CORDELL HULL,